How Did Binance Change the Crypto Industry?

Binance is the largest and the most popular crypto exchange nowadays. It is the whole world with its own cryptocurrency, blockchain, NFT martketplace and a large community of adepts worldwide.

Let’s see how Binance’s CEO, CZ, succeeded in building the leading exchange and making a difference in the world.

How it all began

The founder, Changpeng Zhao (CZ), launched Binance in July 2017 and led its rise to the world’s top crypto exchange in just a half of year.

A Chinese-born immigrant in Canada, CZ came from humble beginnings, he even worked at McDonald’s. After graduating with a computer science degree, CZ went into software development. In 2013, he learned about Bitcoin and decided to dedicate his life to it. CZ even sold his apartment to buy the cryptocurrency.

Having worked some time for a crypto wallet provider and a crypto marketplace, OKCoin, CZ ventured into building his own exchange. He finally launched Binance through a $15 million ICO.

Why it became so popular

The innovative decisions CZ took to build Binance allowed the platform to overcome its rivals. Till now it offers high volumes, low fees, and distinct advantages to users.

This included the launch of a decentralized exchange called Binance DEX and the development of the BNB Smart Chain, along with the Binance Futures and Binance Coin (BNB) — which has become more than just a native token. To stay on trend, in June 2021 Binance presented its own NFT marketplace with lower minting fees for crypto artists.

Other important features CZ implemented into his exchange were AML (Anti-Money Laundering) and KYC (Know Your Customer) compliance. These verification procedures prevent scams and speculations, and their adoption raised the authority of Binance.

CZ himself names the things which make Binance successful. They are:

— Values

— Protecting Users

— Service

— Product

Were there any pitfalls?

Binance’s way was not that easy for sure. At the start, CZ and his team faced challenges when the value of BNB sank below ICO price. But that was fixed with a decision to transform Binance into a more decentralized operation with a global workforce.

Making a difference

Binance remains the leading crypto exchange, but aims to become even something more in this world. It’s interesting to see how the platform interacts and reacts not only to the challenges of the crypto industry, but also to the real-world events.

For example, Binance has set up the affiliate Binance.US to abide by financial regulations in the United States and stay in the legal field. Another great thing is that during the Russian-Ukrainian war, Binance allocated a $10M donation to help the Ukrainian refugees.

CZ is definitely leading a socially responsible and community-friendly business, which deserves respect, and maybe even adoption of some of Binance’s values.