The best things about Binance are:

• The trading fees are low, and with BNB can be reduced by half
• The markets are liquid so you can get a trade at the market price
• Lots of coin listings
• The UI is pretty quick allowing you to trade in fast moving markets

This all compares pretty well with other exchanges at the moment.

The main part of their business model is taking a trading fee, so a percentage of each trade. As long at they have enough trades to cover their expenses the business model should be solid.

Competition will be their biggest concern. Some exchanges are now innovating with their own tokens, offering tokens to compensate for the trade fees for example. Binance will need to keep competitive or risk losing market share.

The influence of decentralised exchanges will be interesting. Exchanges where the funds are all held on your own wallet are likely to be popular given the risk exchanges have faced with hacking. This could change the whole picture in a year from now.