Binance announces Binance Chain, a decentralized exchange

in binance •  7 months ago

Breaking news from the Binance headquarters. The popular exchange will launch its own blockchain called Binance Chain that will be used to create a decentralised exchange.

Binance Chain will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets. Binance Chain will focus on performance, ease-of-use, and liquidity. Binance Coin (BNB) will be upgraded to exist on its own blockchain mainnet, becoming a native coin.

The existing Binance Coin will become the native currency of the new project.

Immediately after the announcement, the Binance Coin surged more than 30%.

BinanceCoin price chart

Announcement on

The announcement does not contain many details yet, but I'm looking forward to it.

The big advantage of a decentralized exchange is that it can not be hacked. All tradable assets will be stored on the blockchain and can be accessed directly without a middleman.

Since STEEM is traded on Binance I regularly use the exchange and I am very satisfied with this trading platform. Particularly about the communication from the team and the way in which they communicate on controversial topics such as a recent hack whereby their API was used indicates a reliable and strong organization.

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This is good news. I hadn't seen this yet. Thanks for sharing. Perhaps if a few of the US based exchanges go this route they can avoid the long arm of the SEC?

It doesn't seem fair that Binance will promote their own coin on Steemit while not willing to list Steem Dollars (SBD). They have listed just all kinds of coins, just not SBD. Binance also list Yoyow which is a Steemit competitor. Yoyow is ranked 307 while SBD is ranked 260.

Come on Binance...

Intriguing development for sure.

If Binance decided to go with a POS/dPOS chain where the BNB can be staked, things could get very interesting.

BNB might turn out to be one of the best investments for next few years.

Great news. Decentralized exchanges are the future, but the ones recently haven't been too user friendly. This should help change things big time. Binance is a great exchange, and if they can carry over their success to a decentralized exchange, then I think we will have a new winner in the exchange market. Thanks for sharing.

Great post and thanks for the update. I'm currently holding multiple positions on Binance and this news will help me sleep a little better at night.

This is exciting news to see! We need more secure and reliable exchanges and this is a step in the right direction. I did notice them moving up the chart today and now I now why! Thanks for the post! Resteem

That is great new. I am more interested in binance coin now.

Nice! I have a great experience with binance and I always was hoping that a decentrelized exchange would be something like binance. I did not expect that binance it self was planning to do so. Just after it was "hacked" people looking for a safe way to trade their coins.

1-0 binance smart move to let them think you were hacked....

It is a awesome new...
Also i am waiting to See Sbd On Binance

So many people hating on Binance nowadays, because of the exchange rates, but in my opinion, Binance still is the best and safest Exchange around at the moment and improves the name of Cryptocurrency in the real world. Really good news, for all Binance supporters!


Slightly higher fees in exchange for better customer support, better security, and a better exchange in general. I'll take it.

That's great new, decentralized exchange will bring ease to so many users.
Blockchain and Cryptocurrency is the future of finance and so many startups are getting into blockchain, cryptocureency and making life easy for everyone. open ledger is a great example, which has made life easier for those who make online payments and send their money ot their loved ones.
What’s happening today with cryptocurrency is reminiscent of the dot-com boom two decades ago. People investing in FinTech startups and projects which is wildly ambitious ideas of a more connected future and peoples are making millions from BlockChain and Crypto.

Sweet but seriously they just got hacked right? a few days ago and withdraws seem to be on hold ?


No, Binance itself wasn't hacked. Users lost funds due to a phishing attack.

It appears that the hackers used login credentials obtained earlier by luring users onto a fake version of the Binance site (see example below). Then, on Wednesday, they used hacked users' accounts to drive up the price of a relatively illiquid coin called Viacoin (ticker: VIA) and syphoned the gains into a number of accounts under their control.



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Follow me guys.. Help me build up, and I help you all back! Cheers! or Skåååål, as in Danish :D


Some of their users were hacked, and Binanced handled it so well as to recover the stolen funds and even freeze the hackers funds.
And no, withdrawals are not on hold, I have withdrawn today with no issue.


the withdraw fees for binance are pretty high.


Depends on what you are withdrawing. Some coins will have high fees by their nature. You can withdraw NEO from Binance for free. Buy 1 NEO, withdraw 1 NEO, receive 1 NEO.


Well.. I would say that if users get hacked on Binance then Binance got hacked.. Lets not fiddle diddle around that fact! I read myself from some users that they never even touched their own API settings or keys or code.. nothing.. and still got all their funds sold off and auto bought into ViaCoin..
So Binance GOT HACKED.. they handled it quickly though as you mention. I agree with you from there. But users on Binance and therefore Binance got hacked... It is Binances responsability to deactivate vulnerable settings from ordinary user accounts that might not know how to use the internet totally securely. Binance is responsable in a long haul..


Binance did not get hacked. Any users affected had typed the binance website address in incorrectly and went to a fake site. At the fake site they typed in their "username" and "password". This gave their username and password to the phishers. The phishers then collected enough accounts and on a specific day or days started manipulating the market.

The only fault that Binance had.... as far as I have heard could be said, is that they themselves didn't buy up all the domain names(web addresses) which were similar or could be typed in incorrectly as "binance".

But again, no, that is not a hack. That can't be called "getting hacked."

Just double check your facts. False or misunderstood news is just as bad as FAKE news.



Right. That is the way I understood it too. It wasn't a hack. But phishing.


Okay, if that was the only things going on I agree with you! Catching someone ellses username and pass and using it is then only the user getting hacked or phished..

Thanks for clearing that up!

On the other hand, it can only be possible then because these users were not using google authenticator or other 2 factor security!?? Unless they somehow managed to hack the 2 factor also for the accounts? I doubt that though.. Probably users without 2 factor enabled.

But to be true I did read about people talking about the API keys. Maybe just myths being spread.

Thanks friend. I agree that I do not KNOW for sure, we are all just trying to get things straight together here! cheers! I will follow you. Anyone who want to, please follow me and help me get started quickly here!



Google's data collection and behaviour in YouTube have a lot of people questioning and not using any Google services. Or they may just not know about it. I am a relative newb and have never used two factor security.


They didn't need to touch their api settings, they just gave their account details to the wrong person, who did it for them.

The news of the month! Anybody knows their roadmap for this project?

News like this was really needed after the whole hack debacle. I'm a big fan of Binance, it's easily my most favorite exchange.

Will they be doing the exchanges through atomic swaps on their chain?

Damn this is exciting news! Dex’s are most certainly the way to go with the increased regulation that I’m
Sure isn’t too far away. Keen to see how this one will go!

Interesting information. Thanks for the update.

i'm sure that hackers will never stop one day , and i think that is very risk on binance to take this decision and i hope that they have a good developers to decrease the risk

Love that BNb. Oh and you are one smart penguin. What’s it like typing with flippers?

Yeah right a man always works with whom he trust thank you for the motivation

Knew 2018 was gonna year of decentralized exchanges and this will help alot

This is fantastic news! Another reason to love binance! Such an amazing project and team! They are amazing, and the best in the industry! Can't wait to see what they do next! :)

nice pic please apvote my activiti

I was actually going to buy like 10 binance coins just 1andahalf hours before the jump happened! I delayed it because I wanted to activate my new steemit account! hah.. what a world we live in! But it has fallen back to 9,7 usdT recently, so buying oportunities are still there if you believe in Binance to keep on strong and secure!
please follow me guys and help me get started here . I will follow all followers back! and vote back on your posts! following you now penguin.. thx for posting this! cheers from Kongen in Denmark

I hope it will make cryptocurrency market better!

I hope it will be better than other decentralised exchange. Thanks for sharing.

Will it be a whole separate exchange from the existing Binance or will the present exchange be updated?

Wow!!! Really its a great news. Thank you for sharing this....

Time to start hoarding my binance coins... but then how do I pay my trading fees :s.

That is great news......

Not many crypto and trader exchange exchanges from any level of experience need to be dealt with on several trading floors. As practice shows, not all of them are able to work stably and for a long time, and therefore, to diversify, it would not be an exaggeration to distribute their assets to different exchanges. An excellent choice for such security measures is probably the Binance Exchange, which confidently breathes behind most of the top ranked competitors. What kind of exchange is this and what's different from the rest - this is the main topic of this article. Cool @pinguinpablo



Do you even English bro?


xD this is just a comment bot and put some relatable words in in without grammar

Mmh, to bad I did not purchase BNB. If they also keep their promise to buy back BNBs and burn them, these could skyrocket to the 🌙.
I still have question about the busIness plan behind it!

useful information friend, i will learn more about Binance Chain, i am interested to get to know this more closely, because STEEM is traded on Binance

Great news and great idea. Something that is paramount in every crypto system is security. Since this is well secured as you said, it'll be a very good deal if you invest in it. Nice to hear this from you.

Thank you for sharing information, very useful for us all.. I always follow your post because it is always interesting to read.

Ah so that explains the BNB pump, interesting. Actually really looking forward to Binance's decentralized exchange.

Follow me for latest news!! thanks

Thank you for sharing good news . I appreciate your post . Best of luck .

It is indeed a great news for us particularly !Will be looking forward to more news :)

And if you thought Binance couldn't get any better. Think again.

i like how they say they are going to transition from a company to a community. this is slowly going to start happening more and more, i think

I wonder if they will partner with EOS or BTS in some way rather than re-inventing the wheel?

yeah that will pump BNB price

This is a good move from #binance to make transaction more easier. I noticed that SBD has not been listed yet. I hope with time everything will be perfected.

This is VERY interesting! First huge exchange moving toward decentralization, am I right?

Binance is a very good exchange. I see its BNB coin increasing in price this year.

You are not the only one looking for it brother :p we all are looking for it.

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Everyone writes about a higher commission, but I will say that most exchanges take a huge interest in buying crypto currency. Binance is not only reliable, but even with the purchase of coins, a very low commission, and holders of their promising BNB coins, the commission for purchase is even less.

Really! wonderful reaction by Binance. good

Ok so i need to figure out what are all the tradeable blockchain assets that theyre referring to. Could someone trade options on these coins eventually ...
Guess thats why they're hiring aggressively

Just in time too, they really need a more decentralized platform with the amount of instability they’ve shown in the past few months...

i really love this just keep the good work going

I like Binance because I am always on mobile I use the app but withdrawal fees and minimum buy/sell amount are higher than other exchanges and they have no maximum "sell" amount 0.00999999 and below are left on my altcoin wallets 😤

It seems that huobi and OKEX will also follow.

While the price has already shot up a bit, I still instantly went and bought some more BNB. I had a small amount just to pay for my trade fees, but had sold most a month or 2 ago. Binance has been the best exchange I've ever seen or used, the recent hack was handled extremely well. A decentralised exchange has been on their agenda from the beginning, hopefully they can do it better than anyone else. I didn't realise they were going to adapt BNB like this though.

It should be interesting to see if Binance remains the top exchange in the decentralized space or if another exchange will be the better alternative.

good post, Friends

Big move on Binance's part, hope others follow in their steps.

We know how hard it is to create a business, however, creating history is even harder. The real enemy is often ourselves. We need to continuously improve and disrupt ourselves. We need to work together to create a better version of ourselves. The future belongs to the new us, together

My favorite part of the announcement (link in the post above)

Very cool. I've preferred Binance for some time now. Have a great Sunday

This is where all exchanges are going to be headed, at least Binance is doing this sooner then later