Binance [BNB] – A Better Coin for Buying Crypto

BNB Casinos Online – Finance Your Crypto Lifestyle with the Binance Exchange

BNB Casinos Online - Finance Your Crypto Lifestyle Binance

Binance is not your typical crypto currency. It’s far more than a digital coin. It is the progeniture of the Binance Exchange, the world’s largest crypto trading service. With more than 350 crypto commodities in its mainframe, the exchange hosts the highest crypto trade volume per day of any competing brand.

The main reason Binance Coin [BNB] exists is to support the Binance Exchange; to incentivize use of the service, and its namesake coin, simultaneously. Sure, you can open a BNB Exchange account and purchase crypto with fiat money from your debit card or bank account, but you can do that on any exchange. Binance gives you the option to use their native BNB crypto currency to pay for fees, thereby cutting the trading fees by 25% or more.

BNB isn’t just for trading crypto, though. Like other premier digital currencies, you can use it to play blackjack, slots and other gambling amusements at crypto casinos. In the following text, you’ll learn how to buy, sell, trade and gamble with Binance on your computer or mobile device. We’ll start things off with a brief history lesson.

History of Binance – Up, Up, and Away…!

The Binance platform is the brainchild of Changpeng Zhao and Yi He, two former executives of OKCoin. They left that company to form Binance in 2017. Zhao and He felt they had attained enough experience in the crypto market to better understand the demands of users. With this knowledge, they held an Initial Coin Offering (ICO) that netted them US$15 million to fund the project.

Headquartered in China, Binance was an immediate success, thanks to a number of factors; the brilliant direction of its founders being number one. They combined binary and finance management (hence the name) into an innovative solution like none other. Built upon the bedrock of a native BNB utility token, Binance was poised for imminent success.

Within just three months, the Binance Exchange was catering to more than three million customers. But then, in September of 2017, just months after launch, the company experienced its first potential setback. The Chinese government tightened existing restrictions on crypto currencies, ordering all ICO exchange services to immediately return any funds collected from investors.

Fortunately, those first three months had netted them so much money, they didn’t just comply with the order. They returned all funds at the initial investment rate. That was not a requirement, and cost more money than necessary, but they did it anyway. Why, you ask? Because it augmented the already deep level of trust Binance had built with the crypto community. Traders from all over the world took notice, and thus chose to embrace this world-class service.

By January of 2018, Binance Exchange had achieved market capitalization of $1.3 billion, earning the title of world’s largest crypto currency exchange; a title it continues to hold to this day. And they’re doing it all from their new headquarters in the Cayman Islands.

Why Regulatory Bodies Hate BNB, but Canadians (outside Ontario) Love It

Binance has had its share of problems with various SEC bodies all over the globe. While China was busy outlawing all crypto currency, other nations were working to infiltrate their decentralized nature, hoping to gain more regulatory control over the use of digital tokens.

In 2019, the United States banned Binance for failing to comply with SEC standards. In response, Binance pulled its global business out and opened Binance.US. The product mimics its global service as closely as possible, while complying with regulatory laws. Apparently, that wasn’t enough to satisfy the US Department of Justice.

As of May 2021, the DOJ is investigating Binance for money laundering and tax evasion. Meanwhile, American customers in all but 7 states (where it’s blanket-banned) appreciate the level of user protections the service continues to provide.

Up until June 2021, Binance was happily accepting customers from all over Canada. With regulatory sanctions looming from the Ontario Securities Administrators (OSC), the trading platform pulled out of the Ontario market. You can learn more about the crypto trading laws in Ontario vs rest of Canada here; (includes a list of other viable CEX platforms legally serving Ontario).

Meanwhile, in the Western Hemisphere…

In June 2021, the United Kingdom took its turn bashing Binance. The FCA ordered Binance to halt all regulated activity. This came after a January 2021 order from the FCA that all crypto firms must register in the UK to comply with anti-money-laundering regulations. Since Binance does not require customers to divulge every personal detail, it was ruled out of compliance, therefore was forced to exit the UK market.

Japan‘s FSA has issued two warnings to Binance, one in March 2018 and another in June 2021. The company was told it cannot operate in Japan without registering as a business. A similar incident took place in Thailand in July, when the Thai SEC cited the company for operating without a business license.

Later that same month, Binance announced it would no longer permit new users to open accounts from Germany, Italy and The Netherlands as it prepares to wind down operations in those locations.

Here in Canada, the federal government has raised no regulatory issues with Binance. The provincial government of Ontario, on the other hand, has banned Binance from operating within its borders.

Binance Terms Clarify Jurisdictional Restrictions & Limitations

According to the Terms & Conditions of the Binance website, users from certain jurisdictions may be restricted from or limited in accessing the Binance Exchange:

Eligibility – No users from United States, Malaysia, Singapore, or Ontario

“By registering to use a Binance Account, you represent and warrant that… you do not currently have a Binance Account; (v) you are neither a United States user, a Malaysia user, a Singapore-based user, or an Ontario (Canada)-based user…”

Futures and Derivatives Ban – Australia, Germany, Hong Kong, Italy, Netherlands, UK

“USDⓈ-M Futures, Coin-M Futures, Margin, Binance Options, Vanilla Options and Leveraged Tokens (“Futures and Derivatives Products”) will not be available to all users of the Netherlands, Germany, Italy, Australia and Hong Kong, and retail users of the United Kingdom.”

Crypto Tokens – No FLOW in Canada

“FLOW will not be available to users of Canada.”

Crypto Privacy Tokens Prohibited in Australia

“Privacy tokens (XMR, ZEC, DASH, XVG, XZC, KMD, ZEN, PIVX and GRS) will not be available to users of Australia with PayID associated with the Binance accounts.”

How to Buy & Trade Binance Coin [BNB]

The most obvious route for purchasing BNB is to do so on the Binance Exchange, but that’s not the only way to get your virtual hands on this digital token. All the major coin trading services offer it. Unfortunately, at time of writing, there are no Bitcoin ATMs selling BNB in Canada (although some US machines sell it).

Compatible BNB Wallets

Before you purchase BNB, you’ll need somewhere to store it. During its ICO, Binance was originally issued as an ERC-20 token, operating on the Ethereum network. It was then upgraded to BEP-20; an extension of ERC-20. Thus, any wallet that can hold any Ethereum network token can also hold Binance. BSC wallets are also compatible.

In it support section, Binance specifically recommends Binance Chain Wallet and Trust Wallet.

The Binance Exchange

If you’re going to stock up on BNB, you might as well get it directly from the source. The Binance Exchange has its perks (assuming you’re not on the restricted user list). You can deal in more than 350 different crypto currencies here, and it comes with its own wallet so you don’t have to worry about storing them elsewhere.

The most notable benefit to using the Binance Exchange is that you can get a nice discount by using BNB tokens to pay for all your trading fees. This is a limited time promotion that should have expired in July 2021. However, in celebration of its 4-year anniversary, Binance extended the 25% discount rate to July 13, 2022. Plus, VIP users can receive a higher discount, based on their trade rates. To receive the BNB discount, log into your account and check the box marked “Using BNB to pay for fees“.

IMPORTANT: The fact that Binance Exchange deals in pretty much every currency known to man (not just the digital variety) is a blessing and a curse; at least, it can be if you’re not well informed. Not very crypto that pops up is worth your investment. In fact, some of them are downright scams that should be avoided. Privacy cryptos, by nature, can be hard to verify as legitimate. Binance offers these, because they have the potential to be extremely valuable and/or useful. Please do your research and buy at your own risk.

Gambling at BNB Casinos Online

Due to jurisdictional restrictions on Binance in general, the variety of websites accessible to Canadians isn’t as large as we’d like. However, being the native token of the world’s most popular crypto trading platform, you can rest assured there are some reputable online casinos accepting BNB.

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George Thomson is a Bitcoin enthusiast and all around crypto currency nerd... When he's not busy researching crypto, he likes hiking the national parks of British Columbia . He lives in an eco-friendly home with his wife Jana and their two daughters, Sandra and Rose. His favorite word is "sustainability".
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