![]() In May of 2019, Binance was the victim of a large-scale hack. Via Simplex’s software, users can now buy cryptos like Bitcoin, Binance Coin, and Ethereum with a Visa or Mastercard. The Binance-Simplex partnership allows users to buy cryptocurrencies on Binance’s site with their credit cards. Simplex is a FinTech company that provides guaranteed fraudless payment processing. Simplex PartnershipĪt the start of the year, Binance partnered with Simplex as a way to get involved in the credit card space. The company then launched Binance Uganda, with similar goals for the African continent. Binance Jersey works as an independent entity from, its parent company. This would operate as a fiat-crypto exchange on the British island of Jersey. 2019Ĭontinuing their island expansion, Binance opened Binance Jersey. Founders Bank works to help crypto and blockchain-related firms secure financial services from traditional banks. Binance also purchased a significant stake in Founders Bank, a Maltese financial institution. In September of 2018, Binance teamed up with the Malta Stock Exchange to enable trading of security tokens. They would then invest an additional $5 million into blockchain startups.īinance also announced that they would help the government of Bermuda to develop a regulatory framework for blockchain and cryptocurrencies. They also announced that they would donate $10 million toward tech-related educational programs through their Binance Charity Foundation. ![]() In mid-2017, Binance announced that they would be building their global compliance center in Bermuda. They planned to develop relationships with small island nations where they could build offices and set up partnerships. It also boasted 10 million worldwide users.Īs Binance continued to grow, the company entered a phase of aggressive expansion. As a new platform in the crypto space, Binance was able to quickly mobilize out of China and continue to scale its business while other companies were still figuring out how they would relocate.Īfter 6 months of being open for business, Binance had accrued a profit of $350 million, mostly from transaction fees. Post-Chinaīecause many exchanges were operating out of China at the time of the ban, Binance had a unique advantage. After about 165 days of operation, Binance had become the world’s largest cryptocurrency exchange with regards to traded value. Today, the exchange supports over 120 different coins.Ĥ5 days after went live, the platform had accumulated over 120,000 users with an average growth rate of 5,000 new registered users per day.Īlthough the company was originally headquartered in China, they soon had to relocate to Japan following China’s ban on crypto trading. 11 days later, the Binance exchange opened.Īt the opening of the exchange, the only cryptocurrencies available on Binance were BNB, BTC, NEO, LTC, and ETH. On June 24, 2017, after raising $15 million, CZ’s Binance Coin started its initial coin offering with 200 million tokens. In 2017, CZ noticed the sudden rise in coin offerings and decided to make a coin of his own. He even worked as head of development at for 8 months. He followed this by creating software for futures trading at Bloomberg’s Tradebook.įinding the work unsatisfactory, CZ left the stock market space and bounced around various crypto projects. A few years later, he graduated with a degree in computer science from Montreal’s prestigious McGill University.Īfter college, CZ helped to build a system designed to match trade orders on the Tokyo Stock Exchange. ![]() After the government exiled his family for being part of the intellectual class, the Zhao’s moved to Vancouver, Canada in the 80s, when CZ was a teen.ĬZ spent his pre-college years working at McDonald’s and doing other odd jobs to help relieve his family’s financial woes. Binance’s founder, Changpeng Zhao, known as CZ, was born in Jiangsu, China. Binance’s History and Humble Beginningsīefore we go into a history of Binance, let’s learn more about its creator. With a single BNB coin originally costing 10 cents, nearly two years later one token has a value of $39.57.Ĭurious how Binance went from an obscure Chinese crypto exchange to the world’s premier platform? Continue reading and we’ll walk you through a history of Binance and look at how they got to be the cryptocurrency powerhouse they are today. Since its initial coin offering (ICO) in July of 2017, the BNB market cap has risen to over $4.5 billion. Binance Coin (BNB) is the cryptocurrency that powers the Binance exchange. ![]()
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