And we have been profitable ever since.”Ī few months after it launched, Binance became the world’s largest cryptocurrency exchange by trading volume, surpassing its competitors. A month later, we reached 120k users and began to turn a profit. Many users across the globe flocked to us. Our actions received an overwhelmingly positive response from the global crypto community. “As it turns out, the world favors people who do the right things. Binance used $6 million (40% of its treasury at the time) to protect investors and their funds. ICO projects in China had to return the investments received to their investors.įollowing this latest development, Binance made a huge call to protect users as the prices of numerous coins and ICOs began to drop. ![]() Shortly after Binance launched, it was forced to exit the Chinese market after the government issued a ban on crypto exchanges and ICOs. The cryptocurrency exchange’s BNB Chain also powers everything from decentralized exchanges to storage applications. Six years later, Binance supports 600+ tokens in 40+ languages, with thousands of employees within the customer support team. In the early days, Binance had to borrow a customer support team and also had no marketing team. The cryptocurrency exchange was launched two weeks after the funding round, with 5 tokens in 2 languages. What began as a mere dream, has turned into a global platform that provides financial access to more than 140 million people all around the world, and hopefully billions more to come.”ĬZ revealed that in its early days, Binance raised US$15m equivalent in crypto and began its journey as a crypto-to-crypto exchange. “As Binance turns 6, it’s a chance to reflect on our journey together, share some stories and look ahead. CZ Sends Anniversary Message To Binance UsersĬhangpeng Zhao (CZ), the CEO of Binance, sent an anniversary message to the company’s millions of users globally. Binance was launched in 2017 and quickly rose to become the number one cryptocurrency in the world. Added liquidation data.Binance, the world’s leading cryptocurrency exchange, has turned six. 14, 19:20 UTC): Updated prices through the story. This was the largest long liquidation in a month. The sudden drop in prices caught traders who bet on higher prices off-guard, with $155 million of long positions liquidated, according to CoinGlass data. The break above $31,000, he said, doesn't seem "particularly convincing at this stage." “ still trading like an instrument in consolidation,” wrote Craig Erlam, senior market analyst for foreign exchange market maker Oanda, in an email to CoinDesk. The CoinDesk Market Index, a measure of crypto markets performance, was down about 4% over the past 24 hours. ![]() Other major altcoins were mostly lower, including ADA and MATIC – the tokens of smart contracts platforms Cardano and Polygon, respectively – each off more than 5% Friday afternoon, though still higher over the last two days. The token briefly toppled Binance’s BNB as the fourth largest cryptocurrency by market cap, but slipped back to fifth in the ranking after today's price drop. XRP was trading at about $0.69, or down 25% from a peak of $0.93 hit yesterday. ![]() The second largest crypto in market value had previously soared past $2,000 to hit a three-month high. Ether ( ETH) also sagged from its rousing Thursday to change hands at $1,900, a 4% decline.
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