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

in #cryptocurrency7 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

Sort:  

You got a 50.22% upvote and resteem from @singing.beauty courtesy of @wealth4good. Thank you for using the @singing.beauty UPVOTE and RESTEEM bot.

If you are looking to earn a passive no hassle return on your Steem Power, delegate your SP to @singing.beauty by clicking on one of the ready to delegate links:
50SP | 100SP | 250SP | 500SP | 1000SP | 5000SP | Custom Amount

You will earn 80% of the voting bot's earnings based on your delegated SP's prorated share of the bot's SP pool at the end of EACH voting round! That is up to 38.5% APR! You can also undelegate at anytime.

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

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.

Wonderful post ..thanks for sharing...Best of luck friend ✫

this is the best bot for steembottracker clik here https://steemit.com/bots/@hassanbenali/the-best-bot-for-service-how-to-create-steem-bot-tracker

Transfer 0.200 SBD or 0.250 steem to @mrbean1 and put the link of your post in the public memo you get 5 good UPVOT and resteem by @mrbean1 +followers

This post has received a 48.89% upvote from thanks to: @wealth4good.
For more information, click here!!!!

Try the new Minnowhelper Bots for more information here

Do you know, you can also earn passive income after every bidding round simply by delegating your Steem Power to @minnowhelper?
you can delegate by clicking following links: 10 SP, 100 SP, 500 SP, 1000 SP or Another amount

Help support @minnowhelper and the bot tracker by voting for @yabapmatt for Steem witness! To vote, click the button below or go to https://steemit.com/~witnesses and find @yabapmatt in the list and click the upvote icon. Thank you.

Voting for @yabapmatt

Loading...

This post has received a 1.96 % upvote from @booster thanks to: @wealth4good.

You got a 2.66% upvote from @upmewhale courtesy of @wealth4good!

Earn 100% earning payout by delegating SP to @upmewhale. Visit http://www.upmewhale.com for details!

This post has received a 5.35 % upvote from @boomerang.

This post has received a 25.00% upvote from @aksdwi thanks to: @wealth4good.

Great post. One of these days I might even begin to understand how crypto currencies function. Just a big mystery at the moment, but learning gradually.

You got a 18.18% upvote from @brandonfrye courtesy of @wealth4good!

Want to promote your posts too? Send a minimum of .10 SBD or Steem to @brandonfrye with link in the memo for an upvote on your post. You can also delegate to the bot for daily passive earnings. Learn more here

This post has received a 16.67% UpGoat from @shares. Send at least 0.1 SBD to @shares with a post link in the memo field.

Interested to earn daily? Delegate Steem Power to receive 95% payout rewards. Use this link https://on.king.net/shares to delegate SP to @Shares. Join us at https://steemchat.com/ discord chat.

Support my owner. Please vote @Yehey as Witness - simply click and vote.

Release the Kraken! You got a 2.52% upvote from @seakraken courtesy of @wealth4good!

You got a 6.13% upvote from @brupvoter courtesy of @wealth4good!

You got a 20.28% upvote from @redlambo courtesy of @wealth4good! Make sure to use tag #redlambo to be considered for the curation post!

This post has received a 10.00% upvote from @lovejuice thanks to @wealth4good. They love you, so does Aggroed. Please be sure to vote for Witnesses at https://steemit.com/~witnesses.

You got a 8.43% upvote from @thebot courtesy of @wealth4good!
Please delegate us Steem Power & get 97% daily rewards share!
20 SP, 50, 75, 100, 150, 200, 300, 500, 1000 or Fill in any amount of SP.
Click For details | Discord server

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!

We recommended this post here and here.

We are Discover Steem, if you like our work consider giving us an upvote. :) If you don't wish to receive recommendations under your posts, reply with STOP.

They dont have a bank account? Understatedly weird.

You got a 27.78% upvote from @steembloggers courtesy of @wealth4good!

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?

You got a 20.00% upvote from @proffit courtesy of @wealth4good!

You got a 9.63% upvote from @luckyvotes courtesy of @wealth4good!

sneaky-ninja-sword-xs.jpg

Sneaky Ninja Attack! You have just been defended with a 3.03% upvote!
I was summoned by @wealth4good. I have done their bidding and now I will vanish...


woosh

A portion of the proceeds from your bid was used in support of youarehope and tarc.


Abuse Policy
Rules
How to use Sneaky Ninja
How it works
Victim of grumpycat?