On Nov 27th and 28th, the first ever VeChain Foundation Steering Committee meeting was held in Singapore. Over the course of this meeting, we have accomplished a lot. We are pleased to say that we have finalized members for our VeChain Foundation Steering Committee; we have revolutionized our blockchain foundation governance system; we have discussed the evolution of the our blockchain design and functionalities and an exponentially upgraded economic model for all of our stakeholders.
In celebration of the VeChain Foundation evolution, we have initiated a rebranding effort, or rather an escalation of our brand, which we will have finalized within a month and a half. More will be presented below.
VeChain believes that a well governed foundation is the key to longevity, growth and stability. Making an actionable governance system, that matches the identity we envision for our product, is the base in which we built on for our apotheosis. As such, the governance model of VeChain Foundation was at the paramount of discussions.
VeChain is going through an evolutionary period across all aspects of the foundation as directed by our Board of Steering Committee. At its core, the VeChain Foundation does not believe in a fully anarchically decentralization, nor does it believe in totalitarian governance. It is for that reason the board members envisioned something in between. Our governance structure is a new breed of a decentralized system through centralized channels, at its core it is a principal never seen before within the blockchain industry. PICTURE ONE
Being the centralized agency to govern the decentralized workflows, VeChain is as strong as our Board of Steering Committee enables us to become. The Board of Steering Committee oversees the various functional committees within a decentralized foundation. The board members, though a governing agency, ultimately guide units towards cohesive goals and enables collaboration, efficiency, and output across channels that traditional org charts cannot.
The Board of Steering Committee is the governing body of VeChain Foundation. It oversees the various functional committees within the foundation and represents the balanced interests of the VeChain blokchains stakeholders as a whole. Stakeholders include Blockchain Smart Contract Owners, VeChain Authority Nodes, and token holders. In addition, the Board of Steering Committee ensures the development, innovation, coordination and advancement of the VeChain blockchain ecosystem. Though not necessarily involved in day to day operational activities, the main functions include but not limited to the following:
- Propose and organize blockchain-wide general voting;
- Review and approve the Foundation’s fundamental strategies on technical, financial and business;
- Review and approve the governance principle;
- Review and approve the Foundation’s annual budget;
- Review, approve and monitor the procedure of nomination and election of the Steering Committee members, functional committee chairs and the General Secretary of the Foundation.
The Board of Steering Committee must be comprised of brilliant and respected individuals across a multitude of industries and it is for that reason we are very lucky to introduce our complete Board:
C Y Cheung - PwC Cybersecurity and Fintech Partner
|Name ||Experience ||Responsibility |
|CY Cheung ||PwC Cybersecurity and Fintech Partner ||Head of Regulation Committee |
|George Kang ||CEO of Greater China Region, DNV GL Business Assurance ||Head of Public Relation Committee |
|Jay Zhang ||CFO, VeChain Co-founder ||Head of Operational Committee |
|Margret Rui Zhu ||Assistant Professor of City University of Hong Kong ||Head of Compensation & Nomination Committee |
|Peter Zhou ||Chief Scientist, VeChain Partner ||Head of Technical Committee |
|Renato Grottola ||Global Digital Transformation Director, DNV GL Business Assurance ||In charge of VeChain business development related affairs |
|Sunny Lu ||CEO, VeChain Co-founder ||General Secretary of the Foundation |
Chun Yin Cheung is a partner in PwC China's Risk Assurance Practice, based in the Shanghai office, having worked at PwC for over 14 years.
Mr. Cheung is an information security subject matter expert, with extensive experience in security assessment and regulatory compliance related advisory for financial service institutions in China and Hong Kong.
Mr. Cheung was educated at the Hong Kong University of Science and Technology and achieved a Bachelor of Business Administration (B.B.A.) in Information Technology George Kang - CEO Greater China Region, DNV GL Assurance
George Kang has worked for one of the biggest state-owned automotive design and manufacturing company - SAIC Motor before joined GNV GL in 1999.
George has accumulated extensive experience in supply chain management, product assurance with a particular strategic focus on the food & beverage, healthcare and automotive & aerospace sectors.
George was graduated from Shanghai Jiaotong University with a bachelor degree in Engineering and EMBA from Xiamen University. ** Jie (Jay) Zhang - CFO / CoFounder VeChain**
Jay has worked at 2 of the ‘Big 4’ accountancy firms - PwC and Deloitte’s and joined VeChain as leader of their Blockchain governance framework design and digital asset management framework.
Jay has 14 years’ experience in IT assurance and advisory services. Jie’s major areas of expertise and experience include IT General controls, IT security, IT Governance and risk management, System Application Controls, etc.
Jay was educated at Shanghai Jiaotong University and studied Electrical and Electronics Engineering Margret Rui Zhu - Assistant Professor City University of Hong Kong
Professor Zhu received her BA from Fudan University, China, MA in Economics from Indiana University USA and PhD in Finance from University of Texas at Austin USA. Professor Zhu is currently interested in corporate finance, corporate risk management and the interaction of capital market and product market. Peter Zhou - Chief Scientist / VeChain Partner
Dr. Zhou obtained a Ph.D in Computer Sciences from the University of Southampton and serves as VeChain’s R&D Director. He has been involved in projects funded by the European Commission and Academy of Finland whilst working as a postdoctoral researcher for the University of Kent in the UK. He has been published in numerous international scientific research journals. Renato Grottola - Global Digital Transformation Director, DNV GL Assurance
Renato is an experienced global Director with a demonstrated history of working in the advisory industry, skilled in Strategic Planning, Mergers and Acquisitions, Business Development and Management of complex international operations. Renato has been working on a blockchain backed project to introduce ship certifications to a private blockchain. Sunny Lu - CEO, VeChain Co-founder
Sunny Lu, the Project Lead for VeChain, has a wealth of experience in IT and Information Security across luxury retail brands, with his most recent role prior to co-founding BitSE being as CIO, IS&T Director for Louis Vuitton China.
Part of the LVMH Group, other famous brands across the portfolio include luxury fashion brands Givenchy and Christian Dior, alongside Champagne Brands Moet et Chandon, Veuve Cliquout and Dom Perignon.
Sunny was educated at Shanghai Jiao Tong University and studied Electronics and Communication Engineering A board of this magnitude will need outside forces keeping them in check and aiding in the design, implementation, and vision of VeChain. This is why VeChain has seeked out a promising Advisory Board to be a backbone that the foundation can lean on to provide immense wisdom and experience in the blockchain industry. VeChains Advisory Board is currently comprised as follows:
Bo Shen - General partner of FENBUSHI Capital
|Name ||Experience |
|Bo Shen ||Partner, founder of FenBuShi Capital |
|Daniel Kelman ||General Counsel of Bitcoin.com |
|James Gong ||CEO of ChainB.com |
|Roland Sun ||Partner of Broad&Bright Law Firm |
|Ning Nan ||CEO of BitOcean |
Bo cofounded Bitshares, Qtum, Zcash, etc. He is also a veteran of traditional financial industry, accumulating 12 years of senior management in brokerages, hedge funds and investment banks.
Daniel Kelman - General Counsel of GSR and Bitcoin.com
Daniel represented the interests of creditors who lost funds in the MtGox hacking scandal. Besides, he is also a co-founder of BitOcean Japan, a cryptocurrency exchange which will be licensed by Japanese regulator FSA.
James Gong - CEO of ChainB.com
ChainB is the most influential professional blockchain and cryptocurrency media in China.
Roland Sun - Partner of a full-service Chinese law firm named Broad&Bright
Roland has rich experience in providing law consultancy services in the following practice areas, such as cryprocurrency, blockchain, banking and trust.
Nan Ning - CEO of BitOcean
BitOcean is a cryptocurrency exchange which will be licensed by Japanese regulator FSA.
With the combined expertise of the Board of Steering Committee and the wisdom of the Advisory Board, VeChain has the foundation to be a revolutionary force within the blockchain industry and a global initiative for decentralization of businesses, truly embracing a digital way of life.
Voting： As mentioned above, VeChain stakeholders include Blockchain Smart Contract Owners, Authority Nodes and token holders (including VeChain Economic Masternodes/Nodes). Each of the stakeholder holds at least 10,000 VeChain tokens with a single public key will be considered to have ONE vote, and each stakeholder can have not more than ONE vote.
The following fundamental subjects will be voted by the stakeholders:
The general voting activities shall be carried in the VeChain Blockchain voting platform, designed to ensure anonymity, accuracy and not subject to manipulation.
- The election of new Board of Steering Committee;
- The modification of fundamental consensus mechanism;
- Other subjects that Board of Steering Committee deemed necessary for general voting.
VeChain Rebrand Our brand is not our name or logo, it is who we are. It is as much our governance model as it is our economic model. With VeChain undergoing its apotheosis it is imperative for our brand to grow with it. This evolution brings VeChain from a status of a blockchain solution to an one of a kind blockchain pioneer that can last indefinitely, offering a powerful and adaptable product for any business process that could benefit from trustless, immutable, and readily available data. This evolutional output requires us to reinvent the structure of our mainnet to coexist with an economic model design for indefinite stability and reward. As a result VeChain has become bigger, faster, stronger, disruptive, ambitious, incentivized and above all else, impactful. The board has made every effort to bring power to the stakeholders/people of VeChain. There are many attributes that make the Norse God “Thor“ and VeChain similar, and therefore:
VeChain is opting to upgrade the VeChain blockchain itself to VeChain Thor. The process of this transformation we call Apotheosis.
Our efforts towards apotheosis will last over the course of a month and a half from today, the full range of details will be released periodically from now until the mid of January.
Here is a glimpse at some of the changes being incorporated into VeChain Thor:
- VeChain Blockchain will be upgraded to VeChain Thor Blockchain
- Upon this release, we will be converting the existing VEN tokens for VeChain Thor tokens (VET). We are taking the appropriate measures to make this conversion seamless, we will begin this process by aiding current exchanges with the conversion first, all future exchanges will list our token as VET instead of VEN, including the ones we have been actively speaking to prior to this announcement of the name change.
- Transactions on VeChain Thor Blockchain will not use VET token as expense. This is our way of giving back to the stakeholders. In turn the blockchain transactions will be incentivized through other reward structures. This allows VeChain to offer a stable and predictable budget for enterprise users. This new system also enables resource optimisation and adjustments by economical approaches for the indefinite future.
- In order to take full advantage of decentralization and strong governance, the Foundation has decided to adopt Proof of Authority as the consensus mechanism of the VeChain Blockchain so that future developments are aligned with vision and direction the Foundation has designed;
- As for Nodes and Masternodes, (Yes, we have them!) We categorize two major types of nodes on the VeChain Thor Blockchain, a total of four distinctive nodes all together:
- One Authority Masternode
- Three Economic Masternodes/Nodes
VeChain Authority Masternode Thrudheim means ‘World of Strength’ and is the home of Thor. We announce Thrudheim Masternode as the senior and most privileged masternodes that VET token holders can own.
There will be a total 101 Thrudheim Masternodes on the VeChain Thor Network. Thrudheim Masternodes:
To successfully become a Thrudheim Masternode Owner operating a Thrudheim Masternode, the token holder needs to fulfill certain criteria:
- Receive the highest rewards of any node operators on VeChain Thor;
- Hold the most power when it comes to voting rights
- Are the most senior of masternodes that VET token holders can attain;
- Stabilise the VeChain Thor blockchain network;
- Are selected and rated based on the criteria the VeChain Foundation announce in the near future;
A) Owns a Qualified Thrudheim Masternode Candidate, the said candidate is a trackable address holding a minimum of 250,000 VET/VEN starting from Trust Tracking Day until the Date of Decision. Date of Decision will be announced soon, this date should coincide approximately with our main net launch date.
B) The person who owns a Qualified Thrudheim Masternode Candidate is a Qualified Thrudheim Masternode Operator Applicant and will automatically enter into the application process, given he/she meets the below criteria:
VeChain Foundation will release a detailed Thrudheim Nodes selection standards, procedure and rewards together in a later announcement.
- Due to the importance of these Masternodes, and the limited number available, VeChain Foundation will need a period of time to observe and review each applicant to determine their trustworthiness and value proposition within the network, and the decision of acceptance will take into consideration of the holder’s contributions to the Foundation as whole, therefore, the Trust Tracking Day of the Thrudheim Masternodes will start on December 21th. More detailed information soon to be released on The Decision Making Criteria of Becoming a Thrudheim Masternode Holder.
- The moment the token holding of Qualified Thrudheim Masternode Candidate is less than 250,000 VET, the address will lose the privilege of applying to become a Thrudheim Masternode when the blockchain launches.
- Hardware conditions: CPU, hard disk capacity, memory, overall performance will be reviewed individually.
- A full KYC and application procedure.
VeChain Economic Masternodes and Nodes: A VeChain Economic Masternode/Node offers stability to the ecosystem and acts as a distribution of power and privilege within the blockchain’s economy. VeChain Economic Masternodes/Nodes also have representation within the ecosystems voting periods. For an address with at least 10,000 VET/VEN held, a node represents one vote within the majority consensus. Unlike Authority Masternodes, Economic Masternodes/nodes do not produce blocks and ledger records.
Mjolnir Masternodes （Second highest-incentive Nodes) Token possession: 150,000 VET and above
Incentive received: receive the highest reward among VeChain Economic Nodes.
Cannot be upgraded More information on Mjolnir Masternodes soon
Thunder Nodes (Higher-incentive Nodes) Token possession: 50,000 - 149,999 VET/VEN;
Incentive received: receive the higher Thor incentive;
Can be upgraded; More information on Thunder Nodes to come.
Strength Nodes (Medium-incentive Nodes) Token possession: 10,000-49,999 VET/VEN;
Incentive received: receive the medium Thor incentive, however, still more than none-node holders;
Can be upgraded;
More information on Strength Nodes to come.
Holders with less than 10,000 VET tokens receive default incentive.
Important Timetable and planned events:
- Hold corresponding quantity of VET/VEN tokens in a trackable wallet (such as MEW) starting from 00:00:00 UTC+8 on 21st December; if your wallet has more than or equal to 250,000 VET/VEN, then you will be considered as an applicant to become a Thrudheim Masternode Operator, this is one of important must-have criteria when the Foundation selects Thrudheim Masternode Operators.
- Any wallet holding a corresponding quantity of VEN/VET tokens for any other nodes begins to accumulate seniority and that will be used as a means of distributing incentives in the future.
- An official strategic partnership announcement event is planned late January at London between DNV GL and VeChain.
- A VeChain Rebranding event, in Singapore, is planned for mid-January.
- A detailed economic model upon completion
- Listing on a major exchange in December
- A complete upgrade and rewrite of our current “VeChain Development Plan (Not a Whitepaper Document)
Sign-up for Binance Jersey Fiat Exchange submitted by
At this time, the digital currency exchange market is filled with a wide variety of choices, therefore choosing the right exchange or trading platform can be quite a headache for both novice and veteran cryptocurrency users.
Binance is a popular cryptocurrency exchange which was started in China but recently moved their headquarters to the crypto-friendly 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 launched last year ), it has managed to gain a lot of popularity thanks to its impressive number of Initial Coin Offering listings, professional attitude and friendly CEO and also due to its low trading fees.
In our review, we will attempt to outline everything that you must know about Binance, including how it works, the crypto pairs that you can exchange, trading fees/limits, security aspects, and customer support.
Visit Binance »
How the Exchange Works Contents [Show]
Those who visit Binance for the first time will quickly notice that the platform offers two options for digital currency trading- basic and advanced. Neither the basic, nor the advanced versions are bound to be easy to use for complete beginners. However, anyone with a background in digital currencies and with a bit of knowledge into how exchanges work should be able to use the platform and its different services.
The main difference between the basic and the advanced version is that the advanced one offers more-in-depth technical analysis of digital currency value over time. At this time, the dashboard for the basic version offers several graphs and charts for the pairs that you’re trading, order books, and trade history.
3Commas This is what the basic view looks like :
Binance Trading View
The Basic view is nicely designed and well laid out, all the information you need is clearly presented with prices on the left, graphs in the center along with the buy and sell boxes and the trade history is presented on the right so you can quickly see what the latest trade prices were.
And this is what the advanced view looks like:
The advanced view uses a dark theme and makes the trading charts larger and the latest trade prices are displayed on the right with the buy sell boxes underneath.
Which you choose is a matter of preference really, I like the lighter colored basic view and find the layout a little easier to use.
Binance Signup & Login To use the exchange, users will first have to create an account. The process behind this is fairly simple and straight-forward and you don’t have to verify your account for level 1 which is a 2BTC daily withdrawal limit. For level 2 which allows up to 100BTC per day, you need to upload a photo ID and wait till you are approved. There are higher limits still, but you will need to contact them directly to arrange that.
Time for verification can vary depending on how busy the site support staff are, so make sure to plan ahead if you wish to withdraw larger amounts and make sure this step is complete before depositing and trading large sums on the exchange.
Now, that this is out of the way, users can go ahead and fund their Binance account. While you can choose from a multitude of digital currencies, it is recommended that you stick with either BTC or ETH.
To fund your account visit the “Funds” > “Deposits / Withdrawals” link at the top of the site and find the currency you wish to send, then click the “Deposit” button next to it which will then you give you the wallet address. You can then send your funds to this address to begin trading on the platform, depending on which currency you deposit it will take different times to show up as this is reliant on that currencies blockchain. Some currencies like Ethereum are faster than Bitcoin which can take a while.
Now that your account is funded, you can simply start trading, exchanging and investing in various digital currency pairs. Binance offers plenty of choices, as they support all major digital currencies, but also numerous ICO listings and their respective tokens.
At this time, the platform can only be used to generate limit and market orders. This has been considered a disadvantage by some, as many expected trading options that would be more advanced. Following the placement of your order, simply wait for it to be fulfilled according to the terms that have been set.
How to Trade on Binance Trading on Binance is fairly straight-forward if you have used any other cryptocurrency exchange before. To get started, make sure you have deposited some funds – there are options for trading pairs in BTC, ETH, BNB and USDT. Once you have your funds, at the top right menu, select “Exchange” > “Basic” or “Advanced” to load the trading screen. We will be using the Basic view.
Binance Trading View
On the right hand side, of the screen select a tab from BTC, ETH, BNB or USDT this is what you will be trading in. Then choose your desired currency from the list. You can also search here and you can create a favorites list by clicking the star next to any currencies.
Choose currency to buy
Once your desired currency has loaded, take note of the left-hand column which shows prices that people are willing to sell at in the top half in red and prices people are willing to buy at in green in the bottom half. The number in the middle shows the last sale price.
Buy and Sell Prices
Now to place a buy order, use the center box underneath the graphs and you will see the buy box is in green on the right. You can manually enter a price you wish to purchase at, but a better way is to click a number on the left-hand column. You can then enter the amount of the currency you wish to buy or click the 25%, 50%, 75% or 100% buttons which will fill it with an amount based on how much of the buying currency you have ( in this case BTC ).
Once your order is placed it will be show underneath in the “Open Orders” section until it is filled. At that point your new currency will be available under the “Deposits / Withdrawals” menu where you can withdraw it to the wallet of your choice.
Supported Crypto Currencies Binance has often been praised for its wide variety of support coins. Traders can use the platform for multiple digital currencies, including, but not limited to Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple and more. As mentioned before, Binance also supports numerous tokens, as part of ICO listings. With this in mind, traders can use the platform to trade these tokens for a profit as well.
Binance is currently very quick to add new coins and tokens after their ICO which usually means you can purchase them cheaply which allows for greater profit down the road.
They currently offer trading pairs in BTC, BNB, ETH and USDT.
Binance ICO & BNB Coin Another thing to note is the Binance Coin, which was issued during their own ICO. The Binance coin can be used to pay fees and it will also feature in their future plans to create a Decentralized Exchange where it will form one of the key base currencies. Purchasing the Binance coin itself looks like a good investment for the future as the exchange plans to use their profits to buy back a portion of the coins every quarter and destroy them: hence decreasing the supply and making them more valuable for holders.
Every quarter, we will use 20% of our profits to buy back BNB and destroy them, until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.
Binance BNB Coin
If you’d like to read more about the BNB Coin, check out our indepth guide.
Binance Fees & Limits At the time of writing, Binance charges an average fee of 0.1% on each trade that a user makes. Those who choose to pay via the Binance token can get a 50% discount on the trading fee, which is absolutely great news. These are surely some of the lowest fees available at this time.
Withdrawal fees tend to vary for each digital currency. For instance, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals. Here are some examples to give you an idea of the fees you will be paying for withdrawals:
COIN CODE Fee Unit Binance Coin BNB 1 BNB Bitcoin BTC 0.001 BTC Ethereum ETH 0.01 ETH Litcoin LTC 0.01 LTC Neo NEO Free NEO Qtum QTUM 0.01 QTUM Status SNT 10 SNT Bancor BNT 1.2 BNT Eos EOS 0.7 EOS Bitcoin Cash BCC 0.0005 BCC Gas GAS Free GAS USDT USDT 50 USDT When it comes down to transfer limits, there is no limit on the number of coins that you can deposit. However, without getting verified, users are limited in terms of how much they can withdraw. Verification will establish you as a level two users, thus lifting these limits and providing a lot more freedom when using the platform. The verification process requires users to provide Binance with their full name, country, gender, a photo of passport/government-issued ID, and even a selfie with the passport.
Binance Competitions A unique feature of Binance you will notice is that they regularly hold competitions with some amazing prizes. Some examples of competitions in the past include Waves and Tron. The waves competition gave away 20,000 Waves to Traders based on how many trades they have made of this currency.
The other competition for Tron (TRX) gave participants the chance to win a Maserati car, Mercedes Benz car, a Macbook Pro or a iPhone X. Again, the winners were the people with the highest trading volume of this currency.
The current rankings show that the person in first place had over 358 BTC volume in trades so you will need to be a whale to be in with a chance of winning first prize. There are other regular competitions though, so keep an eye on the site for your chance to enter.
Is Binance Safe? While Binance is one of the newest cryptocurrency exchanges available on the market, it has quickly managed to attain a high level of trust from its users and the digital currency community. However, the exchange fails to provide users with enough information on how the funds are being secured, yet we like to believe that security is taken seriously. Two-factor authentication is available and is always a nice sight. It is however known that the platform offers a multi-tier and multi-tier system architecture.
Update: In March 2018 Binance suffered a hacking attempt.
The hackers tried to pull off an audacious move which was luckily caught by the automated systems in place at the exchange. For months the hackers had been accumulating people’s logins via a phishing website and secretly installing API access on the affected accounts. They then 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, before trying to withdraw the BTC to their own wallets. Luckily no one lost funds as the hack was caught and the only people to lose out were the hackers, whose funds will be donated to charity.
As this hack was made possible by people entering their site logins and 2FA details into a fake website, you should always make sure you are on the correct Binance url before logging in. We recommend you bookmark the site and only use that to access it, never click links from emails, Twitter, Telegram etc.
This event has done a lot to instill confidence around Binance, not only did their automated processes catch 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 have been praised for their swift action in resolving this.
Binance Customer Support For an exchange to be successful, it requires a great customer support team, capable of answering all user questions and requests in a timely manner. While the support area on Binance could use a little work, the team is responsive and capable of offering professional aid to traders in need. Support tickets are submitted via an online form featured on the website, and responses are made via email. There is currently no live chat support, nor a phone number where customers can get in touch with the support team.
Binance Customer Support
Other than the CS team, Binance offers a couple of FAQs and articles meant to help users get accustomed to the exchange and the way it works.
It should be noted that customer support on Binance has been known to be slow to respond to customer requests. This is a familiar phenomenon with most of large exchanges and is due simply to the volume of users and amount of support staff. The exchanges have grown at an explosive rate this past year and the companies simply haven’t been able to keep up with demand. Binance grew fast especially, going from launch to the largest exchange on the planet in a few short months. Support staff for exchanges have to be carefully vetted and trained due to the technicalities and security requirements involved – unlike other traditional companies where staff can be trained quicker.
Some things to bare in mind are double-checking wallet addresses, make sure you are sending the correct cryptocurrency to it’s corresponding address on the site. Mixups with wallets are one of the biggest mistakes people make when using exchanges. Other things to note are, try a smaller test payment first if you plan to transfer large sums – it may cost you a little more in fees but will be worth it for peace of mind.
If you do need to contact support, make sure you provide them with enough information to be able to help you first time. Include wallet addresses, times of transactions and any other information you think they might need to help speed up the process.
The Move to Malta In March 2018, Japanese Newspaper Nikkei reported that Binance was trading in Japan and not following their official regulations. This caused some turbulence in the markets until Binance made an official announcement that they were going to be moving operations to the crypto-friendly island of Malta in Europe, stating :
After reviewing several different locations, the company decided to invest in the European nation due to its existing pro-blockchain legislation and the stability that it offers financial technology companies through its regulatory framework.
This is good news for the company and they even received a warm welcome from the Prime Minister of Malta on Twitter. Binance also announced that they were in talks with Maltese banks with the goal of providing Fiat transactions, meaning they can offer an on-ramp for fiat to crypto transactions in future along with fiat trading pairs on the exchange.
More good news for Binance, it seems as their profile and reputation within the industry continues to grow.
Launching a Decentralized Exchange More recent news for Binance and what seems like good news BNB holders is the fact that they are planning to launch their own Decentralized Exchange ( DEX ):
“After extensively researching decentralized exchange frameworks and analyzing existing implementations, we believe significant improvements can be made in providing Binance users with a level of trading experience to which they are already accustomed. Centralized and Decentralized exchanges will co-exist in the near future, complementing each other, while also having interdependence.”
The BNB digital asset, now an ERC-20 token, will migrate as the native token of that network and be used for paying the trading fees on the new exchange.
Launching a Decentralized Stock Exchange More good news recently for Binance is that they are 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.
According to CapLinked, the market cap of equity tokens alone is projected to reach $1 trillion by 2020 and thanks to the partnership with MSX, a subsidiary of the Malta Stock Exchange and Binance, Neufund will become the first end-to-end primary issuance platform for security tokens, in particular, equity tokens. It will secure ways for secondary trading of equity tokens and enable companies around the world to fundraise on Blockchain in a legal way while offering much-needed liquidity.
This is more positive news for Binance as they aim to consolidate their position as the world’s number one Crypto Exchange.
Binance Jersey Launch – Now Supports Fiat to Crypto As of 16th January 2019, Binance has 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.
We have now carried out a full review of Binance Jersey, so take a look for more indepth details about the new platform.
Visit Binance Jersey »
At the time of writing they are only offering four trading pairs with more to follow soon:
BTC / EUR BTC / GBP ETH / EUR ETH / GBP Supported Jurisdictions: Argentina Eswatini (formerly Swaziland) Latvia Romania Armenia Finland Liechtenstein Singapore Australia France Lithuania Slovakia Austria Germany Luxembourg Slovenia Azerbaijan Gibraltar Macau South Africa Belgium Greece Malta South Korea Brazil Hong Kong Mauritius Spain Bulgaria Hungary Mexico Sweden Canada Iceland Monaco Switzerland Chile Ireland Netherlands Turkey Croatia Israel New Zealand United Arab Emirates (UAE) Cyprus Italy Norway United Kingdom (UK) Czech Republic Jamaica Peru Uruguay Denmark Japan Poland Estonia Jersey Portugal Customers who wish to trade in the support fiat currencies will need to carry our KYC procedures by uploading their ID documents such as passport and driving license.
Wei Zhou, Binance’s CFO released this statement about the launch :
“Expanding the cryptocurrency exchange markets with fiat currencies in the European region is opening new economic opportunities for Europeans as well as freedom from looming Brexit uncertainty where the pound and euro are also in concern. Through Binance Jersey, we want to help bridge the crypto-fiat channel for Europe and the U.K. as part of our global expansion to support broader cryptocurrency adoption”.
If you are familiar with trading on Binance, then you will feel at home on their new exchange – it uses the same engine and the trading screen is laid out in the same fashion with the option to choose between Basic and Advanced views:
Binance Jersey Trading Screen
To fund your account in fiat, you will first need to complete the KYC process, once that is done you can then deposit funds directly from your bank account by linking it from the Deposits screen. You can also fund your account with BTC or Ethereum. Once you have your account setup and bank account linked, you can also withdraw funds in fiat currency – this is great news as Binance is now able to offer a way for investors to cash out their cryptocurrencies.
We have upgraded our review scores below and we feel this is a huge improvement to Binance’s Exchange offering, if they manage to roll this out to even more countries ( USA is currently excluded) it could be a game changer as people now have an extra, regulated fiat on and off ramp for their holdings.
Buying Bitcoin with Australian Dollars On March 20, 2019, Binance announced the launch of Binance Lite Australia, the continent’s first fiat gateway to the world of cryptocurrencies which provides a secure, reliable, and easy to use way to buy Bitcoin with cash in Australia.
The cash-to-Bitcoin brokerage service operates via a network of over 1,000 newsagents across Australia, and currently allows anyone to buy Bitcoin using Australian Dollars (AUD), and there are plans to include additional digital currencies and fiat purchasing options in the future.
Users must first undergo account verification on Binance Lite, and after being successfully verified, users can place online orders and deposit cash at their nearest newsagent, in order to receive their pre-ordered Bitcoin.
The Binance Lite brokerage service is operated by InvestbyBit, an independently operated subsidiary of the Binance.com cryptocurrency exchange. The service aims to simplify the process of purchasing cryptocurrencies and make digital assets such as Bitcoin readily accessible across Australia.
Fees A 2.5% transaction fee (50% discount applied) plus GST on the transaction fee for each purchase is currently being charged as an introductory rate. Therefore, for a $50 order, the transaction fee will be $1.22 and the GST will be 10% of the transaction fee, which is $0.12. Limits The system is currently in its Beta phase, and the minimum purchase amount has been lowered to $30 with the maximum purchase amount capped at $1000. These limits may change over time and only multiples of $10 are being accepted, such as orders for $50, $60, $70 etc. Verification First time customers are required to go through a one-time Know Your Customer (KYC) document verification. When using the service, it’s necessary to follow the instruction prompts after the order page and go through the verification.
In order to complete the verification process, it’s necessary to submit 1 or 2 forms of government issued ID documents as a Passport, Driver’s Licence, or Medicare card, in addition to your residential address. Any returning customers, who have already completed KYC verification, will be sent to the order summary page directly after opening a new order.
Each account is linked to a mobile number, and users should ensure to use the mobile number provided when first completing the verification process. Anyone choosing to use a new mobile number will be required to complete the ID verification process once again.
Paying by Debit and Credit Card Binance allows users to make debit and credit card payments for cryptocurrencies via a partnership with Simplex. It’s possible to purchase Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and XRP tokens by Visa and MasterCard and the benefits of using a debit or credit card on Binance include:
Swift Transfers: Average 10-30 mins for cryptocurrency to reach your wallet Low Fees: only 3.5% per transaction or 10 USD, whichever is higher Convenient: Visa and MasterCard accepted In order to purchase the supported cryptocurrencies with a debit or credit card, users can first go through the official instructions page and then visit: https://www.binance.com/en/creditcard
Binance Launchpad and Initial Coin Offerings (IEOs) Binance Launchpad is the exchange’s token launch platform that aims to connect blockchain projects with the greater cryptocurrency community and enable projects to raise funds while interacting with Binance’s significant user base. In December 2017, the BREAD and GIFTO projects were able to hold successful token sales on Binance Launchpad and projects such as BitTorrent and Fetch.AI have also held successful launches in 2019. The platform makes use of the exchange’s native BNB token and rewards users for holding the token as well as allowing it to be used to participate in token sales.
Read: What is an IEO?
How Token Offerings Work on Binance Launchpad The ability to part in token offerings continues to attract a significant amount of users to Binance and it’s necessary to go through a number of steps in order to get used to the Launchpad platform. Anyone interested in a project should first go to the Binance Launchpad website and click on the project page and thoroughly research any of the projects on offer. If not already done, it’s also necessary to complete your Binance account verification, as token sales are carried out in compliance with the regulatory requirements in supported user jurisdictions.
The Lottery System Binance Launchpad operates a lottery system which sees that the number of lottery tickets you can claim being dependant on the amount of BNB tokens you hold in your Binance account over a 20-day period leading up to the day of the lottery, with a maximum of up to 5 tickets per eligible account.
The 20 days leading up to the lottery draw date is represented by X below, and by example, 100 ≤ X < 200 means that your BNB balance over the entire 20-day period is kept at 100 BNB or more, but does not exceed or reach 200 BNB.
A snapshot at 0:00 AM (UTC) each day records each user’s BNB balance, and should your BNB balance drop below the minimum balance required on any given day during the 20-day period, they will be put into the lower threshold. For example, if User A holds 301 BNB for 19 of the 20 days but their balance drops to 299 BNB on one day. They will move to the lower threshold and only be eligible to claim 2 lottery tickets.
Before the actual lottery date, users are given a 24 hour period to select how many lottery tickets they wish to enter, with the maximum number based upon their BNB holdings over the previous 20 days. Here, if a user submits an entry of 5 tickets and 2 tickets end up winning, they are committed to pay for 2 ticket allocations (in BNB) for the tokens.
Each lottery ticket has a unique number with multiple lottery ticket holders, obtaining tickets with consecutive numbers. For example, when claiming 5 tickets, the tickets may be numbered 100010, 100011, 100012, 100013 and 100014.
Once the 24 hour period ends and all tickets have been fully issued, Binance begins to randomly select multi-digit numbers. These are matched against the tail digits of all issued tickets in order to determine the list of winners. The selection process continues until the maximum number of winners are matched, and the respective BNB is deducted from each winning user’s balance, as soon as they are deemed a winner.
Binance announces the maximum number of potential lottery ticket winners, and the allocation amount corresponding to each winning ticket in advance.
Conclusion Currently, the matching engine of the exchange is capable of processing approximately 1.4 million orders each second, hence making it one of the fastest exchanges available on the market. Additionally, the exchange works on all forms of devices, including web, Android, WeChat, and HTML5. 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. As it 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.
Update, April 2019: We have continued to update this review since Binance was first launched ( we were one of the first to offer a review of the platform at the time ). And as time has progressed, time and time again Binance have proven to be one of the very best, if not the best, exchanges available. Their CEO Changpeng Zhao (CZ for short) has been part of the cryptocurrency community and shown high standards of integrity. Binance the exchange has continued to innovate, bringing new products to market and new options for purchasing and trading cryptocurrencies to all corners of the globe. Read w/ Proper Formatting & Illustrations
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