Review on Binance by Jovan Maksimovic
Binance exchange review.
Binance is one of the most popular cryptocurrency exchanges in the world, despite being a relatively new player. The platform was originally based in China, but moved its operations to Malta earlier this year.
Platform
Binance is considered a centralized exchange and cryptocurrency exchange that deals only with cryptocurrencies such as Bitcoin, altcoin and ICO tokens.
Pros
- Security The binance exchange office is considered a safe place to trade even though it was hacked in March 2018.
- Accounts are secured using 2FA (Two Factor Authentication), which makes it difficult for hackers to gain sensitive information. As an additional security measure, users can set up a unique anti-phishing code, which allows them to distinguish between fake and legitimate emails.
Cons
- In March 2018, hackers tried to make a bold move that was fortunately noticed by the automatic exchange systems. For months, hackers collected user login data and then attacked, converting all BTC users into Viacoin.
- In May 2019, unfortunately, there was another attack, this time the attack was successfully carried out. The hackers managed to steal 7074 BTC, which was worth 42 million dollars at the time of the theft. Binance has decided to compensate all losses to customers using their “CFCA” fund.
