New Chinese crypto exchange Binance closing in on one month anniversary

Binance Cryptocurrency Exchange Platform

Binance, a new Shanghai-based digital asset exchange is closing in on its one month anniversary since its launch date of July 14th, 2017. Binance stands for “Binary or Bit and Finance” meaning integrating digital technology with finance. The exchange is run by Changpeng Zhao, who is founder and CEO of the overarching company incorporated as Beijie Technology.

Not only does Mr. Zhao’s Beijie Technology have its own exchange now with Binance, but it also provides cloud trading system services for over 30 other exchanges and has a yearly income reaching 36.1 million yuan/5 million US dollars. Mr. Zhao was also the co-founder and CTO of OKCoin, technical director of, founder of FXI Information Technology Co., Ltd., and Head of Technology of Bloomberg Tradebook Futures in previous roles.

Zhao is founder & CEO of Binance

Looking now to promote their own homegrown exchange utilizing the company’s tried and tested platform, Binance has been busy adding new crypto assets week by week since their launch and will keep adding more. Besides BTC, ETH, LTC, and BNB, users can currently trade and invest off those base assets with the following crypto tokens: EOS, NEO, SNT, QTUM, BCC, BNT, GAS, and BTM.

Furthermore, in order to encourage current and prospective clients, the exchange started offering zero trading fees back on July 27th, which will last for one month until August 27th. This is normally a 0.1% fee on each side of the trade. Holders of Binance (BNB) tokens are eligible for fee discounts, currently set to 50% when fees are active.

What are some of the highlights of Binance worth mentioning?

Binance plans to roll out the platform in roughly the following order: Spot trading, Margin trading, Futures, Anonymous instant exchange, Decentralized (on-chain) exchange. Pictured above is the standard web platform.

Binance’s usage of ICO funds:

The revenue model will come from the following sources:

Before their ICO launch, the Binance team was quoted as saying:

“We know this will be an ultra-competitive space. There are probably hundreds, if not thousands of teams wanting, planning or doing exchanges. The competition will be fierce. But in this age, this is a common risk in any decent concept/start-up or a mature company. The question is: given our team, track record, experience, industry resources, and product, do you believe we stand a better chance than the rest of the pack?”

For more details on team members and exchange plans, see the company whitepaper.

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