What is Binance in the context of cryptocurrency?

Binance, established in 2017 by Changpeng Zhao, is a leading global cryptocurrency exchange platform that provides a venue for buying, selling, and trading a plethora of cryptocurrencies. It quickly rose to prominence due to its extensive range of supported digital assets, low transaction fees, and robust technology infrastructure, offering not only spot trading but also futures and derivatives trading, staking, and additional financial services related to digital assets. Binance has also introduced its own blockchain called Binance Smart Chain (BSC), which supplements the native Binance Chain and aims to provide a decentralized platform for building applications and digital assets. Alongside these offerings, the platform has its own cryptocurrency token, Binance Coin (BNB), which can be used to pay for trading fees on the exchange with a discount and participate in token sales hosted on Binance Launchpad.