Binance saw record user registrations in Jan 2018 (240,000 users registered in an hour). Surviving The Crypto WinterĬZ also shared how Binance fared during its first cryptocurrency winter. We believe that regulations, especially those aimed at protecting users and fostering innovation, are instrumental in the long-term success of the industry.”īinance believes that regulation is a cornerstone of a robust, safe, and secure crypto landscape, and the crypto exchange will continue to work with policymakers to shape the future of digital assets. We take pride in our licenses and registrations across 17 countries, a testament to our pro-regulation stance and the extensive efforts we have made in compliance and regulatory space. Globally, we have shown that compliance and innovation can exist hand in hand. Today, Binance.US has 43 state MTLs (Money Transmitter Licenses). And I set up Binance.US to specifically service the US market, in a fully regulated manner. “BitFinex came under scrutiny in April 2019. However, despite the lack of regulatory clarity, regulators globally have started to pay more attention to the crypto market. In the early days, the cryptocurrency market was largely unregulated. An Evolving Regulatory LandscapeĬZ also discussed the evolving regulatory conditions around the world regarding cryptocurrencies. This increased Binance’s risk as a startup but helped the company in the long run as Binance remains an independent company. Binance won on all accounts.ĬZ revealed that one side effect of the lawsuit was that it Binance from taking any VC investors. It took multiple years to go through with this lawsuit. However, Binance’s growth didn’t come without its challenges.Ī few days after becoming the leading exchange in the world, a potential VC investor brought an arbitration against Binance.
And we have been profitable ever since.”Ī few months after it launched, Binance became the world’s largest cryptocurrency exchange by trading volume, surpassing its competitors. A month later, we reached 120k users and began to turn a profit. Many users across the globe flocked to us. Our actions received an overwhelmingly positive response from the global crypto community. “As it turns out, the world favors people who do the right things. Binance used $6 million (40% of its treasury at the time) to protect investors and their funds. ICO projects in China had to return the investments received to their investors.įollowing this latest development, Binance made a huge call to protect users as the prices of numerous coins and ICOs began to drop. Shortly after Binance launched, it was forced to exit the Chinese market after the government issued a ban on crypto exchanges and ICOs. The cryptocurrency exchange’s BNB Chain also powers everything from decentralized exchanges to storage applications. Six years later, Binance supports 600+ tokens in 40+ languages, with thousands of employees within the customer support team. In the early days, Binance had to borrow a customer support team and also had no marketing team. The cryptocurrency exchange was launched two weeks after the funding round, with 5 tokens in 2 languages. What began as a mere dream, has turned into a global platform that provides financial access to more than 140 million people all around the world, and hopefully billions more to come.”ĬZ revealed that in its early days, Binance raised US$15m equivalent in crypto and began its journey as a crypto-to-crypto exchange.
“As Binance turns 6, it’s a chance to reflect on our journey together, share some stories and look ahead. CZ Sends Anniversary Message To Binance UsersĬhangpeng Zhao (CZ), the CEO of Binance, sent an anniversary message to the company’s millions of users globally. Binance was launched in 2017 and quickly rose to become the number one cryptocurrency in the world. Binance, the world’s leading cryptocurrency exchange, has turned six.
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