rac-[1,1'-Binaphthalene]-2,2'-diol is used as a reagent in the synthesis of (rac)-1,1'-binaphthyl-based simple receptors which are designed for fluorometric discrimination of maleic and fumaric acids. rac-[1,1'-Binaphthalene]-2,2'-diol is also used as a reagent in the synthesis of Dinaphtho[2,1-b:1',2'-d]furan; a compound which can induce aryl hydrocarbon receptor-mediated and estrogen receptor-mediated activities and can also modulate cell proliferation.