Availability of BUSD means that the blockchain-based exchange is able to provide a fiat channel for their users, something that was lacking on most cryptocurrency exchanges. Offering a way to buy and sell cryptocurrencies with dollars directly connects the value of cryptos to real world markets. While this isn't as good as using your money as you see fit, it does mean that people will be more willing to spend their coins on goods and services without worrying about market fluctuation right after the transaction.
Binance has been doing very well recently, even with some connection issues from all the volume they have been handling recently. They are currently ranked #2 in 24hr volume, only behind OKEx which is also a crypto-to-crypto exchange. With Binance being one of the few that allows fiat to crypto trades, this news could give them a boost in the coming months.
They have yet to announce anything about withdrawal fees or when they will be allowing withdrawals. For now, just sit back and enjoy the free trading until you have an actual use for BUSD (which I assume will happen at some point).
Binance is an international digital currency exchange headquartered in Hong Kong. Its service offering includes; an exchange , wallet , MTN & labs . It currently has over 9 million registered users from around the world.
The core team consists of professionals with backgrounds in IT, finance, security, blockchain development and cryptocurrency who see potential in applying these new technologies to the traditional financial markets. The idea was born after realizing how big of a future cryptocurrency and blockchain technology could possibly have. They operate 24/7 and offer services in all major languages including English, Spanish, Japanese and Chinese (Mandarin).
The one thing that sets them apart from other exchanges is their focus on security. Binance has an established insurance fund that covers users' funds stolen as a result of security weaknesses. This takes away the worry about having your account hacked or otherwise compromised as what happens here does't usually happen with centralized exchanges such as those hosted by Coinbase & co. Their exchange currently supports four cryptocurrencies; Bitcoin , Ethereum, Litecoin and Binance Coin.
Recently announced its first completely decentralized cryptocurrency exchange - Binance Chain.
The one thing about their platform that might put you off a bit if you're new to crypto, is its interface and lack of features available. However, it doesn't take long to get used to and once you do, it works like a charm and offers pretty good functionality as well as great security. So far, the only complaints I have heard about this platform are from those who tried trading cryptocurrencies with fiat but weren't able to figure out what was going on. Otherwise, feedback has been positive as people's experience with them has been mostly good. Again, this platform just takes a bit of getting used to and you will get there eventually.
Binance is definitely one of the world's leading cryptocurrency exchanges. It has only been live for about a year but it has been gaining more and more popularity by the day. This is mainly due to its focus on security, fast processing times and good customer support in multiple languages. Even though these guys seem like they're doing really well and that their exchange was made with serious business in mind (which it is), we think we've found something that could be considered a possible drawback; A lack of fiat currency deposit options, which means you can't use your money as you see fit when using BUSD pairs on their platform - for now at least.
