Binance today is more than an exchange. For a beginner, it looks like a convenient service where you can buy your first bitcoins in a couple of clicks. For a professional, it’s a venue through which billions of dollars pass every day. It’s an ecosystem with its own blockchain, educational projects, analytics, and hundreds of millions of customers around the world.
The Quickex editorial team has compiled in one review everything you need to know about Binance. We explain what the project’s ecosystem consists of and what “hidden pitfalls” it conceals.
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History
Binance was launched in 2017 by Chinese entrepreneur Changpeng Zhao (CZ). The project started in China but didn’t stay there long: the authorities quickly tightened the rules, and the company had to leave.
Binance doesn’t have a classic headquarters in the usual sense. For many years, the company has positioned itself as “a global decentralized organization without a single office.” According to CZ, wherever he is — that’s where the office is.
Formally, Binance’s legal entities are registered in various jurisdictions, including the Cayman Islands and the Seychelles. Amid regulatory pressure in 2021–2022, Changpeng Zhao stated several times that he planned to create a real office for the company. In 2022, the exchange registered its subsidiary Binance Holdings Ltd. in Dubai (UAE). It is commonly assumed that this is where the company’s head office is located.
Binance has its own token, BNB. Its 2017 ICO was a resounding success. The BNB token quickly took a prominent place in the market.
BNB is among the top-5 most capitalized cryptocurrencies. Source: CoinMarketCap
The exchange became popular thanks to low fees, a stable engine, and high speed — enough even for active traders.
Over time, the company expanded its ecosystem to cover as many areas of the crypto industry as possible. As a result, Binance users gained access to all the necessary tools within a single platform. That’s how the company became a market leader.
Scale
To understand Binance’s role in the market, here are a few numbers:
- More than 290 million users worldwide.
- Number one among exchanges by trading volume.
- Its native token BNB ranks in the top-5 by market cap.
- Changpeng Zhao ranks 24th on the list of the world’s richest people (according to Forbes).
Interface and features
Now, using the exchange’s official website as an example, let’s break down what it offers its users.
The site is designed so as not to confuse even a newcomer. The top menu contains “Buy Crypto,” “Trade,” “Markets,” “Futures,” “Earn,” “Square,” and “More.” Next to it are the sign-in and language-selection buttons.
Binance works in dozens of languages: from English and German to Arabic and Czech. You can also switch displayed prices to dollars, euros, local currencies such as pesos, and so on.
Binance homepage interface
Below is a list of popular coins and market news. There’s also a QR code for the mobile app. It’s available for iOS and Android and lets you trade right from your smartphone. For those who work from a computer, there are versions for Windows, macOS, and Linux.
Trading
The Trade section brings together the main tools. In the basic mode — spot trading, margin trading, P2P exchange, a quick converter, and a training demo mode.
For advanced users — decentralized trading, Web3 access via Alpha, trading bots, copy trading of other traders’ deals, and API integration.
Other sections
- Futures — derivatives and options.
- Earn — products for passive income.
- Square — the educational block: news, Academy, analytics.
In the More section you’ll find partner programs, Launchpool, Megadrop, the NFT marketplace, Binance Pay, fan tokens, and the Binance Charity fund.
Products and services
In Products — the Academy section, the Binance Pay payment system, the NFT platform, and analytical tools for market research.
- In Business — solutions for institutional clients.
- In Learn — educational materials and price forecasts.
- In Service — OTC trading and Proof of Reserves.
- In Support — 24/7 support and trading rules.
Regulatory issues
The project’s history features many conflicts with regulators. In the UK, operations were restricted; in Germany and the Netherlands, authorities brought claims for operating without a license. Japan and South Korea insisted on stopping operations without registration. In Canada, some subsidiaries left the market.
There are also countries where access to the main Binance.com platform is blocked: Singapore, Malaysia, Thailand, and China.
In the U.S., the situation is special — a separate subsidiary, Binance.US, operates for local clients under local rules. It offers a trimmed-down set of tools and complies with the requirements of U.S. regulators, while the global version of the site is unavailable in the country.
The biggest scandal unfolded in the U.S. In 2023, CZ admitted part of the charges and stepped down as CEO. A year later, a federal court handed down a sentence — real prison time. For the crypto market, it was a signal: the largest exchanges can no longer operate in a “gray zone,” and regulators won’t turn a blind eye.
Community criticism
Accusations are also voiced by users. According to part of the crypto community, Binance may have deliberately crashed the prices of bitcoin and ether.
The alleged scheme looks like this: the exchange sells a large volume of coins, the price falls, long positions get liquidated, and Binance profits from shorts or buys the assets back cheaper.
Some analysts are sure the company is protecting its own BNB token from competition by Solana. The market maker Wintermute frequently appears in this story. Critics assume Binance exerts pressure on SOL’s price through it, and the source of the coins might even be client deposits.
There’s another front — a standoff with Coinbase. Analyst MartyParty claims that the two companies effectively share control over the market. Coinbase is betting on Layer-2 solutions in the Ethereum ecosystem; Binance — on its own blockchains. In both cases, it’s about centralization rather than the decentralized principles of Web3.
Conclusions
Binance has gone from a young exchange to the largest crypto platform. Hundreds of millions of users, first place by trading volume, dozens of services — all this confirms its leadership.
But with success came challenges. Regulatory pressure, restrictions in a number of countries, a U.S. conviction, and constant accusations of manipulation — all this makes the exchange’s future less predictable.
Today, Binance maintains its lead. But now the question is: can the company not only deal with regulators but also keep users’ trust.
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FAQ
What is Binance Coin (BNB) and how does it work?
BNB is the native utility token of the Binance ecosystem. Originally launched as an ERC-20 token on Ethereum in 2017, it migrated to Binance’s own blockchain — BNB Chain (formerly Binance Smart Chain). BNB serves multiple functions:
- Trading fee discounts: paying fees with BNB on the Binance exchange grants a 25% discount.
- Gas token: BNB is required to pay transaction fees on BNB Chain, one of the most active Layer-1 networks with 1,400+ dApps.
- Launchpad access: holding BNB lets you participate in new token sales on Binance Launchpad and Launchpool.
- Quarterly burn mechanism: Binance uses an Auto-Burn system that permanently destroys BNB each quarter based on price and block production. The original supply was 200 million BNB; the target is to burn down to 100 million BNB. As of Q1 2026, roughly 55 million BNB have been burned cumulatively, leaving ~145 million in total supply. The most recent burn (Q1 2026) destroyed approximately 1.58 million BNB (~$940 million at burn-date prices).
Is Binance Coin (BNB) a good crypto?
As of mid-June 2026, BNB is trading at approximately $595–$610 USD, with a market cap of ~$86–$88 billion (ranked #5 globally).
- Bull case: BNB is one of the most resilient large-cap altcoins — it has outperformed both ETH and SOL year-to-date in 2026 on a drawdown basis, falling only ~23% from ATH vs. ETH’s ~64% and SOL’s ~75%. The quarterly burn creates persistent deflationary pressure. BNB Chain’s DeFi TVL sits at ~$5.1–$5.4 billion, making it the third-largest DeFi ecosystem after Ethereum and Solana. Revenue from the Binance exchange (the world’s largest by volume) directly supports BNB’s utility floor.
- Bear case: BNB’s value is tightly coupled to Binance the company — regulatory risk to the exchange is regulatory risk to the token. Binance paid a $4.3 billion settlement with the U.S. DOJ in November 2023, and CZ (founder Changpeng Zhao) served a four-month prison sentence in 2024. While the company has since operated under a compliance monitorship and appointed new leadership (CEO Richard Teng), the concentration risk remains unique among top-5 tokens.
2026 analyst forecasts: pessimistic $480–$550; base $650–$800; optimistic $900–$1,000+. BNB’s floor is structurally higher than most altcoins due to the burn mechanism and Binance exchange revenue — but it is not a decentralized asset in the same way BTC or ETH are.
Is it safe to invest in Binance?
Binance is the world’s largest crypto exchange by trading volume, processing over $15 billion daily. Key safety factors:
- SAFU fund: Binance maintains a $1 billion+ Secure Asset Fund for Users — an emergency reserve funded by trading fees, designed to protect users in case of a security breach.
- Proof of reserves: Binance publishes real-time proof-of-reserves verified by third-party auditors, showing 1:1 backing of user assets.
- Licenses: registered in France (AMF), Dubai (VARA), Japan (FSA), and 18+ other jurisdictions. Binance.US operates separately for American users.
- Regulatory history: the $4.3B DOJ settlement (2023) and CZ’s prison term (2024) are serious marks. Since then, Binance has operated under a three-year compliance monitorship and appointed former Abu Dhabi regulator Richard Teng as CEO.
- Not available everywhere: Binance is restricted or limited in several countries. U.S. users must use Binance.US (a separate, smaller entity).
Best practice: use Binance for trading, but transfer long-term holdings to a self-custody wallet (Ledger, Trezor). No centralized exchange is 100% risk-free.
Is Binance available in Kenya and Romania?
- Kenya: Yes — Binance operates in Kenya and is one of the most popular crypto platforms in East Africa. Kenyan users can trade spot, use P2P (buying crypto directly with M-Pesa or bank transfer in KES), and access Binance Earn products. In August 2024, Binance obtained registration as a Virtual Asset Service Provider (VASP) under the Capital Markets Authority (CMA) of Kenya, making it one of the first global exchanges to secure a formal licence in the country.
- Romania: Yes — Binance is fully available in Romania. Romanian users can deposit and withdraw EUR via SEPA bank transfers (free or minimal fees) and use RON via card payments. Binance is registered as a VASP with Romania’s Ministry of Finance and complies with EU AML directives. With MiCA (Markets in Crypto-Assets Regulation) taking full effect across the EU in 2025, Binance has obtained the necessary authorisations to continue operating in EU member states including Romania.
Is Gate.io better than Binance?
They serve different audiences. Here’s a quick comparison:
| Factor | Binance | Gate.io |
|---|---|---|
| Daily volume | $15B+ (#1 globally) | $2–4B (#5–#8) |
| Supported tokens | 400+ | 3,800+ (much wider listing) |
| Regulation | Licensed in 18+ jurisdictions | Limited — not licensed in U.S. or EU |
| Insurance fund | $1B+ SAFU | Proof-of-reserves; smaller reserve fund |
| Fiat on-ramp | Extensive (SEPA, Faster Payments, P2P, cards) | Limited (card via third party, P2P) |
| Best for | Most users — liquidity, safety, fiat access | Altcoin hunters wanting early-stage tokens |
Verdict: Binance is the better all-round choice for most users — superior liquidity, deeper fiat support, and stronger regulatory standing. Gate.io wins on token variety (3,800+ vs. 400+), making it useful for hunting small-cap
gems — but with higher risk due to weaker regulation.
How do I buy XRP on Binance?
Buying XRP on Binance takes just a few steps:
- Create / log in to your Binance account and complete KYC verification.
- Deposit funds: bank transfer (SEPA, Faster Payments, etc.), credit/debit card, or transfer crypto from another wallet.
- Navigate to the XRP trading pair — the most liquid pairs are XRP/USDT and XRP/BTC.
- Place an order: market order (instant, at current price) or limit order (set your desired price).
- Withdraw to a self-custody XRP wallet (Xaman/Xumm, Ledger) for long-term holding. Note: the XRP Ledger requires a 10 XRP minimum reserve in any activated wallet.
If you want to skip the exchange registration process entirely, you can swap any crypto for XRP (or XRP for anything else) instantly on Quickex — no KYC, no account, live rate, and coins go straight to your wallet.