Binance - a brief history of the development and success of the world's largest crypto exchange

If you ask any crypto investor what the world of cryptocurrency is associated with, then one of the associations will probably be the Binance exchange.

The Binance exchange is invariably well-known, it is preferred by a multi-million audience, its daily turnover is still the largest in the world, and the number of supported coins reaches 600, which is twice the same as the nearest competitor Coinbase. And the most amazing thing about the history of this legendary crypto exchange is that it was created by a former McDonald's employee.

Binance - the main milestones

The history of Binance begins in 2017, that is, only 5 years ago. And it took her only six months to get the status of a world-class blockchain platform. Its founder is a Chinese Changpeng Zhao, known in the crypto world under the nickname CZ (Changpeng Zhao). He started out as a burger salesman, then developed futures trading software on Wall Street, and in 2005 moved to Shanghai, where, as Director of Technology at Blockchain.info for the first time I got acquainted with the VTS. Zhao says that from the very beginning he was fascinated by cryptocurrency, and it literally captured all his thoughts. In the wake of this interest and armed with the available experience in 2017, he creates his own Binance crypto exchange, doomed to success. And then the following happens.

- already in 2017, $15 million was raised with the help of ICO, and the number of registered users on the platform reached 20,000 people.

- in 2018, the company decided to suspend operations for a short time to update the architecture of its virtual platform, and this step turned out to be extremely successful. Because within the first hour after the resumption of work, 240,000 new users registered on the exchange. In the same year, Binance received the status of the largest crypto exchange in the world, and Zhao's image appeared on the cover of Forbes.

- in 2019, the turnover of the exchange and the number of its participants is growing, the list of cryptocurrencies in circulation is expanding, the number of transactions is astronomically increasing.

- 2020 is the year of the beginning of the pandemic, which humanity has faced on such a gigantic scale for the first time. But even in these extreme conditions, the number of institutional clients attracted by the exchange exceeded the figures of 2019 by 68%. At the same time, the average daily turnover of the site reached $3.88 billion.

- 2021 was marked by the connection of 7 million new users to the exchange, that is, its audience increased by 33%.

The year 2022 proved that even such key giants of the crypto market as Binance are subject to the pressure of sanctions policy and global tensions.

In April, the exchange announced a ban on trading for users from Russia with a deposit of more than 10,000 euros. However, many experts agree that these are temporary measures, and when the crisis passes, Russian participants will again be able to use the opportunities of the exchange and its ecosystem without any restrictions.

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