This hack highlights the fact that no exchange is completely immune to hacking attacks. Regular security audits: Binance JEX undergoes regular security audits by independent security firms to identify and fix any vulnerabilities.ĭespite these security measures, Binance JEX was hacked in 2021 and millions of dollars worth of cryptocurrency were stolen. 2FA requires users to enter a code from their mobile phone in addition to their password when logging in. This makes it more difficult for unauthorized individuals to access the funds.Ģ-factor authentication (2FA): Binance JEX users can enable 2FA to add an extra layer of security to their accounts. Multi-signature wallets: Binance JEX's hot wallets (wallets that are connected to the internet) use multi-signature technology, which requires multiple keys to be used to access the funds. This makes them less vulnerable to hacking attacks. These features include:Ĭold storage: Most of Binance JEX's cryptocurrency assets are stored in cold storage, which means that they are offline and not connected to the internet. Traders and users should be cautious and aware of the potential risks associated with trading on an exchange that operates in both regulated and unregulated environments.īinance JEX has a number of security features in place to protect user funds. While it holds licenses and registrations in some regions, it also operates in areas where it might not be regulated. However, it's important to note that Binance JEX's regulatory status may vary depending on the jurisdiction. This regulatory compliance signifies a commitment to meeting industry standards and regulations in the mentioned jurisdictions, providing a certain level of oversight and accountability. Additionally, the company is registered with the Monetary Authority of Singapore (MAS) under license number 201811768M. It holds licenses from regulatory authorities such as the Nationwide Multistate Licensing System, with license number 1906829. Network Fees: No withdrawal fees, but users incur network fees, impacting overall costs.Įducational Depth: Educational resources may vary in quality and depth, not catering to all user needs equally.Įducational Resources and Community Supportīinance JEX is regulated in certain jurisdictions. Limited Deposit Options: Accepts only cryptocurrency deposits, potentially excluding new investors. Security Vulnerability: Experienced a significant hack in 2021, highlighting inherent risks. Regulatory Variation: Operates in regulated and unregulated environments, posing potential risks. Transparent Fees: Flat 0.10% fee for both makers and takers, below historical industry average.Įducational Resources: Provides articles, guides, tutorials, and community engagement for improved trading knowledge. Security Measures: Employs cold storage, multi-signature wallets, and 2FA for enhanced security. Regulatory Compliance: Regulated in specific jurisdictions, including NMLS and MAS, demonstrating commitment to industry standards.Ĭryptocurrency Variety: Offers 500+ cryptocurrencies for trading, including Bitcoin, Ethereum, stablecoins, and native tokens. The exchange provides a trading environment for users to engage in cryptocurrency transactions. BINANCE JEX implements a maker fee and a taker fee, contributing to its fee structure. The platform features a 24-hour trading volume that reflects its market activity. It offers trading for a wide range of cryptocurrencies. The information on this site is not directed at residents of the United States, Canada, Singapore, Japan, Korea, Australia, and New Zealand or any particular country or jurisdiction where such distribution or use would be contrary to local law or regulation.NMLS, MAS ( Exceeded ) FinCEN ( Exceeded )Īrticles, guides, tutorials, community engagementīINANCE JEX, founded in 2019, operates as a cryptocurrency exchange platform. Neither the firm nor investments in cryptoassets are regulated by the Financial Conduct Authority, nor covered by the Financial Ombudsman Service or subject to protection under the Financial Services Compensation Scheme. It is your responsibility to ascertain whether you are permitted to use the services of Binance based on the legal requirements in your country of residence. Before trading, please take into consideration your level of experience, investment objectives, and seek independent financial advice if necessary. You should not invest more than you can afford to lose and you should ensure that you fully understand the risks involved. Trading cryptocurrencies involves significant risk and can result in the loss of your capital. Nest Services Limited, trading as Binance, is the entity ultimately responsible for the Binance Services offered through the Platform.
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