Here’s How Binance Have Achieved Crypto World Domination



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When you think of cryptocurrency exchanges, a few names and brands may spring to mind, none of which however will have quite the same impact as the name ‘Binance’, the cryptocurrency exchange that is quickly becoming the world’s biggest. Like every cryptocurrency exchange, Binance started out with the goal to give it’s users better and faster access to more cryptocurrencies. They wanted to create an easy to use platform that would allow as many people as possible to buy every cryptocurrency. Unlike many starter project, Binance has soon become one of the world’s most prolific cryptocurrency exchanges, notorious for having the world’s largest trading volume, across what seems to be an infinite number of trading pairs. How did they do it? Of course, Binance have built a product that is easy to use and have allowed many users to adopt a whole host of very interesting cryptocurrencies. Therefore, the work put into the exchange by the Binance team and CEO Changpeng Zhao probably would have been enough to bring Binance to the top as a real contender, however, many people do argue that Binance would not have got this far if it wasn’t for Zhao’s ability to avoid China, a country that is taking a more and more authoritarian approach against Bitcoin and cryptocurrency. According to Blokt: "China shut down domestic crypto exchanges in September last year, a time when Zhao quickly relocated to Tokyo, where he was safe from Chinese officials. The exchange then quickly expanded to Singapore and Taiwan. While China-based operators were busy fighting the authorities, Binance got some precious time to build its business, said Zhao. The result — Binance made over $350 million in profit, mostly through transaction fees, in the first half of 2018 and served over 10 million users globally.” Zhao himself admits that the decision to move out of China and into Japan at that time was the perfect time to do it. Firstly, they avoided the new Chinese regulations that would have seen them have to close down, but secondly, it gave Binance the chance to built a monopoly and profit from the sudden reduction in local competition so to speak. It is thanks to Chinese regulation and Zhao believes has helped project his exchange to the very top. Will Binance ever return to its roots? Many people now ask if Zhao will ever return to China. Until a few months ago, it did look as if cryptocurrency trading would see a new light in China however, new regulations have been unrolled that have essentially reduced the cryptocurrency industry in China to nothing. As a result of this, we are safe to assume that China is not on the list of locations that Zhao is aiming to expand into. As a matter of fact, Zhao has since announced that he exists within a self-imposed exile from China now which really does suggest he has no plans to go back. What next for Binance? Of course, domination in China would help Binance go a long way in ensuring they can achieve total world domination. Even so though, Zhao still aims to take Binance as far as he can, conquering any other country that stands in his way. Recently, after moves that have seen offices open up in the likes of Malta and Jersey, Binance has announced that they will be opening full working exchanges in 10 more countries, giving 10 new demographics of customer access to the ever growing Binance exchange. According to Blokt: “Binance planned to open new exchanges in 10 countries. As part of the plan, it opened an exchange in Singapore last month. The next countries in the list include Uganda, Jersey, and Malta, the tiny European nation aiming to become the Blockchain Island. In these platforms, Binance could allow users to trade in crypto using their local fiat currencies, a feature that is most awaited.” These plans have already started to materialise, with a recent announcement that sets to see Binance team up with the Malta Stock exchange, something that will have a significant impact on cryptocurrency adoption in Malta and perhaps across the rest of Europe: “The company’s strides in Malta have been remarkable as it teamed up with the Malta Stock Exchange last month to create a new platform for security token trading. Not only this, but the company also acquired a five-percent stake in the blockchain-based bank Founders Bank in July.” Binance are on track to see total world domination. They are inspiring new cryptocurrency investment every day, something that can only benefit us as traders, investors and as a community. By being the world’s biggest exchange, Binance are upholding a reputation that guarantees safe and secure trading, on a platform that has been designed to be fair and accessible to all. Binance won’t let anybody stand in their way. Zhao has taken this coming very far already, but from what we are seeing now, it seems the real Binance story has only just begun. References Blokt googletag.cmd.push(function() { googletag.display('div-gpt-ad-1538128067916-0'); });