3 - Weird Facts That Powered Binance To Become The #1 Cryptocurrency Exchange

in #cryptocurrency3 years ago (edited)

Binance Goes Big Time

Binance_Zhao_Chengpeng_JPEG.jpg
Source: https://www.bloomberg.com

An article from Bloomberg focuses on Binance owner Zhao Changpeng's meteoric rise to the top of cryptocurency trading. He seems to have modeled the best military tactics of Sun Tzu, in a mere 8 months- to overtake all of the other cryptocurrency exchanges.

Binance launched in July 2017- just a short 11 days after raising cash via a Binance Initial Coin Offering (ICO). Zhao Changpeng, reportedly has a net worth estimated to be around $2 billion dollars.

One has to wonder how Binance has become the largest crypto exchange in the world in such a short time. In less than a year, Binance has grown profits to over $200 million.

In facing many challenges in the crypto world, we'll look back on a couple of facts surrounding Binance's quick dominance of the crypto world.

Here Are 3 Weird Facts That Binance Has Used To Totally Dominate In Cryptocurrencies.

bitcoin-3244107_1920.jpg
Source: https://www.pixabay.com

3 - Weird Facts About Binance:

  1. Binance is a multi-million dollar company, but does not even have a bank account.

  2. Zhao keeps Binance's office locations and servers- a company secret.

  3. Binance keeps itself insulated from fiat currencies- only allowing exchange of cryptocurrencies or crypto tokens. If they need cash for employees or suppliers- they have to go thru another company to raise the money!

Regulators- Mount Up!

regulators-younggunmountup.jpg
Source: https://bing.com

Binance has been labeled by detractors as operating on the edges of the law, with little regulation or oversight. The lack of regulation for Zhao's company- may have helped fuel their growth.

There is some concern that regulation is coming for Binance. However, Zhao is not deterred. In fact he remains optimistic, stating "I'm convinced 100 percent that crypto is the future ... I know it will happen."

Binance will face challenges from crypto regulators in China and perhaps elsewhere.

Binance_Reulator_World.jpg
Source: https://www.bloomberg.com

Next Step For Binance

The next step for Binance? Right now they are consulting with Malta on cryptocurrency policies. And Zhao announced that Binance may soon launch a fiat-crypto trading site in Malta to facilitate those transactions.

This may help Binance expand their business even further. Continuing to improve on their already great trading platform and customer service.

Blog Source Article: https://www.bloomberg.com/news/articles/2018-03-28/crypto-s-billionaire-trading-king-has-suddenly-run-into-problems

All pictures source: https://www.bing.com & https://www.bloomberg.com & https://www.pixabay.com

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I really fancy that aspect of secrecy of office buildings and having bank accounts. Amazing

Yes I'd heard about Binance, but really did not understand how they operated until I checked them out @synick. Thanks for the reply. Followed you & upvoted.

Binance is a good trading platform

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great post! keep it up! :^D

as always every exchanges has a great concept in bringing up blockchain to the crypto community, the important is our invested money to them is safe and never been lost.

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What made binance so good is the fact that easy to use and doesn't require you to send any ID or other identity prove to them... that's what attracted me to binance! It has been my main exchange since the start, and i trust that they keep our info very safe! Regardless of that i bought a ledger ofc, binance might be a safe choice especially since, like you said on the post, the servers locations are kept a secret but a ledger is alway much safer!

Malta has been one of those places where many of the stock market businesses gather so moving binance to malta is a HUGE step IMO for binance!

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They dont have a bank account? Understatedly weird.

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Wow, they have really found success in a short amount of time. I wonder how much those three facts have to do with their achievements. Like having secret locations for the offices and servers?

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