The largest cryptocurrency exchange Binance recently celebrated its 6th anniversary. The platform, which started as a crypto-to-crypto exchange with 5 tokens in 2 languages, now supports over 600 tokens in more than 40 languages, serving over 140 million users globally.
The company was launched six years ago after raising $15 million equivalent in cryptocurrency. Despite early challenges, including a ban on crypto exchanges and ICOs in China in September 2017, Binance has grown significantly. The company’s commitment to protecting its users was demonstrated when it used $6M of its own funds to compensate users affected by the ban, which was more than 40% of its treasury at the time.
Binance’s growth has not been without its challenges. In 2019, the company faced increased regulatory scrutiny, leading to the establishment of Binance.US to service the US market in a fully regulated manner. Today, Binance.US has 43 state Money Transmitter Licenses. Globally, Binance holds licenses and registrations across 17 countries, highlighting its commitment to compliance and regulation.
The company has also weathered two “crypto winters” – periods of market decline in 2018 and 2022. Despite these downturns, Binance continued to innovate, launching Binance Launchpad in January 2019 and maintaining prudent financial management to sustain market fluctuations.
Looking ahead, Binance sees traditional finance institutions like BlackRock, Citadel, and Fidelity entering the crypto space as a validation of the industry. The company also anticipates continued growth in DeFi and expects regulatory clarity to improve for the crypto industry.