When we look at volume, Binance is the biggest exchange in the world. As a result, each day, new customers sign up. It should come as no surprise that they have questions. Like we all had when we started our respective journeys. We are going to help you with answering some of these questions.
The questions we answer, are general but popular questions. You can also check our FAQ part 1. So, let’s have a look at this Binance FAQ series.
Who Is Binance CEO?
Changpeng Zhao, aka ‘CZ’, is the founder and CEO of Binance. He was born in Jiangsu, China on September 10, 1977. However, at age 12, his parents moved to Vancouver in Canada. He has a Canadian passport. He supported his family by flipping burgers at McDonald’s.
Furthermore, he also attended McGill University in Montreal, Canada. Not only that, but he majored in computer science. After university, he worked as a subcontractor at the Tokyo Stock Exchange. This was part of an internship, and he developed software.
He followed this with four years at Bloomberg Tradebook. Here he developed futures trading software. In 2005, he moved to Shanghai, China. Here, he worked a short time as the CTO of OKCoin. He started an exchange development company. This was BijieTech, in September 2015.
In July 2017, he launched Binance. In under 8 months, he managed to grow Binance into the largest exchange in the world by volume.
He currently resides in Dubai, United Arab Emirates. Forbes estimates his current net worth at $17.4 billion.
If you envy the people who bought #bitcoin X years ago at _ price, well, you were totally free to do so X years ago too.
Never mind that.
X years from now, you may realize you are free to what you do or didn't do today.
Just saying… Not financial advice.
— CZ 🔶 Binance (@cz_binance) August 16, 2022
Who Is Binance.US?
Binance.US is a partner company of Binance. It solely serves the US market and launched in 2019. Binance set this company up with BAM Trading Services. That’s their US trading partner. Binance.US stands out for its low trading fees. However, they ‘only’ offer 125 cryptocurrencies.
Their headquarters are in San Francisco, California. We already wrote an article covering the difference of Binance vs Binance.US.
The two companies operate as separate entities. However, Binance.US licenses among other things software, trademarks, and wallet technology from Binance.
Binance.US doesn’t offer the same trading options as Binance Global does. Still, for US citizens, this is a good and viable alternative. However, Binance.US is not available in Hawaii, Texas, Vermont, and New York.
The best #crypto exchange for low fees is another step closer to being officially licensed in all 50 states! @BinanceUS received its Money Transmitter License in #Nevada as part of our commitment to best-in-class compliance.
Read: https://t.co/XW3y8kKlBk pic.twitter.com/cbq14YSxa0
— Brian Shroder (@BrianShroder) August 18, 2022
Why Binance Is Banned in US?
The ban on Binance in the US is due to regulatory reasons. Since 2019 Binance doesn’t accept any US residents. Binance refers all US citizens to Binance.US.
Binance US is part of the Financial Crimes Enforcement Network (FinCEN). This means that they follow US regulations.
As of 2019, Binance started to face regulatory scrutiny. Various countries got involved in this. For instance, Binance got banned in the UK and Italy. This also included the US and is one of the reasons why Binance started Binance.US.
In 2021, the US government started to investigate Binance. As Bloomberg stated in an article. For example, this includes tax fraud and insider trading. Furthermore, money laundering is also on this list.
Will Binance Go Public?
It doesn’t look like Binance Global has any plans to go public. In 2021, CZ even mentioned that they don’t have any plans to go public. On the other hand, there are plans for Binance.US to go public by 2024. Yahoo Finance reported on this. An IPO is in the making and will boost the Binance.US brand. This will see them follow the footsteps of Coinbase, which went public in April 2021.
Binance Can I Have 2 Accounts?
Yes, you can have two accounts on Binance. They call them sub-accounts. This allows you to trade through a variety of accounts. However, it’s only available for corporate account users. There’s another option, and that’s if you have a VIP1 (or higher) personal account.
Before you can use it, each user needs to complete an Identity Verification. They also need to enable 2FA on their devices. It suits those that have a trading team. Another reason can be that you trade with various strategies. It’s also an option if you want to separate your assets for risk management purposes.
Binance has an extensive blog post that explains how to set up a sub-account.
Source: Binance support
We hope you enjoyed our second part of this Binance FAQ series. There are a few more Binance FAQ series in the pipeline. In part 3 you can find 5 more questions and answers in the Binance FAQ series.
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