Binance Reviews - Page 3

Binance has destroyed $400 million worth of BNB in its 16th quarterly token burn event, but the markets don’t seem to care. Major cryptocurrency exchange Binance has completed its 16th quarterly Binance Coin (BNB) burn, destroying over $390 million worth of BNB. On July 18, Binance reported that it had destroyed 1,296,728 BNB tokens valued at just under $400 million at the time. The exchange noted an additional 5,163 BNB that were destroyed through its Pioneer Burn Program - an incentive that aims to help users who have lost tokens through honestly mistaken transactions to smart contracts. Binance covers the losses, returning the tokens to users under specific circumstances. These token numbers are then deducted from the quarterly burn totals by the exchange. Binance has pledged to burn 20% of the exchange’s profits every quarter, with the latest burn suggesting the exchange could have profited by $2 billion during the second quarter of 2021. The latest burn is the second-largest in Binance Coin's history by fiat value, with a whopping $600 million worth BNB having been destroyed in March. Despite the scale of the burn, the event appears to have had little impact on the Binance Coin markets, with BNB prices trending sideways over the weekend. At the time of writing, BNB was trading down less than 1% on the day at $301.66. It is currently down 56% from its May 10 all-time high of $686, but is still up an impressive 700% since the beginning of the year. Binance has recently been battling regulators on multiple fronts, with significant regulatory pressure coming from the United Kingdom, Germany and Hong Kong. In the U.K., a number of high street banks have also curtailed their customers from transacting with the exchange as the country’s financial regulator clamps down on unregulated cryptocurrency trading platforms.

The number of Bitcoin (BTC) held on centralized exchanges has consistently fallen since late May, with roughly 2,000 BTC (worth roughly $66 million at current prices) flowing out of exchanges daily. Glassnode’s Monday “The Week On-Chain” report found that Bitcoin reserves on centralized exchanges have fallen back to levels not seen since April, the month that saw BTC blast to its all-time high of roughly $65,000. The researchers noted that during the bull run leading up to this peak, relentless depletion of exchange coin reserves was a key theme. Glassnode concludes that much of this BTC went to the Grayscale GBTC Trust or was accumulated by institutions, driving “a persistent net outflow from exchanges.” However, when Bitcoin prices slumped in May, this trend reversed as coins were sent to exchanges for liquidation. Now, the net transfer volume has moved back into negative territory again as outflows increase.

Whether you like it or not, Binance is the most progressive, and one of the most popular crypto exchanges in the industry. They have done a terrific job this year promoting their platform, improving the infrastructure and functional capabilities, as well as introducing a ton of new features and trading options. Their mobile app is definitely the most convenient and intuitive among the competitors, so, basically, these are the reasons why I intend to give preference to Binance over other exchanges.

Although Binance didn't specify the reason for temporarily halting SEPA transfers, the decision likely stems from the onslaught of regulatory action taken against the firm. The most recent decision came a day after British financial giant Barclays announced it would no longer facilitate customer payments to Binance after financial regulators warned users that the exchange was operating in the United Kingdom without proper licensing. In a follow-up with Cointelegraph, a Binance spokesperson said the exchange was disappointed by Barclays’ ”unilateral action” to block customer payments, namely: “We are disappointed that Barclays appears to have taken unilateral action based on what appears to be an inaccurate understanding of events." Faced with growing regulatory scrutiny in the United Kingdom, Binance said last month that customers will no longer be able to use the popular Faster Payments on-ramp to withdraw British pounds from the exchange. Despite facing backlash from the U.K., Japan, Canada and even the United States, Binance remains, by far, the largest cryptocurrency exchange in the world. On Tuesday, the exchange processed over $15.8 billion worth of transactions, according to industry data. By comparison, the second-largest exchange, publicly-traded Coinbase, processed more than $2.2 billion in trades.

Effective 8:00 am UTC on Wednesday, Binance users will no longer be able to make euro deposits through their bank. However, they can still fund their accounts with credit cards and debit cards. Regulatory constraints facing Binance have forced the popular cryptocurrency exchange to temporarily halt bank transfers denominated in euros, according to an email sent to its customers on Tuesday. Specifically, euro deposits via the Single Europe Payments Area, or SEPA, have been put on hold indefinitely due to circumstances beyond the exchange’s control, Binance said in the email: “Due to events beyond our control, we are temporarily suspending EUR deposits via SEPA Bank Transfers from 8 am UTC on July 7, 2021.”

The amount of Bitcoin (BTC) held on exchanges has been declining steadily since mid-May, offering reassurance that the worst of the market selloff has passed. At current levels, Bitcoin’s exchange supply is at its lowest level since early January, according to crypto analytics firm Santiment. “The 6-month low is a promising sign, as it generally will indicate that there is a decreased risk of more major $BTC selloffs,” the analytics firm tweeted Monday morning. Exchange inflows began to spike in early May, which likely served as a precursor to Bitcoin’s steep selloff through the middle of the month. The Bitcoin selloff intensified on May 19, culminating in a $1.2 trillion decline for the entire cryptocurrency market. Exchange-flow data is an important metric for monitoring Bitcoin’s price trajectory in the short to medium terms. Net inflows often foretell a steep selloff as more investors transfer their holdings from cold wallets, possibly for the purpose of selling. Case in point: In May, Bitcoin experienced the biggest exchange inflows since the March 2020 COVID-19-related crash. While Bitcoin remains in a firm intermediate downtrend, investors are finding more reasons to be bullish. The speed of adoption in places like Latin America, an anticipated shift in mining from China to other regions and growing indications that the market has bottomed are all causes for optimism. On the flip side, analysts continue to warn of an uncertain outlook in the short term, with several prominent industry voices calling for a steeper correction this year.

I think that no one would dare to argue that Binance is the fastest developing exchange at the moment. What I really like about Binance is that they are currently working hard on adding ways to purchase cryptocurrencies with fiat directly on their platform. For instance, just a few days ago, they have added an option to buy/sell cryptocurrencies with Euro, Russian Ruble, Ukrainian Hryvnia, and Kazakh Tenge. That's a great move to expand their user base in the post-Soviet countries.

When it comes to Binance, it was love at first sight for me, if that doesn't sound too cheesy. Anyway, I have entered this space in 2017, when the so-called cryptocraze had just begun getting into gears. Binance was the first cryptocurrency exchange I have registered with; Bitcoin was worth around $3K at that time. Back then, I was just a nascent trader, but my intuition, and the lack of greed, allowed me to ride the "green" wave up till it hit $18K, and then sell my BTC for a substantial profit, just before it all went crumbling. I've been loyal to Binance ever since.

With outflows from exchanges typically being inferred as indicating crypto assets are being moved into cold storage for security or DeFi protocols for yield generation, inflows are interpreted as assets being moved onto centralized platforms to be sold. Data compiled by on-chain crypto analytics firm Glassnode shows the past two days have seen consecutive all-time highs produced for net transfer volume onto Bitcoin on to leading centralized exchange, Binance.

In all candor, Binance is currently the most reliable and efficient of all centralized exchanges. And it will retain this status until traders make a fill switch to decentralized platforms. And, by the way, Binance already launched DEX, so I might even consider staying in their ecosystem once it gets fully operational. My trading experience with Binance has been nothing but pleasurable. I definitely love the fact that this platform offers a possibility of placing a stop-limit order - it saved me on a number of instances.

Binance launched fractionalized stock tokens for Apple, MicroStrategy and Microsoft on April 26, adding to tokens for Coinbase and Tesla which launched earlier in the month. The exchange had employed German equity firm CM-Equity AG to hold its “depository portfolio of underlying securities” which Binance claims provides full financial backing for the tokens.

Binance has failed to publish relevant accompanying documents along with its recently launched stock tokens. Binance could face heavy fines over stock tokens warns German regulator. Binance's attempts to bridge traditional markets with the cryptocurrency space in the form of fractionalized stock tokens has drawn the attention of Germany’s financial regulator.

According to a Wednesday announcement, Binance will list Coinbase's stock token (COIN) today, allowing its users to trade fractional Coinbase stock on the Binance website. The new stock token will trade against Binance USD (BUSD), Binance’s stablecoin pegged to the United States dollar and issued by Paxos Trust Company. Binance said that Coinbase stock tokens are zero-commission digital tokens fully backed by a depository portfolio of underlying securities representing the tokens. The exchange stated that holders of stock tokens qualify for economic returns on the underlying shares, including potential dividends. Stock token trading on Binance will follow traditional exchange hours and is not available for residents in Mainland China, Turkey, and other restricted jurisdictions. The move comes shortly after Binance listed a tradable stock token for Tesla earlier this month.

In the past few weeks, NFTs have been on a roll. Therefore, any project that is involved with NFTs has benefited immensely. Along with that, the March 10 listing on Binance's Innovation Zone was immensely successful as a total of $1.4 billion in Binance Coin was committed for DEGO’s launchpad sale.

Although any progressive - and smart - crypto trader would agree that entrusting centralized exchanges with your coins is a risky endeavor, to say the least, I always try to give credit when its due. Binance was my first ever crypto exchange and I haven't found a better one since. The fact that it offers limit orders and discounts on fees puts it head and shoulders above the competition. Certainly, Binance's reputation was a bit hampered by that infamous 7,000 BTC hack, but I think they've recovered well. Besides, BNB is the rock star of this year's crypto market, so kudos to CZ and the team for doing a good job.

On the DeFi front, Orbs and Binance have launched a new accelerator for the DeFi ecosystem in January that will provide mentorship to the selected projects. In its recent update, Orbs said it had chosen its first set of projects for the accelerator program.

I would have to argue that Binance is by far one of the finest exchanges in the crypto space. It offers very reasonable trading fees, an abundance of instruments, such as margin and futures trading; it has a proprietary decentralized exchange and has recently launched the Binance JEX with up to 100x leverage. Not to mention the lending program which would also enjoy a fair share of success. I like their mobile app as well - thanks to it, I can trade on the go, even when I am not in front of my computer.

I am sure that nobody does a better job of promoting cryptocurrencies and crypto trading than Changpeng Zhao and the Binance team. The year 2019 was brilliant for BNB and the Binance ecosystem in general, and there will be no stopping them in 2020. I hope you read the New Year message that Binance posted on Twitter. They are planning to incorporate 180 fiat currencies and acquire a bunch of tech startups.

I was super excited after I found out that Binance had introduced an option to buy cryptocurrencies using Visa/Mastercard credit or debit cards directly on the platform. That's a really big step forward in the development of this particular exchange. As of now, you can buy BTC, ETH, XRP, LTC, and BCHABC through the payment gateways called Koinal and Simplex. Also, there is also a possibility to purchase such stablecoins as Paxos and TrustToken via bank transfer. All in all, it's great to be a trader on Binance now.