By all means, Binance is considered the biggest and most successful crypto asset sharing in the world. Nowadays, the crypto exchange boasts more than 21 million user accounts and provides its services to all parts of the world. Guided by a need to increase money’s freedom all over the world, Binance takes active steps toward the further extension of its functionality, fully in step with the respective regulations and keeping high standards for safety.
Earlier this year, Binance made another important step toward becoming future-proof of compliance in the EU. On March 7, Bifinity UAB opened in Lithuania and is directly related to the Binance Group. It was the official payment provider in both fiat and digital currencies called Bifinity UAB. Even though it was founded under the law of Lithuania, its services spread to the European Economic Area, including the United Kingdom.
Services covered by Bifinity UAB
Stemmed from the variety of services provided by Binance globally, Bifinity UAB provides an easy, safe way to trade both fiat and cryptocurrencies. It supports more than 50 crypto assets and many of the most popular systems and methods of payment, such as, among others, VISA and Mastercard. Moreover, these services for the mainstream and crypto traders can easily be integrated via a user-friendly, intuitive API into their platforms. This ultimately opens the door for more and more businesses to start offering safe and easy crypto payments.
Besides functionality, Bifinity UAB is eager to propagate values among Binance users, already loved by users around the world. Among those, he will definitely seek active enlargement of global cryptocurrency trading, training his audience, and further processing of payments with low commissions. “As cryptocurrency and the economy of Web3 keep expanding, we see greater demand to build better fiat-to-crypto ramps to bridge the gap from the traditional financial world into a decentralized and centralized crypto economy. Binance’s mission is to increase the freedom of money worldwide. With the launch of Bifinity, we look forward to accelerating mass cryptography adoption” – said Helen Hai, president of Bifinity.
By collaboration, Bifinity UAB is already actively cooperating with other blockchain platforms: Safepal, Zilliqa, EQONEX, and Checkout.com, in expanding the functionality of their service. Consequently, as a result of this partnership, these platforms will broaden their services to include options of crypto-transactions safely and at low cost as one of the ways of payment for goods and services. Notably, on behalf of the Binance Group, the company also offers Binance Custody – an autonomous, virtually full-service insured custody solution.
In respect to Bifinity UAB, from an end-user perspective, this is set up to bridge more user-friendly buying and selling crypto services and points of entry, therefore creating easy access in crypto trading for anyone. From the point of making sure of the high level of security and full compliance with all the rules in question, at the design process, all users go through the highest level of the Know Your Customer check. By default, this process was aimed at the mitigation of risks such as fraud and money laundering, besides offering ongoing monitoring of the transactions, since all this would help financial companies find suspicious users’ behavior and probable terrorist financing.
THE HISTORY OF BINANCE IN LITHUANIA
Binance Group’s decision to open a company in Lithuania followed a warning that Binance was issued in 2021 by the Bank of Lithuania. This institution regulates all the financial service providers operating in the country and ensures full compliance with the relevant provisions, together with Lithuanian legislation. According to the Bank of Lithuania, this warning was given because of a possible failure to meet these requirements. The main problem that caused the warning was alternative services, especially those related to crypto derivatives like options, futures, and securities.
Further to the warning, the Bank of Lithuania called on Binance to seek out a proper permit and licensing status in Lithuania in accordance with relevant legislation. Bifinity UAB was certainly one step in that direction, placing Binance Group services in Lithuania under the direct control of the Bank of Lithuania.
Although the procedure for getting a crypto license in Lithuania is pretty straightforward, it contains many nuances, and may be expensive and long-lasting if either the requirements of regulators are not observed or initial training is considered poor. RUE is a team composed of experienced and competent lawyers who will provide smooth, orderly procedures for obtaining a crypto license in Lithuania.
History of Binance
Binance was founded in the year 2017 by Changpeng Zhao. The company first came into the limelight of the cryptocurrency market for offering a never-before-seen cryptocurrency trading platform. All in a very short time span, Binance has grown into one of the biggest cryptocurrency exchanges in the world, marking tremendous growth and creating major milestones. The story of Binance is one of the most perfect versions of a successful Fintech startup, which faced every challenge with determination and climbed high.
| Aspect | Details |
| The Start of the Road | Binance set itself apart early on by focusing on user experience, offering an intuitive interface, a wide range of trading pairs, and low fees. Founded by Changpeng Zhao, who had extensive experience in financial software, the platform was built with the needs of cryptocurrency traders in mind. |
| Stages of Attracting Investments | Binance raised substantial investments, including its successful ICO in July 2017, which raised $15 million. This allowed the company to rapidly scale operations, expand its team, and develop its technological infrastructure. |
| Expansion and Innovation | Binance expanded by creating its own blockchain platform, Binance Chain, and launching the Binance DEX, a decentralized exchange. It also introduced financial products like staking and savings accounts, while investing in blockchain startups to foster further innovation. |
| Overcoming Obstacles | Despite regulatory challenges in several countries, Binance has worked to comply with regulations, improve transparency, and build user trust. |
| Prospects and Future | Binance remains a leading player in the cryptocurrency industry, focusing on enhancing user experience, security, and involvement in blockchain projects. Its innovative approach and customer-centric attitude have positioned it as a major contributor to the future of blockchain technology. |
Changpeng Zhao
Changpeng Zhao, more affectionately known to the whole cryptocurrency world as CZ, is probably one of the most recognizable faces in the world of digital assets. He is the founder and chief executive of Binance, currently the world’s largest cryptocurrency exchange by trading volume, and has been instrumental in shaping the modern cryptocurrency industry. His rags-to-riches success story begins even further from the world of blockchain and cryptocurrencies-in fact, in the broad financial technology world, with extensive experience in software development and management.
| Aspect | Details |
| Education and Early Years | Born in China, Zhao moved to Canada as a child. He earned a Bachelor’s degree in Computer Science from McGill University. This education provided him with a strong technical foundation, which later helped him succeed in the tech and financial industries. |
| Career Before Binance | Zhao worked in various tech roles before founding Binance. He developed trading systems for Bloomberg and Fusion Systems, gaining deep expertise in financial technology. Later, his roles at startups like Blockchain.info and OKCoin introduced him to blockchain and cryptocurrency. |
| Founding of Binance | In 2017, Zhao founded Binance, which quickly became a leading cryptocurrency exchange. His strategic vision, adaptability, and focus on user security were key factors in its rapid growth. Binance also invested in innovations like the Binance Smart Chain and DeFi products, positioning itself as a market leader. |
| Leadership and Vision | Zhao’s leadership extends beyond business, as he is a prominent voice in the global debate on cryptocurrency regulation. His focus on innovation and strategic foresight has made Binance a major player in the financial technology industry, inspiring others to pursue opportunities in the digital economy. |
Early life
Changpeng Zhao-just CZ for friends-was born in 1977 in Jiangsu, China. His family were teachers, and in 1984 the future king of the crypto industry’s father enrolled at the University of British Columbia in Vancouver, Canada. Chanpeng, his mum, and older sister had to wait five years for a visa to join him.
After the success of Binance, Zhao recalled how his father, upon his arrival, gave him his first computer and helped him learn the basics of programming. Later on, when at school, the future billionaire took several programming courses. At McGill University, he sent a request for an internship to one company in Montreal, which was working with HTML.
Later, a third-year internship in Japan was related to trading. “I was attracted by the fact that the job was in Tokyo, but then I realised that, gosh, there’s a lot of money flowing through these systems, just a huge amount. So I stayed in this industry forever,” Zhao recalled. From Tokyo to New York-most at Bloomberg LP-Changpeng did his fair share of world travel on the path to success. Later, he relocated to Shanghai, where he first took an interest in cryptocurrency and went on to found Binance.
Zhao got interested in Bitcoin during a poker game back in 2013 when the head of BTC China, Bobby Lee, told him to convert 10 percent of his capital into this cryptocurrency. Chanpeng studied the market and bought some virtual coins to “play around”. In 2014, he sold his house in Shanghai for buying Bitcoin. That’s when Zhao finally quit and joined full-time Blockchain.info platform, and a year later he started to work on launching his own exchange, at the same time working at Blockchain LLC and also bitcoin wallet provider and cryptocurrency exchanger OKCoin.
He founded Binance in 2017, and within six months, it was the largest cryptocurrency exchange in the world. Chanpeng said at that time Bitcoin was rising in value, the sites of exchanges were “crashing,” and the platforms didn’t have any support services.
Zhao rounded up customers and wooed them with a minimalist interface, reduced commissions, and its own cryptocurrency – BNB. Several days before the launch, the exchange managed to raise $15 m by issuing and selling BNB to investors. A year later, Forbes listed Changpen among the most promising crypto-entrepreneurs and estimated his fortune at $1-2 bn.
Since then, Binance has been on an acquisition spree, acquiring other crypto providers and launching new business lines, from a venture capital fund and Bitcoin mining operations to the Binance Pay payment system.
Today, Forbes estimates Zhao’s fortune is worth $15 billion.
On November 21, 2023, the CEO of the world’s biggest cryptocurrency exchange Binance Changpeng Zhao announced his resignation. He agreed to plead guilty to charges of violating US anti-money laundering laws and will pay a $50 million fine.
At the same time, Binance itself has agreed to pay a $4.3bn fine to the US authorities.
According to Reuters, citing US authorities, the exchange knowingly withheld information from law enforcement, compromised the sanctions enforcement regime, and failed to report suspicious transactions.
Among them are financial transactions of child sexual abuse, narcotics trafficking, and the activities of terrorist organizations such as Hamas.
“I know it’s the right thing to do,” Changpeng Zhao wrote of his resignation on social media X, formerly Twitter. “I’ve made mistakes, and I need to take responsibility for them. It’s what’s best for our entire community, for Binance and for me personally.”
The deal with US authorities will see Binance work with the US government’s financial monitoring for five years.
FREQUENTLY ASKED QUESTIONS
How can I contact UAB Bifinity?
UAB Bifinity company phone number +37060157287, company e-mail [email protected]
What address is Bifinity UAB registered at?
Bifinity UAB is registered at Lvivo g. 25, LT-09320 Vilnius, Lithuania
Who is the contact person for Bifinity Vilnius?
Contact person at Bifinity UAB Jonas Juenger.
How can I fund my crypto wallet at Binance.com ?
To fund your cryptocurrency wallet on Binance.com, you have to follow a few steps. Here is the basic process of funding your wallet on Binance:
Step 1: Sign in to your account
- Log in to your Binance.com account using your username and password.
Step 2: Navigate to the "Wallet" section
- Go to the "Wallet" section on the top menu of the site and select "Wallet Overview" or "Fiat and Spot" (depending on the site interface).
Step 3: Select the "Refill" option
- In your wallet section, click on the "Deposit" button. You will be asked to choose between depositing cryptocurrency or fiat funds. Select "Cryptocurrency".
Step 4: Selecting a cryptocurrency for funding
- From the list of available cryptocurrencies, select the one you want to fund. Make sure you know exactly which cryptocurrency you are sending and to which address, as transactions on the blockchain are irreversible.
Step 5: Obtaining a wallet address
- After selecting a cryptocurrency, you will be provided with a wallet address to deposit to Binance. This address can be in the form of a string of characters or a QR code that can be scanned.
Step 6: Send cryptocurrency to the specified address
- Use the wallet address provided by Binance to send cryptocurrency from another wallet or exchange. Make sure you use the correct network for the transaction.
Step 7: Waiting for funds to be credited
- After sending cryptocurrency to your Binance wallet, it takes some time for the transaction to be confirmed on the blockchain. The processing time may vary depending on the network load and the selected cryptocurrency.
Important points:
- Always double check your wallet address and network before sending cryptocurrency.
- Take into account the blockchain transaction fees that may be charged for sending funds.
- Be aware of the minimum deposit amount for your chosen cryptocurrency on Binance.
If you have any questions or problems during the process of funding your wallet, feel free to contact Binance support for assistance.
What should I do if the money has not arrived to my crypto wallet on Binance.com?
If you are facing a situation where money has not arrived to your crypto wallet on Binance.com, here are the steps you can take to resolve the issue:
Step 1: Check the status of the transaction
- Blockchain Confirmations: Ensure that the transaction has been confirmed on the blockchain. This can be done by using the transaction ID (TxID or hash) in the appropriate blockchain explorer. If the transaction is not confirmed, you will need to wait as the process may take time depending on network congestion.
Step 2: Check the wallet address and network
- Correct address: Make sure you send your cryptocurrency to the correct Binance wallet address.
- Network Matching: Make sure you select the correct network when sending cryptocurrency. For example, sending Ethereum via the ERC-20 network to an address that only supports Binance Smart Chain (BSC) may result in a loss of funds.
Step 3: Enrolment deadlines
- Timeframe: Be aware that some transactions may take longer than usual to process, especially during periods of high network congestion.
Step 4: Contact Binance support team
- If you've verified that the transaction is confirmed and the address and network were selected correctly, but the funds still haven't arrived in your account after a reasonable wait time, contact Binance support.
- When contacting, provide as much information about your issue as possible, including the transaction identifier (TxID), the date and time of posting, the amount sent, and screenshots if possible.
Step 5: Follow the support instructions
- Binance Support may request additional data to investigate the problem and assist you in resolving it. It is important to follow their instructions accurately and provide the required information.
Additional Precautions:
- When sending cryptocurrency, always check the details of the transaction carefully.
- For a test transaction, consider sending a small amount to make sure everything is working correctly before transferring a large amount of funds.
How can I withdraw money from Binance.com?
Withdrawing funds from Binance.com involves several steps that you need to follow to successfully transfer your funds to an external wallet or bank account. Here's how to do it:
Step 1: Sign in to your account
- Log in to your Binance.com account using your username and password.
Step 2: Go to the "Wallet" section
- Go to the "Wallet" section at the top of the interface, and then select "Fiat and Spot".
Step 3: Selecting the "Output" option
- Click on the Withdraw button. You will see options to withdraw both cryptocurrencies and fiat funds. Choose the option you want depending on what you want to withdraw.
Step 4: Selecting cryptocurrency or fiat for withdrawal
- To withdraw cryptocurrency, select the appropriate cryptocurrency from the drop-down list and specify the recipient's wallet address. Make sure that the network you have selected is compatible with the wallet address.
- To withdraw fiat funds, select your desired currency and preferred withdrawal method, such as bank transfer.
Step 5: Entering transaction details
- Specify the amount to withdraw and enter all necessary payment details. For cryptocurrency this will be the wallet address, and for fiat - bank or card details.
Step 6: Confirm the transaction
- Before completing the transaction, carefully check all the details of the transaction. You may need to confirm the transaction using two-factor authentication.
Step 7: Waiting for processing
- After confirming your withdrawal, Binance will process your request. Processing time may vary depending on the withdrawal method selected and system load.
Important points:
- Account Verification: Make sure your account is fully verified as Binance requires full verification for withdrawals.
- Withdrawal Limits: Check the current withdrawal limits for your account.
- Withdrawal fees: Take into account withdrawal fees that may be charged per transaction.
- Security: Always make sure your wallet address and bank details are correct to avoid loss of funds.
If you have any questions or problems with your withdrawal, contact Binance support for assistance.
How can I contact Binance.com?
To contact Binance.com support and get help with any issues related to your account or transactions on the platform, you can use several ways. Here are the main ones:
- online chat
- Binance offers an online chat service on its website and mobile app. This is one of the fastest ways to get help. To access chat, log in to your account and look for the chat icon or support option.
- Support Centre
- The Binance website has a support centre where you can find answers to frequently asked questions (FAQs), guides and articles on topics ranging from account registration to trading specifications. It's a good resource for finding information on your own.
- Application system
- If your question or issue requires a more detailed review, you can submit a support request through your Binance account. To do so, you need to fill out the request form, describe your issue and attach relevant screenshots or documents if necessary.
- For more formal queries or if you can't access your account, you can try emailing Binance support. The support email address is often listed in the contact section of the official website.
- Social networks
- Binance actively uses social media and often responds to enquiries through platforms such as Twitter. You can try contacting them by sending a message or comment on one of their official accounts.
It's important to remember:
- Before contacting support, it is recommended to check the FAQ section or search for information in the support centre, as many common questions already have answers.
- When submitting your request, be as detailed as possible in describing your problem and attach any necessary documents or screenshots.
- To avoid fraud, always use official Binance communication channels and do not share personal information with unverified parties.
How to register a crypto wallet on Binance.com?
Crypto wallet registration on Binance.com involves creating an account on the platform, after which you will have access to wallets to store and manage various cryptocurrencies. Here's a step-by-step guide on how to register on Binance and start using a crypto wallet:
Step 1: Go to the Binance website
- Open your browser and go to the official Binance website: www.www.binance.com.com.
Step 2: Start registration
- Click on the "Register" or "Create Account" button, which is usually located in the top right corner of the site's home page.
Step 3: Select a registration method
- You can register using your email address or mobile phone number. Select your preferred method.
Step 4: Fill in the registration form
- Enter your email address or phone number.
- Create a password for your account. Make sure your password is strong and meets Binance security requirements.
- If you have a referral code, you can enter it in the appropriate field.
- Accept the terms of use by ticking the appropriate checkbox.
Step 5: Confirm registration
- Click on the "Create an account" button. You will be sent a confirmation email or SMS with a verification code.
- Enter the verification code received via email or SMS into the appropriate field on the Binance website.
Step 6: Account Verification
- In order to utilise all platform features and increase withdrawal limits, it is recommended that you go through the account verification process. This involves providing additional personal information and documents to prove your identity.
Step 7: Accessing your wallet
- After registering and logging in, you will get access to your wallet on Binance where you can store, send and receive various cryptocurrencies.
It's important to remember:
- Security: Use strong passwords and enable two-factor authentication (2FA) to further protect your account.
- Privacy: Be careful when providing personal information and documents. Make sure you are on the official Binance website.
By following these steps, you will be able to register a crypto wallet on Binance and start using the platform's various services to trade and store cryptocurrencies.
In which countries does Binance.com operate?
Binance.com is one of the largest cryptocurrency exchanges in the world and offers its services in a wide range of countries around the world. However, the availability of certain Binance services may vary from country to country, as cryptocurrency regulations vary greatly from one jurisdiction to another.
As of my last update, Binance was available in many countries, including but not limited to:
- Most European countries
- Many countries in Asia
- Latin American countries
- African countries
However, there are countries where Binance faces regulatory restrictions or is completely banned. For example, in the US, Binance operates through a separate platform, Binance.US, which is designed to comply with local regulation and offers a limited set of services compared to the global platform.
Also, due to changes in regulatory policies and legislation, the list of available countries may change. For example, in some countries, such as China, the use of cryptocurrency exchanges is restricted by regulatory measures.
What to do if you're not sure if Binance is available in your country:
- Check the official Binance website: The site usually has information about which countries their services are available in.
- Contact Support: If you have specific questions about the availability of Binance services in your country, it's best to contact Binance support directly.
- Research local laws: It is important to know and understand the local laws and regulations regarding cryptocurrencies in your country.
What services does Binance.com offer?
Binance.com offers a wide range of cryptocurrency services, making it one of the most comprehensive platforms for cryptocurrency traders, investors and users. Here are the main services available on Binance:
- trading in cryptocurrencies
- Spot trading: Buying and selling cryptocurrencies based on current market prices.
- Futures Trading: Trading contracts on future prices of cryptocurrencies using leverage.
- Margin Trading: Trading cryptocurrencies using leveraged funds to increase potential profit or loss.
- Financial products
- Binance Earn: A platform for making money from cryptocurrencies through staking, sevings, liquidity pools and other investment products.
- Binance Pool: Combining mining resources to mine cryptocurrencies and earn rewards.
- Decentralised Finance (DeFi)
- Integration with DeFi platforms and products, including decentralised exchanges (DEX) and financial instruments.
- NFT and tokenised assets
- Binance NFT Marketplace: A platform for buying, selling and trading non-fungible tokens (NFTs).
- Educational resources
- Binance Academy: Extensive knowledge base on blockchain, cryptocurrencies and trading to educate and develop users.
- Payment services
- Binance Card: A debit card that allows you to spend cryptocurrency as fiat money.
- Binance Pay: A system for sending and receiving cryptocurrency payments between users.
- API
- Providing APIs for third-party application integration and trade automation.
These services make Binance not just a cryptocurrency trading exchange, but a multi-functional platform that offers a variety of tools and products to meet a wide range of needs in the cryptocurrency ecosystem. It is important to note that the availability of specific services may vary depending on your location and compliance with local regulatory requirements.
How many users are registered on Binance.com?
As of 26 February 2024, Binance.com has 178,222,789 registered users.
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