Binance Universe (Part 2): The hack of the century and the journey to build trust

T
Comments: 0Views: 86

tech

Administrator
Bforum blockchain industry

How has Changpeng Zhao (CZ) - with his "specialty" outfit of a black hoodie, like a mix of Mark Zuckerberg and Steve Jobs - built nooks and crannies in the Binance universe? Explore Binance's "5 years - a journey" through Coin98 Insights' 3-part series of articles.



Binance's Evolution Journey (2019 - 2020)​

To review Binance's growth journey in 2017 - 2018, read Binance Universe (Part 1): Dreams Come True

2019 | Sun burn​


1. Outstanding numbers in 2019

Maintain the position of the world's leading cryptocurrency exchange:

  • The average daily trading volume is more than 2.8 billion USD.
  • Number of global users > 15 million.
  • Coverage > 180 countries and territories.
  • 40+ countries where Binance operates.
  • Listed 184 tokens (up from 151 at the beginning of the year).
  • There are 591 trading pairs (up from 396 at the beginning of the year).
  • Supports 16 languages.
  • Recover for users > 200 different tokens (worth over 8.8 million USDT).
Increase use case for BNB:

  • Burned more than 5.3 million BNB (worth about 207 million USD) (up from 120 million USD at the end of 2018).
  • 1,000,000+ users holding BNB (40% increase compared to 2018).
  • There are 180+ uses for BNB (up from 42 in 2018).
New financial instrument provides additional value to users:

  • The 24-hour trading volume on Binance Futures is at a record high of about 2.7 billion USDT.
  • Total trading volume on Binance Futures is around 99 billion USDT.
  • Margin trading with 29 coins.
  • 56 Margin trading pairs.
  • 65 lending products on Binance Lending .
  • Supports 16 tokens on Binance Lending.
  • 15 tokens are supported by Binance Staking .
More ways to convert fiat to crypto:

  • Set up 5 fiat-crypto platforms: Binance.US, Binance Jersey, Binance Singapore, Binance Uganda, and Binance Lite Australia.
  • Binance.US 24-hour trading volume soars after 2 months of launch, reaching 14 million USD.
  • Fiat Binance accepts 300+ payment methods.
  • Fiat Binance supports 170+ countries and regions.
Promote monetary freedom with a new decentralized ecosystem:

  • 4 system upgrades for Binance Chain (Galileo, Hubble, Archimedes, Heisenberg).
  • 121 trading pairs listed on Binance DEX .
  • Issue 165 BEP2 tokens through Binance Chain.
  • Record > 47 million transactions on Binance DEX.
  • > 330,000 registered addresses.
  • Record 24-hour trading volume of 520 million USD.
Provide a platform to support blockchain startups:

  • 11 token sales on Binance Launchpad .
  • Raised $56 million.
  • Open for sale > 1.7 million IDO tickets.
  • > 311,000 winning tickets.
Strengthening the blockchain community and giving to charity:

  • 2,607 global developers join Binance X (developer support platform).
  • Binance X supports 50+ projects.
  • 21 blockchain projects are mentored by Binance Labs .
  • 14 blockchain startups announced in the Binance Labs portfolio (+3 compared to last year).
  • > 3 million USD raised on Binance Charity (up from > 576,000 USD at the beginning of the year).
  • 100,000+ beneficiaries.
Educational development and blockchain analysis:

  • 854 articles on Binance Academy (up from 726 at the beginning of the year).
  • 240 words and terms.
  • 17 languages are supported.
  • 57 educational videos on YouTube.
  • 66 new reports published by Binance Research in 2019.
  • 38 in-depth analysis articles on cryptocurrencies.
  • 28 industry research papers and secondary market reports.
  • > 1,300 stories listed on Binance Info.
  • 32 podcast sessions and minipods have been conducted by Binance Podcast since its inception.
Discover revolutionary blockchain applications and support the development project:

  • 5 strategic acquisitions and investments (up from 2 in 2018): Jex, Dapp Review, WazirX, Mars Finance and FTX.
  • 1,000,000+ Trust Wallet downloads (up from 500,000 in 2018).
  • 30+ blockchains integrated by Trust Wallet (up from 1 in 2018).
  • 100,000+ different assets.
  • ERC20, BEP2, TRC10, ERC721 tokens are supported on Trust Wallet. Staking support for ERC20, BEP2, TRC10, Tezos, TRON and Cosmos tokens.
  • 1,000,000+ flight and hotel bookings on TravelbyBit, Binance's first strategic partnership.
Memorable moments with the global community:

  • 159 Binance meetups were held in 90 cities worldwide, attracting 18,000+ participants.
  • 66 global blockchain conferences in which Binance leaders are invited as keynote speakers.
  • 184 Binance Angels, a worldwide community of volunteers (up from 96 last year).

2. Outstanding events in 2019

January 2019

  • 03/01 - Binance Launchpad announces new projects with BitTorrent and Fetch.AI.
  • Jan 16 - Launch of Binance Jersey. The fiat-crypto platform offers fiat-to-crypto trading, using euros (EUR) and British pounds (GBP).
  • Jan 19 - Hosted Binance Blockchain Week in Singapore. The first major blockchain event organized by Binance includes the SAFU Hackathon, the Binance Conference… connecting cryptocurrency leaders with thousands of attendees.
  • 24/01 - Trust Wallet supports multi-blockchain, upgraded to version 2.0, with a vision to integrate all major blockchains.
  • 31/01 - Allows credit and debit card payments through Simplex.
February 2019

  • 06/02 - BNB enters the top 10 by market capitalization.
  • Feb 20 - Deploy testnet for Binance Chain.
  • Feb 22 - Binance Charity introduces Lunch for Kids program that improves the lives of millions of children globally.
March 2019

  • March 12 - Binance Labs Fellowships announces founding members to support developers and researchers.
  • March 20 - Binance Lite Australia launched.
  • March 24 - Binance Launchpad moves from first come first serve to a lottery model.
April 2019

  • April 23 - Binance Chain is launched. BNB becomes the private property of Binance.
May 2019

  • May 1 - Binance Podcast launches, providing a new source of information on the latest trends and moves in the blockchain space and Binance's role in that space.
  • 07/05 - Fix the security hole and prove the role of SAFU fund.
  • May 31 - Binance Charity, Uganda's Safe Future Foundation signs a memorandum to support 100,000 children.
June 2019

  • 04/06 - Trust Wallet integrates Binance DEX trading, allowing users to directly access Binance DEX from the wallet app.
  • 05/06 - 13 startups graduated from Incubation Program season 2.
  • 13/06 - Website upgrade to Binance 2.0.
  • Jun 17 - Release of BTCB, a BEP-2 token pegged to BTC, allowing Binance DEX to support BTC trading pairs.
July 2019

  • 10/07 - Binance Singapore officially launched.
  • 11/07 - Margin Trading launched.
  • Jul 13 - The market capitalization of BNB ranks 6th in the market.
  • Jul 14 - Binance celebrates its 2nd anniversary.
  • July 18 - Launch of Binance Staking.
  • 24/07 - Trust Wallet supports Binance DEX (BEP2 token) and Kyber Network (ERC20 token).
  • Jul 26 - Introducing Binance Trading, providing OTC trading services and supporting institutional clients.
August 2019

  • Aug 15 - Celebrating one year of Binance Academy, with about 3 million users with a total access time of nearly 4 million minutes (approximately 7.48 years).
  • Aug 19 - Binance app on app store.
  • Aug 19 - Binance announces the Venus project.
  • Aug 22 - Binance.com supports OCO orders.
  • Aug 26 - Launch of Binance Lending.
  • Aug 27 - Launch of Binance Referral Program 2.0.
  • Aug 29 - Launch of Binance X, developer support platform.
September 2019

  • 09/02 - Acquiring JEX, deploying 2 Futures testnets.
  • 06/09 - Issuance of BUSD (in partnership with Paxos).
  • September 13 - Binance Futures Launches.
  • September 17 - Binance invests in Mars Finance.
  • September 18 - Launch of Binance.US.
  • September 23 - Implement the Broker Partner program.
  • September 25 - Binance Koinal opens fiat gateways in >170 countries.
  • September 26 - Binance Staking launched, supporting staking 15 tokens for free.
  • September 27 - Trust Wallet supports staking.
  • September 29 - Implement the market maker program. Besides being brokers, liquidity providers can also register as market makers on Binance, maintaining a healthy trading environment for all.
  • September 30 - Reorganized the contest to vote for the most popular coin.
October 2019

  • 9/10 - Binance OTC launches in China.
  • October 15 - Binance and Amun launch BNB ETP on SIX Swiss Exchange, allowing investors from traditional financial markets to access BNB.
  • Oct 18 - Binance Futures raises leverage to 125x.
  • October 23 - Binance Lending launches flexible deposit feature.
  • October 24 - Binance lists its first fiat currency: the Nigerian naira.
  • October 26 - Trading volume on Binance Futures hits a record high, with 165,000 BTC (equivalent to >1.4 billion USD) traded in 24 hours.
  • October 29 - Binance Android App Supports Futures Trading.
November 2019

  • 11/05 - Binance partners with Advcash, supporting 4 new fiat currencies: euro, Russian ruble, Ukrainian hryvnia and Kazakhstani tenge.
  • 11/12 - Binance and HTC introduce EXODUS 1 smartphone - Binance Edition. This is the world's first Binance Chain compatible smartphone, with Binance Chain and DEX support, and pre-installed with Binance and Trust Wallet apps.
  • 11/19 - Deployment of fiat-crypto gateway in Turkey.
  • 11/19 - Binance Margin increases leverage to 5x.
  • 11/21 - Binance acquires India's leading digital asset trading platform WazirX.
  • 11/28 - Binance and TravelbyBit partner to issue crypto travel rewards cards. Users can add crypto to the card to book airline tickets and hotel rooms.
  • 11/29 - Binance Futures Launches ETHUSDT Contract, Max Leverage 50x.
December 2019

  • 12/2 - Acquired DappReview, a decentralized app information analysis platform.
  • 12/13 - Establishment of a fiat gateway in Latin America.
  • 12/13 - Partnership with peer-to-peer trading network Paxful, allowing users to buy BTC directly on Binance.com with 167 fiat coins.
  • December 26 - Invest in FTX, through which FTX helps create liquidity and products for institutional investors in the Binance ecosystem.
3. Looking back on the journey in 2019

If 2018 is seen as a kick-off, 2019 is a year of momentum for Binance with countless activities implemented.

Binance Ecosystem in 2019 - Source: Binance Year in review
A few factors that have contributed to this success can be summed up:

a. Reaching out to the world

2019 marked the expansion of Binance, the platform of Binance appeared in many countries around the world. From a headquarters in a small country, Binance now has more than 40 offices in many different countries.

And yet, Binance also cooperates with many traditional partners to bring crypto to more users, from general customers to financial institutions.

Source: Binance Year in Review
b. Token-tethered crypto market → Grow BNB

Crypto is attached to the token, when the token increases in price, it will create many positive effects for the project and similarly when the token decreases, it will have a bad impact on the project in general.

Realizing this, Binance has actively developed more features for the $BNB token, the asset class that represents the exchange. With the addition of many new features to the token and fast-growing platform factors that helped the x10 token price that year, the market capitalization reached the top 6, creating a good effect for the Binance ecosystem.

Application for BNB - Source: Binance Year in Review
c. Continue to focus on developing platform projects

Core products are still focused on by Binance, all of which have made great strides compared to 2018, thereby creating a positive feedback loop that helps Binance increasingly attract users, generate more revenue and increase reputation.

d. Boost marketing

In 2019, Binance launched a lot of referral programs (referral marketing) and events from large to small to attract more new users. Looking at the number of users growing, we can see that this is a very good move by Binance to increase the market share of the platform.

e. Develop a series of new features to capture user needs

  • Web upgrade.
  • Launching Margin Trading.
  • Launch of Binance Staking.
Binance Launches Binance Staking and Attracts Many Participants - Source: Binance Year in Review
  • Launch of Binance Lending.
  • Launch of Binance X.
  • Launch of Binance Futures.
  • Raise leverage.
  • Launch the app on the phone.
A series of new products and features are launched to meet the needs of users. It's all in the Binance ecosystem.

f. Create trust in users

The fact that hackers attacked Binance in Tokyo is nothing compared to the attack that happened on May 7, 2019. The hackers used various phishing techniques to gain control of several user accounts, and withdrew 7,000 bitcoins from Binance's "hot wallet".

After detecting this anomaly, the technical team immediately halted the withdrawal, and they focused on preventing hackers from continuing to attack the system. The team called CZ at 2am. He was shocked and swore a bit, but calmed down after a few seconds.


After the incident was contained, CZ announced to shut down Binance for a week. People can continue to trade on the exchange but cannot deposit or withdraw money. For the first four days, a team of 40 people worked through the night to repair and upgrade the security of the floor.

The focus on security and timely troubleshooting in a short time, plus the introduction of the SAFU (Secure Asset Fund for Users) insurance fund has built trust from users, giving them peace of mind. continue to deposit your assets on Binance. All of this creates a positive loop that increases the credibility and number of assets deposited into Binance.

2019 is a booming year for Binance, seizing the opportunity, having the right development strategy has helped the exchange stay ahead of its competitors and firmly maintain its position as the world's leading cryptocurrency exchange.

Year 2020 | Maintain the leading position​


1. Impressive numbers

  • Reached $15 billion in spot trades in 24 hours, an all-time high (up 5 billion from 2019).
  • 184 tokens are listed.
  • 37 billion USDT in 24-hour futures trading, an all-time high (up 34 billion from 2019).
  • 2.6 billion USDT open interest, an all-time high (18x year-to-date).
  • Binance Fiat has over $31.9 billion in trading volume.
  • Binance P2P reaches $6 billion in trading volume.
  • Binance Pool is the 3rd largest mining pool globally after only 9 months of launch.
  • 60 projects using Binance Smart Chain.
  • 600,000 wallet addresses on Binance Smart Chain.
  • >13,300,000 BNB burned in 2020 (> 5,300,000 BNB in 2019).
  • BUSD reached a market capitalization of 805 million USD (up from 31 million USD in 2019).
  • 22 liquidity pools are provided for 8 Binance Launchpool projects.
  • 5 million Trust Wallet users in 2020.
  • Binance Academy reaches 4.7 million users.
  • 1.5 million PPE donated to 400 hospitals in 26 countries to fight COVID by Binance Charity.
  • 953,000,000 page views and 50,000,000 users on CoinMarketCap (purchased by Binance in April).
  • Monthly trading volume increased by 760% on WazirX exchange (purchased by Binance in November 2019).
2. Notable events

January 2020

  • Binance Charity launches Australian bushfire donation program, pledging to support 1 million BNB for the cause.
  • Binance Launchpad launches its first project: WazirX (WRX) , India's most trusted bitcoin exchange with the world's first auto-matching P2P (peer-to-peer) engine.
  • Binance Launches P2P Merchant Program. Global P2P merchants can earn revenue by providing fiat currency payment solutions and enjoy zero transaction fees as well as professional service support from Binance.
February 2020

  • Introducing Binance Cloud, an infrastructure solution for customers and partners to launch digital asset exchanges leveraging Binance's leading technology, security, and liquidity.
  • Binance P2P Launches on Web and Mobile App. Users can buy and sell cryptocurrencies directly from other users with zero transaction fees. Since then, Binance P2P has recorded $6 billion in total order volume in 2020.
March 2020

  • Trust Wallet introduces Trust Wallet (TWT) token.
  • BUSD reached a market cap of 100 million USD after 6 months of launch.
  • Binance, WazirX Launch $50 Million Fund for Indian Blockchain Fund.
  • Binance Charity Launches Crypto Fund Against COVID, aims to raise 5 million USD in crypto (BNB, BTC, BUSD and XRP) to spend mainly on purchasing medical supplies for countries severely affected by the virus.
  • Binance Academy establishes blockchain research institute in China.
April 2020

  • Introducing Binance Cards, now accepted by > 46 million brands in 200 regions and territories.
  • The Binance OTC trading portal goes live.
  • Binance acquires CoinMarketCap, the most visited cryptocurrency website in the world.
  • Binance Futures climbs to No. 1 in the ranking of exchanges with crypto futures trading.
  • Launch of Binance Options, starting with bitcoin call and call options, with expiry time from 10 minutes - 1 day at market price.
  • Revealing the upcoming plans of Binance Smart Chain.
  • Launched its bitcoin mining pool. Binance Pool supports both PoW (proof of work) and PoS (proof of stake) mining.
May 2020

  • Binance Widget Launches on Brave Desktop Browser.
  • Launching a new ad posting feature on Binance P2P.
  • Binance Charity launches PPE Token, donates 200,000 masks in New York.
  • Launch of Leveraged Token (BLVT).
  • Invest in the Indonesian cryptocurrency exchange Tokocrypto.
  • Travala.com merges with Binance-backed TravelByBit.
June 2020

  • Binance opens direct bank transfers in Europe and the UK. The launch of live banking for EUR SEPA and GBP FPS allows all European users to deposit and withdraw fiat easily, quickly and inexpensively.
  • Binance Pool provides the Smart Pool service, which ensures the minimum bitcoin mining income is not less than the income from the FPPS payment method.
  • Support for buying cryptocurrencies with Visa credit and debit cards in more than 180 countries.
  • Launch of Binance Access, a new business-to-business (B2B) solution that enables merchants, vendors, and wallets to have fiat-to-crypto exchange features on their platform.
July 2020

  • Support for PoS staking, operated by Binance Pool.
  • Acquired Swipe, a leading multi-asset digital wallet and Visa debit card platform.
  • BUSD hits the $1 billion mark.
  • Host The Charts Virtual Conference, with > 80 speakers, > 30 discussions and talks, and 5 keynotes.
  • Official launch of the Binance Australia cryptocurrency trading platform.
August 2020

  • Binance Labs leads a $2.8 million 1-inch funding round.
  • Help arrest a group of criminals who launder $42 million.
  • Binance Staking Launches DeFi Staking, allowing Binance users to participate in DeFi products through one click.
  • Binance Dual Saving launched.
  • Binance P2P adds 58 new payment methods.
  • CryptoSafe Alliance launches to enhance crypto security by combating crypto fraud and bad actors in the crypto and blockchain space.
September 2020

  • Launch of Binance Smart Chain (BSC) , the new blockchain that runs in tandem with Binance Chain.
  • Join the Blockchain Community in Europe.
  • Launch of Liquid Swap, a new trading platform that hosts different pools of liquidity, allowing users to exchange crypto assets and monetize their pooled funds.
  • Binance TR goes live, signaling its official entry into the Turkish market.
  • Launching a $100 million Accelerate fund for DeFi projects that want to build their solutions on top of BSC.
  • Launch of Binance Innovation Zone, allowing users to trade new and popular tokens in the market.
October 2020

  • Build Binance Bridge (formerly known as Project Panama), allowing users to connect their cross-chain assets from centralized or decentralized wallets to both BSC and Ethereum B-Tokens.
  • Launch of Binance Earn, a one-stop earning experience.
  • The BSC Accelerator Fund spends 10 million USD to support liquidity for the launch of projects based on the BSC ecosystem.
  • A $5 million reward for BSC's BUIDL Program for developers building dApps on BSC.
November 2020

  • Help recover over 344,000 USD lost from WineSwap scam.
  • Announced partnership with Gitcoin to support a more active blockchain developer ecosystem.
  • Donate 100,000 USD for round 8 of Gitcoin's Grant Matching program.
  • Revealing the first 6 projects supported through the $100 million BSC Accelerator Fund.
  • Binance P2P introduces a new ad sharing function to help users have more transactions.
  • Binance Charity donates $10,000 and works with UNICEF to help recover Beirut after a tragic event in the city.
  • Binance's brokerage program introduces 400 brokers globally in over 30 countries, generating >2 million USD in income per month for brokers.
December 2020

  • Launched ETH 2.0 Staking Service , providing ETH 2.0 participants on Binance with BETH, tokenizing user deposits in ETH 2.0 pool on Binance at a 1:1 ratio.
  • Launch of OTC Trading Portal & Combined Conversion.
  • Binance Pool rises to Top 3 mining pools in the world, less than 8 months after launch.
  • New strategic partnership with Chiliz.
  • Binance Labs led a $12 million investment round for MATH.
  • New Bitcoin ATH Celebration Event on Binance Exchange (reached > 24,000 USD).

3. Looking back on the journey in 2020

a. Phoenix reborn


2020 saw the onset of the COVID pandemic - a "Black Swan" that caused the whole market to crash, but from the ashes crypto once again reborn and flourished. Binance is no exception.

reap the fruits

The time when the market recovered is also the time when Binance showed its internal strength and preparation during the downtrend period 2018 - 2019:

  • Binance Spot, Futures and Margin: Trading volume, Open interest reached ATH.
  • Binance Launchpad: Support launching many quality projects.
  • Binance Fiat supports an additional 40 fiat currencies.
  • Binance P2P- 760% increase in users.
  • Financial services Binance Earn, Binance Pool, Binance OTC Portal all attract more investors.
⇒ These products/services have all developed in the period of 2018 - 2019. When there is a need, Binance is a very good service provider for investors.

If the period 2017-2019 was a three-horse race between Binance, Okex and Huobi, by 2020, Binance has proven its superiority.

Source: Coin98 Analytics
The daily trading volume on Binance in the last days of 2020 is even close to the total trading volume on the other 9 major exchanges combined.

Coming to the top, but still having a high growth rate, this is the scary thing about Binance, constantly taking market share from other parties.

Not only has the total trading volume increased by more than 51% over the same period last year, Binance's market share also increased sharply from 29% at the beginning of the year, to 45% at the end of the year (according to Coingecko).

Regarding the Futures market, Binance also has a strong growth rate.


If before 2020 Deribit and Bitmex dominated the market, by 2020, along with Okex, Binance has risen to occupy the 2nd highest market share in the market. In April 2021, Binance's market share even reached 1st.

In conclusion, 2020 witnessed the rise and dominance of Binance in the field of Exchanges.

New steps

Binance has merged Binance Lending into Binance Earn, thereby providing an attractive money-making venue for users. In addition to Lending, Binance also integrates into Binance Earn services such as Binance Staking, Binance Farming, and later Dual Investments. Compared to transactions, these are all attractive services that make it easier for users to make money.

2020 also saw the development of a number of major products, which had a lasting influence on the future success of Binance:

  • Binance Options : This is one of the important Derivatives (derivatives) pieces in the financial market. Along with Margin & Future, Binance provides a suite of financial products to serve the needs of users, and Binance's Options product is also easy to use and user-friendly.
  • Binance Cards : A consumer card product, used for payments in over 140+ brands. Binance Cards is the arm that helps Binance penetrate the global electronic payments market - a huge trend with recent rapid growth.
  • Binance Innovation Zone : Binance has a variety of listing forms to support the project. During 2020, Binance launched the Innovation Zone, which supports the listing of DeFi tokens on the market. This is a good move in the context of the booming DeFi wave ⇒ Helping Binance users access reputable and prominent DeFi coins in the market, while also keeping them at CeFi.
  • Binance Launch Pool: This is a new form where BNB and BUSD holders can participate in receiving tokens for free. 8 projects with a total of 22 pools on the Binance Launch pool have attracted more than $900 million in locked value.
With 6 products in 2018, 7 products in 2019, and 10 products in 2020, “always leading and growing day by day” is probably the motto of Binance. This platform is always improving and getting better over time, many of Binance's products have even created a "trend" for other exchanges to follow.

Binance continuously launches many products over the years
DeFi Gate

In addition to the above 4 products, Binance also launched a more prominent product, possibly also the future of Binance later - Binance Smart Chain (BSC).

Binance Smart Chain is the biggest product of Binance in 2020, it is the gateway to transition from CeFi to DeFi, because the future of crypto will be DeFi.


BSC is a blockchain built on the EVM virtual machine mechanism, using BNB as the native token. During the period when DeFi became mainstream and Ethereum was too expensive, BSC quickly attracted users and developers.

There is so much to say about BSC in 2020:

  • 60 projects using BSC
  • 600,000 wallet addresses on BSC
  • 3,000,000 BNB staked by BSC validators
  • 40 wallets offered on Binance Chain & BSC (up from 30)
  • $344,000 Recovered For BSC Users After WineSwap Exit Scam
The birth of BSC marks a new development in CZ and his teammates' "Binance Universe" Development Journey. Together with Binance Exchanges, BSC is a breakthrough product that helps Binance expand its ecosystem.

To sum up, 2020 marks the success and rise to dominance of Binance CEX when providing a lot of good services to users (mostly prepared in advance), and opening the Decentralize portal (decentralized). middle) when developing the BSC.

Legal undercurrent

In 2020, Binance once again faced an undercurrent of legislation - an age-old problem in the crypto space. On October 28, 2020, Forbes magazine published leaked documents, alleging that Binance and CZ designed a complex company structure to intentionally mislead US regulators and secretly profit from domestic crypto investors. Binance officially blocks access from US-based IP addresses, but "potential customers will be shown how to avoid geo-restrictions," Forbes wrote.


Geography has always been a gray area in the formation and development of Binance. In May 2020, CZ told a former Forbes employee that Binance's headquarters were wherever he was. This isn't exactly a rebuttal answer, but rather it paints an ideal vision of blockchain's decentralized power. “ I think this is the beauty of blockchain,” he said. “Like where is the Bitcoin office? Bitcoin has no office".

But regulators disagree with CZ on the “borderless” issue of this cryptocurrency, and this is the premise for Binance to face even bigger legal troubles in the future.
 

Please login or register to comment here.

Members online

No members online now.

Forum statistics

Threads
930
Messages
974
Members
1,008
Latest member
ntna
Top