Through a tight timeline, these few exchanges I selected came to life way before Binance as I listed them in their Chronological order:
- eToro: 2006
- Bitstamp: 2011
- Bitfinex: 2012
- Coinbase: June 2012
- Robinhood:April 2013
- Huobi: 2013
- Gemini: 2014
Strangely but not odd, it took a whooping sum of $15 million to start Binance back in July 2017 through an initial coin offering. Fast forward to eight month later, Binance evolved into the largest cryptocurrency exchange by virtue of trading volume. Meaning since April 2018, Binance has been striving to proof doubters wrong and put lids on crypto bookers who called Zhao(CZ) fraud, the CEO never flinched regardless of the many conspiracies surrounding Binance and China.
It takes a monumental working effort to climb unto to be the most used top crypto Exchange in the world and Binance has done exceptionally well regardless of the nay saying and jabs thrown at it(them). Let's loom at Binance journey and how it made easy access a priority to every user all around the world, even in the US where there was a strict regulation, Binance US popped up to save the day.
Now, a lot of big time traders have called Binance to be the next MtGox, the famous and the supposedly largest Bitcoin exit scam that shook and affected many people. There are always bad players around and in as much as there is a thriving project, there are always the ones that wants to make a rug-pull or exit scam on people who put their trust in them. Sadly Binance has been called that severally and its to my outmost amazement that its has waxed stronger till today.
So many exchanges are out there thriving too but Binance has called so many people's bluff and retained its trust. Even when the fears of hacking attacks came, they made sure user funds are SAFU as the slang saying goes.
Changpeng Zhao popularly called CZ still remains one of the inspiring CEOs in the cryptospace, personally he has engaged me on Twitter a couple of times and that shows the humility of a man compared to others in the same space. Also, the best ideas comes from the public/masses/users and with an excellent team to bring those ideas to life. CZ and Binance occasionally ask for the opinions of their community on social media platforms(especially on Twitter) on improvement and complaints, its not strange such project evolves like the speed of light making other crypto exchange play catch up.
The most important role played by this entity was when the Nigerian Government made crypto transactions in Nigeria become illegal and how Binance speedily implements a P2P in other cushion the effect of panic selling on African users as Nigeria is one of the worlds largest users of crypto especially Bitcoin. This will remain one or the best move seen by a growth oriented plus users customers goodwill business entity and till now no other exchange will match such tenacity and grace.
Maybe you have called Binance the next MtGox, or you have not, facts is; the best crypto project listen to its community and takes their interest to heart. This is the winning strategy of Binance and I hope it continues to defy all negative expectations. Thanks for reading.