Comparison between Binance and BingX

Binance and BingX are both cryptocurrency platforms, but they offer different services and features.

Binance is one of the top cryptocurrency exchange platforms, known for its unique features and services. However, being at the top is not the only factor to consider when choosing a trading platform. This Binance review provides an overview of the company, its background, features, services, advantages, and disadvantages. Binance is the largest cryptocurrency exchange in terms of trading volume, with average daily trades exceeding $1 billion. It was created in 2017 by Changpeng Zao in China and is now registered in the Cayman Islands. Although it is not available in the U.S, Binance has partnered with Binance.US to cater to American investors. Binance offers a wide range of products and services, including crypto-to-crypto trading on its platform, which supports 500 digital currencies and tokens. It also has its own virtual token, Binance Coin (BNB), which can be used to pay for transaction fees and services on its Binance Smart Chain. In addition to trading, Binance also offers services such as collecting interests and serving as a digital wallet. Binance is known for its user-friendly platforms, versatile trading experience, and strong security measures.

On the other hand, BingX is an international digital service financial institution with branch offices in North America, Canada, the EU, Hong Kong and Taiwan. BingX has also registered or obtained regulatory approval to operate in other countries where it provides its services or carries on any form of business.

BingX focuses on providing users with financial services such as lending, borrowing, and staking, as well as allowing users to buy and sell cryptocurrencies. BingX also has a referral program and a trading competition to attract customers. BingX also offers a copy trading feature, where users who do not have the luxury of time, or users who are new to crypto may want to choose their trader of choice and follow their trade(s).

In terms of services and features, Binance and BingX are quite different, and the best option will depend on the user's needs and preferences. It is recommended that you research both platforms thoroughly and consult with financial advisors before making any investment decisions.

Mazars Group cut ties with Larger Crypto exchanges after releasing Proof Of Reserves for other Crypto Exchange

A week ago, top copy trading crypto exchange, BingX released Proof of Reserves after an audit done by Mazars Group.

Proof of reserves is a way for a company or organization to prove that it holds a certain amount of assets or financial instruments, such as cash, securities, or cryptocurrency, in reserve. This is often done to demonstrate financial stability, transparency, and accountability to customers, stakeholders, or regulators.

There are various ways to provide proof of reserves. A company may publicly disclose its financial statements, which are audited by an independent third party and include details about the company's assets and liabilities. The audited company may also provide proof of reserves by allowing an independent auditor to verify the existence and ownership of its assets.

In the context of cryptocurrency, proof of reserves is a way for a cryptocurrency exchange or wallet provider to prove that it holds the amount of cryptocurrency that it claims to hold. This is important because it ensures that customers can trust that the exchange or wallet provider has sufficient funds to meet customer withdrawals and other financial obligations.

Binance's Spokeperson told CNBC ,“Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include Crypto.com, KuCoin, and Binance.”

After news broke, crypto exchanges , Crypto.com and Kucoin added that Mazars Group had already delivered the Proof of Reserves.