Binance DEX was launched on February 20, 2019, by Binance – one of the world’s leading cryptocurrency exchange platforms. Binance DEX crypto exchange was created to give users more control over their funds, as users could make trades without third-party controls. As Binance DEX was non-custodial, users have full control over their keys. The platform was built on the Binance Chain.
Since the Binance DEX cryptocurrency exchange is decentralized, it didn't require users to undergo the KYC process. However, users from the following countries were not able to use Binance DEX: United States of America, Albania, Bosnia and Herzegovina, Belarus, Congo (DRC), Côte d’Ivoire, Crimea, Cuba, Iraq, Iran, North Korea, Liberia, Macedonia, Myanmar, Serbia, Sudan, Syria, Zimbabwe. These are due to restrictions set by these countries.
At the time of writing this, the Binance DEX platform is no longer active. It was discontinued on the 2nd of September, 2022 after the BNB beacon mainnet reached a block height of 264 million.
There were 135 Binance DEX trading pairs available on the platform and they are divided into 4 markets: BNB market, BTC market, Altcoin market, and Fiat Market.
In the BNB market, the following assets were traded against Binance Coin: VRAB, AVA, AERGO, RUNE, TRXB, ARN, CRPT, CAS, UND, and EOSBEAR. BTC was traded against BNB, ANKR, BOLT, and COS. The only pair in the Altcoin market was BNB/ETH. The fiat market had crypto coins traded against stablecoins such as the Rupiah Token (IDRT), Binance USD (BUSD), and StableUSD (USDS). BTC, ETH, LTC, BCH, and BNB are all traded against BUSD. These trades were made on the Binance DEX spot trading feature. Margin and leverage trading features were not available on the platform.
Binance DEX trading fees for non-BNB trades were 0.10% of the traded amount and trades that are paid in BNB had Binance DEX crypto fees of 0.04%.
Furthermore, the platform charged a Binance DEX crypto price of 0.000375 BNB per transaction when performing withdrawals. On the other hand, there were no Binance DEX exchange fees applied when you make deposits. However, it did not support fiat deposits. Deposits could only be made with supported coins and tokens. In addition, there were no limits placed on how much you can withdraw, deposit, or trade.
Since the platform is not active, the current Binance DEX trade volume is equal to zero.
About the Company
As already mentioned above, Binance DEX was launched by Binance in 2019. It was launched on the mainnet after a two-month testing period on the testnet. During this period, over 8.5 million trades were made through a simulated trading competition. This period also featured coding competitions, bug bounty programs, and more.
Various crypto wallets like TrustWallet, SafePal, and so on, were integrated into the Binance DEX. This was done to provide traders with easy access to the platform.
Binance, the parent company of Binance DEX, was founded by Changpeng Zhao, popularly known as "CZ". He is a Chinese-Canadian business executive. CZ was born in Jiangsu, China, and then moved to Canada at a young age with his family after his father was exiled. He is one of the richest people in the world with a net worth of over $17 billion, as of writing this article.