<h3><strong>Overview</strong></h3> <p><span style="font-weight: 400;">Binance is a newly-created brainchild founded by a team of experts in China but later transferred their headquarters to crypto-friendly Malta. The Maltese-based company dwarfs its rivals with the highest total daily visitor count, high liquidity and eye-popping trading volumes. The top exchange also attracts heavy web traffic, an emblematic factor of staggering trading volumes.</span></p> <p><span style="font-weight: 400;">A study conducted recently by “The Block” highlighted that the crypto company made away with $446M in profits, in 2018 -- during a bear market. </span></p> <p><span style="font-weight: 400;"><img src="/user_files/contentfiles/storage/bb1.png" alt="" width="773" height="447" /></span></p> <h3><strong>Website Interface: How friendly is it? </strong></h3> <p><span style="font-weight: 400;">The Binance website offers multi-language support, welcomes the bandwagon of new users and facilitates transactions. The interface contains a detailed navigation bar, icon of news, charts, and an exhaustive table of currency pairs.</span></p> <p><span style="font-weight: 400;"><img src="/user_files/contentfiles/storage/bb2.png" alt="" width="1023" height="529" /></span></p> <p><span style="font-weight: 400;">The website application displays up-to-the-minute market listing data with 24-hour fluctuations and last pricing for currency pairs. At the outset, Binance provided a safe haven for sophisticated traders, but later it enticed a deluge of novel traders thirsty for its broad array of altcoins. It offers a basic and advanced interface version. The nuanced and subtle data will rack your brains as a novice because the sections lack illustrative labels.</span></p> <h3><strong>Customer Reputation</strong></h3> <p><span style="font-weight: 400;">Despite Binance attaining a significant toehold in the crypto market, attracting a million unique visitors every month, it is not always a smooth sail. While some people found a spot a Binance, we cannot say for sure it is the case for everyone. </span></p> <p><span style="font-weight: 400;">Like most Exchanges, it is notorious for locking customers’ accounts if they notice suspicious activity with your account.  With this in mind, </span><span style="font-weight: 400;">Binance has been accused of scamming people to pay off their debts. Some customers have turned to platforms to voice their complaints. Like this user who says</span><a href="https://np.reddit.com/r/binance/comments/9ksb3n/continuation_my_binance_account_was_blocked_4/"> <span style="font-weight: 400;">Binance locked his account with a whopping 1,200 Bitcoins</span></a><span style="font-weight: 400;"> – approximately $7.8 million – and the reasons for doing it are unclear as the affected user says he has not been involved with any fraudulent activities. On the contrary, we cannot tell for sure whether it is Binance in the wrong or the</span><a href="https://www.reddit.com/r/CryptoCurrency/comments/9pavkq/my_1200_btc_still_frozen_on_binance/"> <span style="font-weight: 400;">user was a victim of phishing</span></a><span style="font-weight: 400;">.</span><span style="font-weight: 400;"><br /></span></p> <p><span style="font-weight: 400;">Some people complain of getting locked out of their accounts.  Users are unable to bypass the 2FA security; reaching out to support seems unhelpful because Binance may take some time to get back to you. </span></p> <p><span style="font-weight: 400;">There are a significant number of users who say they lost their funds as they were unable to access their accounts without having to reset 2FA. They will insist you provide info that you would probably know at your fingertips if signed into your account.  They ask about:</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">Your account balance.</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">The address you sent the coins from.</span></li> </ul> <p><span style="font-weight: 400;">Not everyone can keep or remember some of these details.  Unfortunately, Binance does not care; that means you get locked out of your account forever. </span></p> <p><span style="font-weight: 400;">Question: what do they do with funds belonging to locked accounts?</span></p> <p><span style="font-weight: 400;"><img src="/user_files/contentfiles/storage/bb4.png" alt="" width="512" height="492" /></span></p> <h4><strong>Binance Ecosystem Security</strong></h4> <p><span style="font-weight: 400;">Binance developers have implemented measures to shield users from scams, digital thieves and curb money laundering. Binance data privacy and protection ensures users information is not compromised, lost, or corrupted. Key security standards that ward off errors or attacks include:</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">Using IP addresses or cookie data to shield against automated infiltration such as phishing, spam and Distributed Denial of Service (DDoS) attacks.</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Using accumulated data to detect suspicious trading behavior to block potential fraud, quarantine funds and protect the entire ecosystem</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Leverages IP addresses or unique identifies archived in your device’s cookies to authenticate identity</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Integrates PCI scanning, pseudonymisation, stringent physical access controls, and internal data availability restrictions.</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Use of Secured Sockets Layered encryption technology.</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">POODLE attack protection throws hackers off the scent with impermeable browsing encryption.</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Protects infrastructure from Heartbleed attack.</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Man-in-the-middle (MITM) attack protection forestalls supervening digital terrorism.</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Privacy Policy and Consent Form incorporates the General Data Privacy Regulation (GDPR) policy framework. </span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Use of SMS two-factor verification and Google Authenticator. </span></li> </ul> <p><span style="font-weight: 400;">A while back,</span><a href="https://www.reddit.com/r/CryptoCurrency/comments/agldxh/binance_freezes_stolen_cryptopia_funds/"><span style="font-weight: 400;"> Binance intercepted funds stolen from Cryptopia.</span></a></p> <p><span style=&