Tech Articles - Binance Blog

CZ’s Response to the CFTC Complaint

<img src="https://public.bnbstatic.com/image/cms/blog/20230327/79047548-6511-4aa8-9dd3-726c18e12872.png"> Today, the CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years.Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint. While we will only be able to give full responses in due time, we will address a few key points below.Technology for Compliance & US Blocks. Binance.com has developed best-in-class technology to ensure compliance. Binance.com is the first global (non-US) exchange to implement a mandatory KYC program, and remains today to have one of the highest standards in KYC and AML. We block US users by nationality (KYC), IP (including commonly used VPN endpoints outside of the US), mobile carrier, device fingerprints, bank deposit and withdrawals, blockchain deposits and withdrawals, credit card bin numbers, and more.We are aware of no other company using systems more comprehensive or more effective than Binance.Cooperation and Transparency with Law Enforcement. Binance is committed to transparency and cooperation with regulators and law enforcement (LE) — in the US and globally. Binance currently has more than 750 people in our Compliance teams, many with prior law enforcement and regulatory agency backgrounds. To date, we have handled 55,000+ LE requests, and assisted US LE freeze/seize more than $125 million in funds in 2022 alone and $160 million in 2023 so far.We intend to continue to respect and collaborate with US and other regulators around the world.Registrations and Licenses. Binance.com holds the highest number of licenses/registrations globally, 16 and counting, and is well regarded by our user community.Trading. Binance.com does not trade for profit or “manipulate” the market under any circumstances. Binance “trades” in a number of situations. Our revenues are in crypto. We do need to convert them from time-to-time to cover expenses in fiat or other crypto currencies. We have affiliates that provide liquidity for less liquid pairs. These affiliates are monitored specifically not to have large profits.Personally, I have two accounts at Binance: one for Binance Card, one for my crypto holdings. I eat our own dog food and store my crypto on Binance.com. I also need to convert crypto from time-to-time to pay for my personal expenses or for the Card.Binance.com has a 90 day no-day-trading rule for employees, meaning you are not allowed to sell a coin within 90 days of your most recent buy, or vice versa. This is to prevent any employees from actively trading. We also prohibit our employees from trading in Futures. Further, we have strict policies for anyone with access to private information, such as details of listings, Launchpad, etc. They are not allowed to buy or sell those coins.I observe these policies myself strictly. I also never participated in Binance Launchpad, Earn, Margin, or Futures. I know the best use of my time is to build a solid platform that services our users.At Binance, we look for amicable solutions to all problems. We are collaborative with regulators and government agencies all around the world. While we are not perfect, we hold ourselves to a high standard, often higher than what existing regulations require. And above all, we believe in doing the right thing by our users at all times. In this journey towards freedom of money, we do not expect everything to be easy. We do not shy away from challenges.We thank you for your unwavering support!CZCEO @Binance

2023-03-27

Give Back to The World: Feeding Families This Ramadan

<h2 data-block-id="9e9f2223-91ff-4287-ac79-02edf452b998">Main Takeaways</h2><ul data-block-id="526f31d7-f044-45de-88d7-71233d996f9a"><li data-block-id="035d8394-771f-4911-9594-d97d2686c426">Binance launches ‘Give Back To The World’ on March 15, 2024, to provide food supplies to over 1,500 families across Egypt, Gaza, Morocco, and Pakistan this Ramadan.</li><li data-block-id="6a742b64-f026-4bb2-88f0-97eca3dca2b7">Our Ramadan charity initiative, in partnership with recognised NGOs such as the Alkhidmat Foundation, aims to deliver targeted on-the-ground support to those in need.</li><li data-block-id="e17bf79f-640c-4a08-a3ee-401a9f92954f">Through this initiative, Binance aims to directly combat food insecurity and foster a culture of compassion as part of its wider Ramadan Calendar, which features daily activities from March 11-20, and includes $400,000 of rewards to be shared.</li></ul><figure data-block-id="b4962dd9-c0e4-4b61-a0d2-3a6b2da14e28" data-type="imageFigure"><img contenteditable="false" src="https://public.bnbstatic.com/image/cms/blog/20240314/59bdff0b-8876-4c3f-a600-37fdcf2d49c6.png" naturalwidth="1600" naturalheight="900" adaptive="true"><figcaption></figcaption></figure>Ramadan, the ninth month of the Islamic calendar, is a sacred time for Muslims worldwide, observed through fasting, prayer, and reflection. Fasting, one of the Five Pillars of Islam, is considered a time for spiritual reflection, devotion, and self-discipline. However, the challenge of food insecurity can exacerbate the difficulties faced by many families during this period, transforming what should be a time of spiritual enrichment into one of struggle. Charity, a cornerstone of Islamic teachings, holds particular significance during Ramadan. It’s a period when Muslims are encouraged to heighten their awareness of those in need and to amplify their charitable deeds. And so on March 15, 2024, Binance is proud to launch ‘Give Back To The World’, an initiative that aims to deliver essential food supplies to over 1,500 families in need across Egypt, Gaza, Morocco, and Pakistan. In doing so, we strive to honor the essence of Ramadan — and its values of compassion, charity, and communal support. <h2 data-block-id="b3e3feb0-6af7-410c-9cb3-ea58bdeff62b">Direct Support Through Food Distribution</h2>Understanding the critical importance of directly assisting those in need, Binance is committed to actionable, on-the-ground efforts this Ramadan. We’ve partnered with key organizations within each targeted region to pinpoint families most in need of support. Through these collaborations, with the likes of the Alkhidmat Foundation — a non-political, non-governmental, and non-profit organization that provides humanitarian and social welfare services to communities across Pakistan — we ensure our aid reaches the right hands at the right time.To address essential nutritional needs during this holy month, we’re distributing food boxes filled with nutritious, non-perishable items such as rice, pasta, beans, and canned goods, all procured from local suppliers. This initiative not only supports the community, but also provides families with the means to prepare wholesome meals during Ramadan. Specifically for Gaza, our food boxes will include ready-to-eat meals from Mitchell’s, Pakistan’s oldest food company, ensuring those in challenging circumstances receive immediate sustenance.<h2 data-block-id="6ed85abd-2fb1-42f3-abbf-b99d80cebd2a">Why Food Boxes?</h2>Food insecurity remains a pressing issue in many parts of the world. During Ramadan, the importance of food and sustenance takes on a new meaning, as families come together to break their fasts. However, not every table is laden with nourishment. By distributing these food boxes, we aim to bring hope and sustenance to those in need. Our mission transcends mere food distribution; it’s about nurturing a culture of compassion and giving. By extending this support, we aim not just to address immediate needs, but to inspire a wider movement of kindness and mindfulness across communities during Ramadan.<h2 data-block-id="7325bff2-8abc-46c4-ae56-78cb8b174ae7">The Binance Ramadan Calendar: $400,000 of Rewards</h2>‘Give Back To The World’ exists as Day 5 of our wider <a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.%suffixOrigin%/%locale%/activity/calendar/ramadan-2024" customevents="[object Object]">Ramadan Calendar</a>, a dynamic and engaging series of activities running from March 11 to March 20. This initiative — presented as an online calendar, and featuring a blend of daily rewards, educational livestreams, and community activities — is designed to surprise and unite. With more than $400,000 in rewards to be distributed, we hope to inspire our community during this special time of giving.<h3 data-block-id="fb30d91f-1406-4d4a-9a53-f1754cacb8a8">Three ‘Always On’ Activities</h3>As well as the activities to be unlocked each day through March 11-20, our Ramadan Calendar features a number of ‘Always On’ activities, offering free and daily chances to win rewards.The three activities running throughout the duration of our <a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.%suffixOrigin%/%locale%/activity/calendar/ramadan-2024" customevents="[object Object]">Ramadan Calendar</a> are:<ol data-block-id="34b66e54-24b7-4906-989f-63c62a4de925"><li data-block-id="009d3fa3-d75b-4f93-b255-6fa66e3035c8">Riddle Me This Ramadan: Solve Ramadan-themed riddles on Telegram, engage with fellow community members, and share a $15,000 reward pool in FDUSD! More <a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.binance.com/en/support/announcement/riddle-me-this-ramadan-share-community-rewards-worth-15-000-in-fdusd-0b074755b3ca4f5997658e0d3eeee785" customevents="[object Object]">here</a>.</li><li data-block-id="e55b6f19-2c9d-4b24-b2dd-5ba3a622deab">Red Packet Giveaway: Claim your FREE Red Packet containing a <a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://binance.onelink.me/y874/5dioq6ym?af_force_deeplink=true" customevents="[object Object]">crypto reward</a> from 0.01 to 3 FDUSD. Earn an extra Red Packet for each friend you successfully invite to take part!</li><li data-block-id="9bf9bbf6-9fe7-43a4-a4b0-9965cb2fdc65">Fawazir Social Media Contest: Follow Binance on X to take part in four different Ramadan riddles. Solve them to qualify for rewards! Five winners per riddle will each receive 100 FDUSD. Don’t miss out! Read more <a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.binance.com/en/blog/markets/fawazir-ramadan-solve-riddles-on-x-for-rewards-5800051197490022993" customevents="[object Object]">here</a>.</li></ol><h2 data-block-id="d064264a-cd5b-4f67-a6eb-d682b66ab96e">The Power of Community</h2>Binance believes in the strength of community. Our initiative in Egypt, Gaza, Morocco, and Pakistan isn’t just about delivering food boxes; it’s about sending a message of solidarity and support. It’s a reminder that even in the vast, digital world of crypto, human connection remains at our core. Here's how you can be a part of this journey:<ul data-block-id="232528a0-66bf-46d0-beb8-7e70c9d74274"><li data-block-id="7d89160c-1446-44e2-8497-05e5f8a11fc6">Spread the Word: Use your voice on social media to raise awareness about this initiative. The more people know, the more impactful our efforts can be.</li><li data-block-id="396f930a-469a-401b-91ab-99e49d3f8afc">Engage with Our Activities: Throughout the <a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.%suffixOrigin%/%locale%/activity/calendar/ramadan-2024" customevents="[object Object]">Ramadan Calendar</a>, there are numerous ways to participate, including sharing rewards, interactive challenges, and more.</li><li data-block-id="f38aeaaa-ce47-470f-96c9-e9964e762187">Embrace the Spirit of Giving: Ramadan is a perfect time to reflect on our blessings and give support to those in need. Every action, no matter how small, can make a difference.</li></ul>This Ramadan, let’s unite to make a difference. Let’s spread hope, support families in need, and showcase the incredible power of the Binance community. Join us as we give back to the world, one food box at a time. Warmest wishes for a blessed Ramadan to you, your loved ones, and communities around the globe. Together, we can bring light to those in need.<h2 data-block-id="f376cc39-bfde-4ff6-830a-eec2fd933d90">Further Reading</h2><ul data-block-id="2f9d8b92-b64e-47cf-a730-54f2364f69a2"><li data-block-id="8c348ba2-e899-4c52-8cd5-2dbd99a47dfd"><a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.%suffixOrigin%/%locale%/activity/calendar/ramadan-2024" customevents="[object Object]">The Binance Ramadan Calendar</a></li><li data-block-id="3da943fc-4c77-4c48-8400-18d62cb57220"><a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.binance.com/en/blog/markets/fawazir-ramadan-solve-riddles-on-x-for-rewards-5800051197490022993" customevents="[object Object]">Fawazir Ramadan: Solve Riddles on X for Rewards!</a></li><li data-block-id="f56fc950-fcfe-4b45-8e0d-e9153985861c"><a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.binance.com/en/blog/markets/binances-2024-ramadan-calendar-a-journey-of-discovery-and-giving-4458577920864034961" customevents="[object Object]">Binance’s 2024 Ramadan Calendar: A Journey of Discovery and Giving</a></li></ul><hr data-block-id="5b50d90e-497c-49da-a0f8-4b55b032131c">Risk Disclaimer: Cryptocurrency prices are subject to high market risk and price volatility. You should only invest in products that you are familiar with and where you understand the associated risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. Past performance is not a reliable indicator of future performance. The value of your investment can go down as well as up, and you may not get back the amount you invested. You are solely responsible for your investment decisions. Binance is not responsible for any losses you may incur. For more information, please refer to our <a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.binance.com/en/terms" customevents="[object Object]">Terms of Use</a> and <a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.binance.com/en/risk-warning" customevents="[object Object]">Risk Warning</a>.

2024-03-15

Bitcoin Button Game — Click The Button To Win A Bitcoin

Get a chance to win one bitcoin in our new game. Just log in with Twitter to start playing. <img src="https://public.bnbstatic.com/image/cms/blog/20220315/055118bd-5d7b-4d2f-a37c-5e113dffcc2a.png"/>Crypto, blockchain, NFTs. Unless you were on a long internet detox, you’ve probably come across these terms. And let’s face it, whether you’re a hardcore crypto enthusiast or at the sidelines looking into the crypto space, you’ve heard of the most popular cryptocurrency, Bitcoin. And now’s your chance to win one. Introducing #BitcoinButton, the game where the last one to press the button wins one Bitcoin. Read on to find out how you can play. <h2 style="line-height:1.7999999999999998;margin-top:18pt;margin-bottom:6pt;">How The #BitcoinButton Game Works </h2>The rules of the game are really simple — be the last to click the button and you can win one Bitcoin. The game will start when the number of registered players hits 50,000. But there's a catch. You can only press the button once! <h2 style="line-height:1.7999999999999998;margin-top:18pt;margin-bottom:6pt;">How Do I Play?   </h2><ul style="padding-inline-start: 48px;" class=" list-paddingleft-2"><li>Log in to your Twitter account and follow <a href="https://twitter.com/binance" target="_blank"><span style="font-size: 12pt; color: #1155CC; font-variant-numeric: normal; font-variant-east-asian: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">@Binance</a></li><li>Go <a href="http://binance.com/en/activity/bitcoin-button-game" target="_blank"><span style="font-size: 12pt; color: #1155CC; font-variant-numeric: normal; font-variant-east-asian: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">here</a> to check out the game and connect your Twitter account </li><li>To play the #BitcoinButton game, simply press the button on the screen. The last person to press the button wins one BTC. </li><li>Didn’t win the bitcoin? Share your results on Twitter and stand to win up to $4,000! </li><li>Want another go? Create or log in to your Binance account to get an extra chance to play and an exclusive #BitcoinButton NFT Mystery Box. </li></ul><h2 style="line-height:1.7999999999999998;margin-top:18pt;margin-bottom:6pt;">Terms & Conditions</h2><ul style="padding-inline-start: 48px;" class=" list-paddingleft-2"><li>Each Binance and Twitter account user can only press the button once.</li><li>Binance reserves the right to disqualify anyone who is found cheating or has acted or plans to act with malicious intent.</li><li>Binance reserves the right to cancel or amend any activity or game rules at our sole discretion.</li></ul>

2022-03-20