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Definition: Binance

The world's largest centralized crypto exchange. Binance also has a decentralized exchange and its own blockchain. According to the Statista website, in March 2022, Binance's daily volume was three times that of Upbit, the second largest exchange.

Launched in 2017 by Changpeng Zhao, one of the first crypto billionaires and commonly known as "CZ," the company was originally based in China. Binance later moved to the Cayman Islands due to government restrictions. U.S. customers must use Binance.us, the American subsidiary, although it offers fewer trading options.

Decentralized Exchange and Binance Blockchain
Binance DEX is Binance's decentralized exchange, which is the company's DeFi platform, and BNB Chain is the blockchain. Originally running on Ethereum, Binance switched to its own Binance Chain and Binance Smart Chain, which in 2022 were consolidated into BNB Chain. BNB Chain uses the proof-of-stake consensus mechanism, and BNB (Build and Build) is its native crypto. See decentralized exchange.

NFT Marketplace
In 2021, Binance announced NFT Marketplace, a new platform for trading NFTs (non-fungible tokens) See NFT.