While Binance is one of the newest cryptocurrency exchanges available in the crypto market, it has quickly attained a high level of trust from its users and the digital currency community as a whole. Although the exchange fails to provide users with enough information on how the funds are being secured, we like to believe that security is treated on a serious note. The two-factor authentication (2FA) is available and it is always a reaffirming sight. It is however known that the platform offers a multi-tier system architecture.
Some hackers tried to pull off an audacious move which was detected by the automated systems in place at the exchange. For months the hackers had been said to be accumulating people’s logins via a phishing website and secretly installing API access on the affected accounts. After which they struck, converting all the victims’ altcoins to BTC and purchasing Viacoin, pumping the coin to a huge price and then selling their own supply of Viacoin at the high point. After which they withdraw the BTC to their own wallets. Luckily no one lost funds as the hack was detected on time and the only people to lose out were the hackers, whose funds would be donated to charity.
This hack was made possible by people entering their site logins and 2FA details into fake websites. Please, do well to always make sure you are on the correct Binance url before logging in. I recommend you bookmark the site and only use that to access it. Never click links from emails, Twitter, Telegram etc. As always, take safety precautions such as using a unique password for signing up, switch on 2-factor authentication and try not to hold a large balance on the exchange itself for too long – remember to withdraw your currencies to your own private wallet.
Nonetheless, this event has done a lot to instill confidence around Binance, not only did their automated processes detect the attempted hack before anyone lost any funds, they have since offered a $250,000 bounty to anyone who can help catch the hackers. Throughout this event, Binance acted exemplary and has been praised for their swift action in resolving this.
Binance is a popular cryptocurrency exchange which was started in China but moved their headquarters to the Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. While the company is still fairly new on the market it has managed to gain a lot of popularity thanks to its impressive number of Initial Coin Offering listings, professional attitude and also due to its low trading fees.
Recently, Binance began plans to launch their own Decentralized Exchange (DEX):The BNB digital asset is now an ERC-20 token, which will migrate as the native token of that network and be used for paying the trading fees on the new exchange
More to that is the fact that BINANCE is partnering with Neufund to build the world’s first Decentralized Stock Exchange. Alongside the Malta Stock Exchange, they are aiming to create a regulated and decentralized, global stock exchange for listing and trading tokenized securities alongside crypto-assets.
On the 16th of January 2019, Binance announced the launch of a new Fiat to Crypto exchange named Binance Jersey. The trading platform is live and active and allows you to trade in fiat currencies such as euros and pound sterling, with Europe being their target market.
Currently, it is one of the fastest exchanges available in the market (1.4 million orders per second). Additionally, the exchange works on all forms of devices, including web, Android, WeChat, and HTML5. Even Non-English speakers will be happy to know that Binance offers multiple-language support in Chinese, English, Korean and Japanese.
Based on everything that has been outlined so far, Binance is undoubtedly the leading Cryptocurrency Exchange and offers great fees and awesome digital currency support. Not only do they have one of the largest selections of coins to buy, but they are also the largest exchange by reported volume. Binance reportedly has access to abundant resources and partners, chances are that Binance will continue to evolve and offer great digital currency exchange services to its clients. We are happy to recommend Binance and have added it to our list of the Best Cryptocurrency Exchanges.
Moreover, they are well regarded in the cryptocurrency community for professionalism and security. While hackers have tried on countless occasions to breach their systems, they have remained one step ahead.