How Binance became the largest crypto exchange in the world » CoinFunda

How Binance became the largest crypto exchange in the world » CoinFunda

In 2021, Binance made total transactions 7.7 trillion dollars values ​​of cryptocurrencies. Today, Binance is undoubtedly the leading cryptocurrency exchange in the world by trading volume. Even when it comes to the number of users and growth rate, Binance is among the leading cryptocurrency exchanges in the world. Whether trading or investing in cryptocurrencies, Binance is the first choice for millions around the world.

Along with Crypto.com, Coinbase, Kraken and other leading crypto exchanges, Binance is leading the wave of cryptocurrency adoption that is now sweeping the world.

But how did Binance get to where it is now?

How can a trillion dollar company do business without a permanent address or contact number?

Let’s find out.

What makes Binance different from other cryptocurrency exchanges?

Binance is one of the early entrants into the crypto exchange race. He certainly got the first mover advantage. But before we get into the rise of Binance, we need to talk about its founder, the legendary Changpeng ZH Zhao.

Zhao was already a software developer in China, long before Binance was born. He developed Fusion Systems in 2005, which was a huge success in the stock market. After that, Zhao joined Blockchain.info. He was the third founder of this popular cryptocurrency wallet. He was also the CTO of OKCoin for a short time.

As we can see from here, CZ has always looked for ways to make a significant impact in the fintech world. His contributions had already made a name for him, but he didn’t want to stop there. This drive differentiates Changpeng CZ Zhao from other founders and therefore from other cryptocurrency exchanges.

When we examine the growth of Binance, we must also examine the growth of its founder. Changpeng Zhao remains one of the most enigmatic characters in the crypto space – a space where many enigmatic characters already exist.

The best features of Binance

Binance has more coins than any other cryptocurrency exchange. The fact that there is strength in numbers is reflected here. Many people don’t think twice before signing up for Binance because chances are the coin they want to buy is already there.

Another area where Binance excels is its user interface. Binance is very easy to use and the platform has really made cryptocurrencies mainstream. You can use a variety of payment options to buy cryptocurrencies at Binance. The entire process of buying and selling cryptocurrencies at Binance is second to none. What’s more, Binance’s API makes it easy automating the crypto trading process and enables users to create crypto trading bots.

Customer support is another area where Binance does a very good job. Most users have no complaints when it comes to solving errors and problems. Many exchanges undermine the importance of a fast and active customer support team. Binance didn’t make that mistake. This is one of the many reasons why Binance is ahead of every other cryptocurrency exchange.

Binance brand name

Binance has managed to make its name synonymous with cryptocurrency exchanges. It’s a masterstroke from a marketing perspective. Nowadays when we think about cryptocurrency exchange, we always think about Binance as well.

The Binance brand name is one of the most significant reasons for its popularity. This is partly due to how early Binance entered the cryptocurrency exchange scene and how easily it became popular.

At this point, you must be wondering that Binance has tarnished its name several times, but how has it not lost its power yet? There are two answers to this question. First, users accustomed to Binance do not want to switch platforms. Second, most people trust Binance regardless of what the media says. Part of that is because the crypto community as a whole is suspicious of the mainstream media.

Binance has also successfully branched out to protect its legal position. While this has not always been successful, core Binance users have always stuck with their exchange of choice.

The Binance brand name has not diminished, despite the many accusations against the firm. Some of the allegations are more serious than others, and some have caused significant damage to her reputation. Each time, Binance found a way to come back and re-establish its position in the market.

Having said that, it is crucial to discuss the controversies surrounding the largest cryptocurrency exchange in the world.

Binance and Controversy

Hong Kong, Japan, China, the United Kingdom, the United States – these are just some of the countries where Binance has run into regulatory problems. As a result, Binance has moved its headquarters multiple times. Binance has not yet recovered from all allegations, and there are various active charges against the company.

It is worth noting that regardless of the controversy, Binance has always found a way out of it. The ability to quickly maneuver the entire establishment from one country to another has helped Binance survive all adversity.

Some of the Binance controversies are more serious than others. In other cases, the legal problems are really regulatory problems. Given the general attitude of policymakers towards cryptocurrencies, it’s no surprise that Binance has faced a lot of heat from them.

Challenges before Binance

Binance is leading the crypto exchange race, but is it the clear winner? Not so much, especially after the climb Coinbase. Other crypto exchanges are emerging, such as Crypto.com, which may soon challenge Binance.

Another area where Binance needs to work is compliance. Repeated accusations from various regulatory bodies point to the fact that something is indeed wrong with Binance’s compliance management. Unless Binance addresses and resolves this issue, the continued success of the platform will become questionable.

Binance also has the potential to make crypto trading more mainstream than it is now. It will also play a key role in increasing the adoption rate of cryptocurrencies. In addition, Binance is also a leading resource and education center for cryptocurrencies. If Binance continues to improve in these areas, it will further solidify its position as the best cryptocurrency exchange in the world.



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