Binance, Exchanges

Is Binance Us a Wallet or Exchange?

Binance US, a digital asset marketplace, is operated by BAM Trading Services Inc. and based in San Francisco, California.

The company is a subsidiary of Binance Ltd., the world’s largest cryptocurrency exchange by trading volume.

Binance US allows users to buy, sell, and store digital assets such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), and more. The platform also offers a suite of tools for developers, including an API, a wallet, and explorer.

Binance US is not a wallet. A wallet is a software program that stores your private keys and enables you to send and receive cryptocurrencies.

Binance US does not store your private keys; instead, it uses “hot” and “cold” wallets to protect your funds.

Hot wallets are connected to the internet and are used for day-to-day transactions. Binance US stores the majority of its assets in hot wallets to ensure that they are readily available for trading.

Cold wallets are offline and are used for long-term storage. Binance US stores the majority of its assets in cold wallets to keep them safe from hacking attacks.

When you create an account on Binance US, you must provide your name, email address, date of birth, and Social Security number or Individual Taxpayer Identification Number. You will also be required to create a strong password.

Once you have created an account, you can link your bank account or credit/debit card to deposit funds. You can also deposit cryptocurrencies into your account.

Binance US is not an exchange. An exchange is a platform that matches buyers with sellers and allows them to trade cryptocurrencies or other assets.

Binance US is a digital asset marketplace that allows users to buy and sell digital assets such as Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, and more.

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