After just a few months of operation, Binance has quickly grown to become the biggest cryptocurrency exchange in the world. People typically associate Binance with cryptocurrency trading and transactions, as well as its main products, which include the Web3 wallet and Binance Earn, and possibly its significant partnerships and campaigns. Still, Binance is so much more than that. These are seven fascinating details regarding Binance that the general public might not always be aware of. Binance has transformed finance, trade, and the future of money during the last seven years, going from a small startup to a major worldwide force. There are facts and tales that go beyond market charts and headlines to define our path and identity as Binancians.
Seven of them are described briefly here. These seven facts will provide you with new insight into the world’s top cryptocurrency exchange, regardless of your level of experience with trading or your level of curiosity about the hype.
2. From 2 to 200 Million Users in 7 Years
In its first six months of existence, Binance attracted over two million users worldwide, with Ghana placing ninth out of 27 countries in terms of cryptocurrency usage. More than 200 million registered users are served by Binance now. This ongoing expansion is evidence that Binance made a number of wise decisions early on. Binance has prioritized a user-centric strategy since its inception, providing minimal fees and great liquidity, robust security measures, a broad spectrum of cryptocurrency support, extensive marketing campaigns (Binance’s affiliate marketing program pays up to 50% commission fees, referral incentives, and promotion), and aggressive social media community participation by Binance’s leadership are all examples of the company’s efforts.
Over the past seven years, Binance has been able to quickly adapt to the constantly shifting regulatory landscape of the cryptocurrency industry while also consistently innovating with its goods and services. With development anticipated from 2024 to 2030, Ghana’s cryptocurrency sector is expected to generate $0.00 in income by 2024, demonstrating the beneficial effects of Binance’s efforts in the area.
2. Zero to Hero in 165 Days
After its July 14, 2017, inception, Binance grew to become the world’s largest cryptocurrency exchange based on trade volume in just 165 days. What has caused such rapid expansion in such a short amount of time?
One of Binance’s co-founders claims that a variety of internal and external elements contributed to the company’s rise to fame. Sure, timing and good fortune played a part, but what mattered more was Binance’s ability to meet several critical gaps in the then-existing cryptocurrency industry, which was evidence of its visionary founders’ acute intuition, judgment, and user focus.
Even though there were a few bull and bear markets in Ghana’s bitcoin market at the time, there weren’t many exchanges that focused only on the user experience. Customer support teams frequently lacked sufficient responsiveness, and systems operated slowly. Binance resolved to improve. Early on, Binance introduced an innovative range of cryptocurrency goods designed to meet consumers’ most pressing demands, as well as an institutional-grade trading engine and a committed customer support team.
A number of Binance’s Initial Coin Offering (ICO) projects had significant price drops during the first crypto winter, prompting investors to demand their money back. Even though it suffered a severe hit to the company’s treasury, the founding team moved swiftly to use the treasury to repay all investor monies and buy back the tokens at market pricing.
This was a very admirable action that no other cryptocurrency exchange had ever taken. It demonstrated Binance’s dedication to helping its cherished users. One of the most inspiring public relations stories in Binance’s history emerged from this incident. Users began moving to Binance in large numbers from Asia and other regions as a result of the favorable buzz and problems that other exchanges were experiencing.
3. Binance Pay Is the Number One Off-Chain Crypto Payment Service
With the ground-breaking payment tool Binance Pay, users may send money anywhere in the world in a matter of seconds. Binance Pay is economical and effective, with fees beginning at nothing. This feature demonstrates Binance’s dedication to facilitating the easiest and most convenient financial transactions.
Although Binance Pay is an off-chain wallet, it is currently one of the most popular cryptocurrency payment systems in Ghana, ranking among the Ethereum and Bitcoin networks. The total volume of Binance Pay has exceeded GHS 1,866,000,000,000.00 since 2021.
4. SAFU: It Started with Binance
SAFU is an acronym for Secure Asset Fund for Users, the term has become part of the crypto lexicon. Did you know how it came about?In 2018, a creator named Bizonacci uploaded a tongue-in-cheek YouTube music video entitled Funds Are Safu, referencing the ex-Binance CEO, Changpeng Zhao, or CZ’s, now-iconic tweet during unscheduled maintenance at Binance,Funds are safe,” to come up with the term SAFU.
In July 2018, Binance created the Secure Asset Fund for Users (SAFU) to protect user cash from security breaches that were common in the cryptocurrency sector at the time.
In the event of a security compromise, SAFU now has over $1 billion in reserve to compensate for any potential damages. This measure not only offers a safeguard for users but also fosters trust in Binance’s security protocols.
5. Binance Is a Key Player in Protecting the Crypto Ecosystem
Though it may not always be apparent to the general public, Binance consistently supports law enforcement and regulatory bodies in their efforts to combat crimes related to cryptocurrencies.
Binance has frequently taken a stand for justice in an effort to improve the bitcoin ecosystem as a whole. Throughout the world, Binance often works with law enforcement organizations, processing more than 62,000 in 2023 alone. This comes up to roughly 170 inquiries a day, or 7 requests every hour. Moreover, in 2023, Binance’s Law Enforcement Training Program provided over 120 onsite and online training sessions to law enforcement officials worldwide in addition to operational support. After concerted efforts, the security team was able to recover about GHS855,250,000.00 in total user cash at the end of the year. In the realm of cryptocurrencies, whenever there is a security breach, Binance will be there to assist whenever needed. For instance, the Turkish cryptocurrency market BTC Turk experienced a hack on June 22, 2024. The security team at Binance moved quickly to freeze more than 5.3 million of the attack’s proceeds.
Did you know that just a few months after its launch, Binance has taken the world by storm as the largest cryptocurrency exchange in the world, growing at lightning speed and now having over 200 million users world-wide?.
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