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Binance CSC 307 Assignment

My Binance Assignment

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Pedro Ayo
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16 views

Binance CSC 307 Assignment

My Binance Assignment

Uploaded by

Pedro Ayo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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NAME:

PEDRO AYOMIDE ADEWUNMI

MATRIC NO:

220502091

DEPARTMENT:

COMPUTER SCIENCE

COURSE TITLE:

DATABASE MANAGEMENT SYSTEM

COURSE CODE:

CSC 307

LECTURER:

MR.DAISI
Binance Cryptocurrency Exchange

Binance Operations:

Binance is an online blockchain based exchange where users can trade cryptocurrencies, it
supports thousands of cryptocurrencies and it also provides cryptocurrency wallet for users to
store their electronic funds and it operates exclusively on a peer-to-peer basis, meaning that no
central authority is involved in the trading process. The organization is headed by its co-founder
and Chief Executive Officer, Changpeng Zhao, known popularly as CZ. As part of its operations,
Binance provides a range of services aimed at making trading easier and more secure. One of
their most popular services is Binance Chain, a decentralized "smart contract" platform that is
meant to make cryptocurrency transactions more secure and transparent.

By using Binance Chain, users can avoid the middleman and eliminate the need for a bank
accounts or a payment processor when trading. Binance also provides a multi-coin wallet, called
Binance Coin (BNB), which is a digital asset that can be used to pay for fees associated with the
use of the Binance exchange.

Additionally, Binance offers margin trading and other features that make it easier for traders to
maximize their profits. In order to ensure the security of its users, Binance uses a two-factor
authentication process when logging into the platform. To start trading users must complete the
necessary Know Your Customer (KYC) requirements. Upon successfully creating a trading
account, they can add funds to their public wallet address provided by Binance to start trading.

Additionally, all transactions are encrypted and carried out via the Secure Socket Layer (SSL).
The company also invests in various projects within the cryptocurrency industry, including
research and development of new digital assets, as well as the marketing of existing ones.
Binance is an ever-evolving organization, and is constantly looking to improve its services. It is a
key player in the cryptocurrency industry and has quickly become one of the most trusted
exchanges in the world. The company has also put a lot of effort into creating a strong
community of users who can come together to discuss and debate the latest developments in the
world of blockchain and cryptocurrency.
Binance Business Rules:

Binance has a set of business rules to ensure the security and integrity of its platform. These
rules include an Anti-Money Laundering (AML) policy to prevent money laundering and
terrorist financing, a KYC (know your customer) policy to ensure the identity of customers, and
a risk management system to prevent malicious activities. Additionally, Binance has
implemented a number of safety and security measures, such as two-factor authentication,
withdrawal limits, and customer service. The platform also has strict listing criteria for new
digital assets to ensure the quality and integrity of the exchange.

Binance Entity Relationship Diagram:

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