The name flamingo comes from Portuguese or Spanish flamengo ("flame-colored"), which in turn comes from Provenal flamenc a combination of flama ("flame") and a Germanic-like suffix -ing. The word may also have been influenced by the Spanish ethnonym flamenco ("Fleming" or "Flemish").
It is the Portuguese word for Flemish, and it was given to the nearby beach (Praia do Flamengo, Beach of the Flemish) because it was the place where the Dutch sailor Olivier van Noort tried to invade the city in 1599.
Assets linked to cyber attacks, child sexual abuse, the drugs trade and terrorist groups including al-Qaeda and Isis appear to have been channelled through the exchange. As well as paying the huge fines, Binance has agreed its CEO Changpeng Zhao will step down from the business.
Binance and Coinbase offer robust security features to protect users' digital assets. However, Coinbase appears more transparent about its steps to keep customers' funds safe.