Binance’s Next Chapter According to New CEO Richard Teng
Binance is evolving into a conventional financial company, with a board of directors, physical address, and financial transparency.
Binance is the world’s leading cryptocurrency exchange in terms of the trading volume between 2017 and 2019. Initially launched in China, the company moved its headquarters in Malta. It is believed that the move was in order to avoid severe regulatory hurdles.
The exchange was launched back in 2017 by Yi He and Changpeng Zhao (CZ). The latter is also the CEO of the company and one of the most prominent people within the entire cryptocurrency community.
Binance has managed to develop into something a lot more than merely a trading platform. In fact, it provides an entire ecosystem where users can trade, invest, and even earn interest on cryptocurrency they stake.
One of the more exciting developments for Binance was the Launchpad, which gave birth to a new phenomenon in 2019 called Initial Exchange Offerings (IEOs). Unlike traditional Initial Coin Offerings, IEOs saw the cryptocurrency exchange do a serious due-diligence prior to listing the coins for trading on their very own platforms. Almost all of the major exchanges followed in the footsteps of Binance.
Earlier in 2019, Binance also introduced a dedicated Bitcoin futures platform, in addition to margin trading. The volume quickly picked up and surpassed that of the main spot exchange.
Moreover, the exchange launched its native cryptocurrency called Binance Coin (BNB). The exchange is doing a lot to ensure its utility. Traders can use it to enjoy reduced fees; it’s also the only cryptocurrency accepted for IEO investments on Binance Launchpad, and so forth.
Binance is also considered to be one of the safest exchanges out there. It has introduced the Secure Asset Fund for Users (SAFU). The exchange allocates 10% of all of the trading fees to that fund, to provide its clients with protection in extreme cases. The funds there are stored in a separate cold wallet.
Binance is evolving into a conventional financial company, with a board of directors, physical address, and financial transparency.
BTS, PERL, TORN, and WTC will no longer be supporter by Binance.
In this interview with CryptoPotato, Richard Teng - Binance's new CEO - gives his two cents on the upcoming 2024
Davis said the asset's unusual reaction could be due to "bull market vibes" from the crypto space.
Binance's $4.3 billion settlement with the U.S. DOJ makes the competitive landscape "feel a bit more fair today," according to
Over 70% of Bitcoin supply has remained dormant for at least a year for the first time in its history.
The total holdings value in Binance has increased despite continuous outflows.
FTT has exploded by 100% in the past two weeks and around 300% on a monthly basis.
Bitcoin's price managed to recover all the losses induced by the settlement between Binance and the DOJ, while some altcoins
AXS/BUSD, CHZ/BUSD, FIL/BUSD, and USTC/BUSD are some of the trading pairs to be removed from Binance on November 24.