What is Binance (BNB)?

Key Takeaways 1 Binance is an online exchange where users can trade cryptocurrencies. ... 2 Binance provides a crypto wallet for traders to store their electronic funds. 3 The exchange also has supporting services for users to earn interest or transact using cryptocurrencies. ... 4 Binance has its own blockchain-based token, Binance Coin (BNB).

How does Binance work?

Cryptocurrency enthusiasts willing to launch their tokens can use Binance for raising funds through initial coin offerings (ICOs). Binance is used by a large number of traders and participants for exchanging and investing in various cryptocurrencies. To start trading, users have to complete the necessary KYC requirements.

What is AD Binance?

AD Binance is a popular cryptocurrency exchange that launched in 2017. Its explosive growth is attributed to the combination of low trading fees and fast transactions. Binance also has its own token, Binance Coin (BNB). The name Binance is a mashup of the words ‘binary’ and ‘finance’.

Is Binance a crypto exchange?

Fiat to crypto – Binance is largely known as a crypto to crypto exchange. That means that you can’t trade fiat money (like the US Dollar) on the platform for cryptocurrencies. You first need to use another platform like Coinbase that specialises in fiat to crypto exchange, then bring that cryptocurrency to Binance.