Binance Bifinity

Bifinity UAB takes over crypto trading services on behalf of the Binance Group

Binance Bifinity

Binance is widely recognized as one of the largest, most successful crypto asset sharing platforms in the world. Today, it has over 21 million user accounts and offers its services globally. Driven by its ambitions to increase money freedom worldwide, Binance is actively seeking to further expand its range of services, while moving hand in hand with relevant regulations and maintaining high safety standards.

Earlier this year, Binance took a significant step towards a future proof of compliance in the EU. Bifinity UAB opened in Lithuania on March 7. It is directly linked to Binance Group and now acts as the official provider of payments in fiat and digital currencies. Bifinity UAB. It was established under Lithuanian law, but its services extend to the European Economic Area and the United Kingdom.

Bifinity UAB takes over crypto trading services on behalf of the Binance Group

 

Services covered by Bifinity UAB

Derived from the range of services that Binance provides globally, Bifinity UAB offers an easy and secure fiat trading and cryptocurrencies. It supports more than 50 crypto-assets and many popular payment methods and systems, including VISA and Mastercard. In addition, mainstream and crypto traders can easily integrate these services into their platform through a user-friendly, intuitive API. This integration allows more and more businesses to start offering secure and easy cryptographic payments.

In addition to its functionality, Bifinity UAB also aims to promote values that Binance users already know and appreciate around the world. Namely, he will actively seek to expand the global cryptocurrency trade, train his audience, and continue to process payments with low fees. “ As cryptocurrency and Web3’s economy continue to grow, we see greater demand for improved fiat-to-crypto ramps to bridge the gap between the traditional financial industry and a decentralized and centralized crypto economy. Binance’s goal is to increase the freedom of money worldwide. With the launch of Bifinity, we aim to accelerate mass adoption of cryptography” – said Helen Hai, president of Bifinity.

Expanding its functionality through collaboration, Bifinity UAB is already in active partnership with other blockchain platforms: Safepal, Zilliqa, EQONEX and Checkout.com. As a result of this partnership, these platforms are expanding their services by offering secure, low-cost crypto transactions as an option to pay for goods and services. In addition, on behalf of Binance Group, the company provides Binance Custody – an autonomous and insured virtual asset storage service.

From an end-user perspective, Bifinity UAB is designed to provide access to more user-friendly buying and selling cryptographic services and entry points, creating easy access to crypto trading for all. To ensure a high level of security and full compliance with all relevant rules, all users must pass the highest level of KYC of the design process. By default, this process is designed to mitigate risks such as fraud and money laundering. It also provides ongoing monitoring of transactions, helping financial companies to detect suspicious user behaviour and potential terrorist financing.

THE HISTORY OF BINANCE IN LITHUANIA

Binance Group’s decision to open a company in Lithuania followed a warning that Binance was released in 2021 by the Bank of Lithuania. This institution regulates all financial service providers operating in the country and ensures full compliance with the relevant provisions and Lithuanian legislation. According to the Bank of Lithuania, the warning was issued due to a possible violation of these requirements. The main problem that triggered the warning was alternative services, especially related to crypto derivatives (such as options, futures, and securities).

After the warning, the Bank of Lithuania called on Binance to seek an appropriate permit and licensing status in accordance with Lithuanian law. The creation of Bifinity UAB is a clear step in this direction, placing Binance Group services in Lithuania under the direct control of the Bank of Lithuania.

Although the process of obtaining a crypto license in Lithuania is quite simple, it contains many nuances and can be costly and time-consuming if the regulatory requirements are not met or if initial training is considered insufficient. RUE is a team of experienced and competent lawyers who are ready to provide a smooth, orderly procedure for obtaining a crypto license in Lithuania.

History of Binance

Founded in 2017 by Changpeng Zhao, Binance initially caught the attention of the cryptocurrency community for its innovative cryptocurrency trading platform. In a short period of time, Binance has grown into one of the world’s leading cryptocurrency exchanges, showing significant growth and development. The story of Binance is an exemplary example of a successful financial technology startup that overcame many challenges and reached significant heights.

The beginning of the journey

From the very beginning, Binance stood out among its competitors for its user-centricity, offering an intuitive interface, a wide range of trading pairs and low commissions. The company’s founder, Changpeng Zhao, who has extensive experience in developing software for financial markets, used his expertise to create a platform that best suits the needs of cryptocurrency traders.

Stages of investment attraction

Binance has repeatedly raised investment through various channels, including an initial coin offering (ICO) that took place in July 2017. During the ICO, the company raised about $15 million, which allowed it to quickly scale its operations and expand its team. The funds were used to develop technological infrastructure and strengthen its market position.

Expansion and innovation

Over time, Binance has continued to expand its services, including the launch of its own blockchain platform Binance Chain, the decentralised exchange Binance DEX, and offering financial products such as staking and savings accounts. The company has also actively invested in blockchain and cryptocurrency startups and projects, fuelling innovation and ecosystem development.

Overcoming challenges

It’s not without its challenges: Binance has faced regulatory restrictions and challenges in various countries. However, the company has actively worked to comply with regulatory requirements, as well as striving for transparency and building user trust.

Prospects and future

Today, Binance continues to be at the forefront of the cryptocurrency world, actively developing new products and services. The company focuses on improving user experience, securing funds and data, and supporting innovative blockchain projects. Binance’s history is an inspiring example of how through an innovative approach, customer-centricity and a relentless pursuit of excellence, it is possible to achieve significant success in the highly competitive financial technology environment. In the future, Binance will undoubtedly continue to play a key role in the development of the cryptocurrency market and blockchain technology.

Changpeng Zhao

Changpeng Zhao, widely known in the cryptocurrency community as CZ, is one of the most recognisable and influential figures in the world of digital assets. Founder and CEO of Binance, the world’s largest cryptocurrency exchange by trading volume, Zhao has played a key role in the development of the cryptocurrency industry. His success story begins far beyond the world of blockchain and cryptocurrencies, encompassing significant experience in software development and management in financial technology.

Education and early years

Changpeng Zhao was born in China, but moved to Canada with his family at a young age. He received his Bachelor’s degree in Computer Science from McGill University, which launched his career in the technology industry. A McGill education not only provided Zhao with the technical foundation for future achievements, but also equipped him with critical thinking and complex problem-solving skills.

Careers before Binance

Prior to founding Binance, Zhao accumulated significant experience working on software development and products in the financial industry. His career path included working at Bloomberg as a software developer, where he focused on trading systems development. He later joined the team at Fusion Systems, a company specialising in trading systems for brokers, where Zhao was able to apply and deepen his knowledge of financial technology.

Over time, Zhao’s interest in new technologies led him to blockchain and cryptocurrencies. He worked at various startups in this field, including Blockchain.info and OKCoin, where he was involved in developing technology solutions and product management. These roles allowed Zhao to gain experience in the cryptocurrency industry, which later became the foundation for the creation of Binance.

The founding of Binance and the road to success

Zhao founded Binance in 2017, and in a short period of time, the company has achieved astounding heights, becoming the market leader in cryptocurrency exchanges. Binance’s success is often attributed to Zhao’s strategic vision, his ability to adapt to changing market conditions and his focus on the security of user assets and data.

Zhao actively promotes a culture of innovation at Binance, investing resources in developing new products and services such as Binance Smart Chain, decentralised financial services (DeFi) and supporting new cryptocurrencies. His leadership is not limited to running the company; Zhao is also an important voice in the cryptocurrency and blockchain regulation debate internationally. Changpeng Zhao has demonstrated that a combination of technical expertise, entrepreneurial spirit, and strategic vision can result in one of the most successful companies in the history of financial technology. His journey from programmer to CEO of one of the world’s leading cryptocurrency exchanges is an inspiring example of the opportunities presented by the digital economy.

Early years

Changpeng Zhao or simply CZ was born in 1977 in Jiangsu, China to a family of teachers. In 1984, the father of the future king of the crypto industry enrolled to the University of British Columbia in Vancouver, Canada. Chanpeng, his mum and older sister had to wait five years for a visa to reunite with him.

After the success of Binance, Zhao recalled Zhao recalled his father giving him his first computer after he moved in and helping him learn the basics of programming. Over time, the future billionaire took several programming courses at school. At McGill University, he applied for an internship at a company in Montreal that was developing HTML.

In his third year, he went on an internship with a Japanese trading-related company. “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 . Changpeng travelled the world on his way to success, working in Tokyo and New York (notably at Bloomberg LP) before moving to Shanghai, where he became interested in cryptocurrency and later founded Binance.

Zhao became interested in Bitcoin when, in 2013, Bobby Lee, the head of BTC China, advised him to convert 10 per cent of his capital into this cryptocurrency during a poker game. Chanpeng studied the market and bought some virtual coins to “play around”. In 2014, he sold his house in Shanghai to buy Bitcoin. That’s when Zhao quit his job and joined the Blockchain.info platform, and a year later he started working on launching his own exchange, working in parallel at Blockchain LLC and bitcoin wallet provider and cryptocurrency exchanger OKCoin.

Binance he launched in 2017. Six months later, the platform became the largest cryptocurrency exchange in the world. Chanpeng mentioned that at the time, Bitcoin was rising in value, exchange websites were “crashing” and the platforms had no support services.

Zhao gathered customers and offered them a simple interface, lower fees and its own digital currency, BNB. Days before launch, the exchange raised $15 million by issuing and selling BNB to investors. A year later. Forbes listed Changpen as one of the most promising crypto-entrepreneurs with a fortune of $1-2bn.

Since then, Binance has embarked on an expansion, buying up other crypto providers and launching other business lines, from a venture capital fund and Bitcoin mining operations to the Binance Pay payment system.

Forbes now estimates Zhao’s fortune at $15 billion.

On 21 November 2023, Changpeng Zhao, head of the world’s largest cryptocurrency exchange Binance, announced that he was stepping down. 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 agreed to pay a $4.3bn fine to the US authorities.

According to Reuters, citing U.S. authorities, the exchange deliberately withheld information from law enforcement, undermined the sanctions enforcement regime and failed to report suspicious transactions.

These include financial transactions that aided child sexual abuse, drug trafficking and the activities of terrorist organisations 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

UAB Bifinity company phone number +37060157287, company e-mail [email protected]

Bifinity UAB is registered at Lvivo g. 25, LT-09320 Vilnius, Lithuania

Contact person at Bifinity UAB Jonas Juenger.

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.

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.

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.

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:

  1. 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.
  1. 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.
  1. 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.
  1. email
  • 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.
  1. 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.

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

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.

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.

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:

  1. 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.
  1. 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.
  1. Decentralised Finance (DeFi)
  • Integration with DeFi platforms and products, including decentralised exchanges (DEX) and financial instruments.
  1. NFT and tokenised assets
  • Binance NFT Marketplace: A platform for buying, selling and trading non-fungible tokens (NFTs).
  1. Educational resources
  • Binance Academy: Extensive knowledge base on blockchain, cryptocurrencies and trading to educate and develop users.
  1. 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.
  1. 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.

As of 26 February 2024, Binance.com has 178,222,789 registered users.



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CONTACT US

At the moment, the main services of our company are legal and compliance solutions for FinTech projects. Our offices are located in Vilnius, Prague, and Warsaw. The legal team can assist with legal analysis, project structuring, and legal regulation.

Company in Lithuania UAB

Registration number: 304377400
Anno: 30.08.2016
Phone: +370 661 75988
Email: [email protected]
Address: Lvovo g. 25 – 702, 7th floor, Vilnius,
09320, Lithuania

Company in Poland Sp. z o.o

Registration number: 38421992700000
Anno: 28.08.2019
Phone: +48 50 633 5087
Email: [email protected]
Address: Twarda 18, 15th floor, Warsaw, 00-824, Poland

Regulated United Europe OÜ

Registration number: 14153440–
Anno: 16.11.2016
Phone: +372 56 966 260
Email:  [email protected]
Address: Laeva 2, Tallinn, 10111, Estonia

Company in Czech Republic s.r.o.

Registration number: 08620563
Anno: 21.10.2019
Phone: +420 775 524 175
Email:  [email protected]
Address: Na Perštýně 342/1, Staré Město, 110 00 Prague

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