Binance: Congratulations To Their Team On A Major Success Story

[JollyGood]

https://www.msn.com/en-us/news/technology/crypto-giant-binance-looks-to-the-future-with-fiat-trading-and-a-decentralized-exchange/ar-AAAEB2o

https://techcrunch.com/2018/09/25/binance-looks-to-the-future/

1) Binance made a profit of $350 million over the past six months

2) Binance trades more than $1 billion in crypto volume a day

3) Binance is just a year or so old

So how did Binance CEO Changpeng Zhao and his team manage to go from being a start-up a year ago to what it is today?

With so many exchanges already out there operating for years, what made users go to Binance?

[LeGaulois]

Binance started to be popular when Bittrex fucked its users, many of them turned to Binance, especially because it didn't have a KYC. It gained is first users from the fiasco from other exchanges. And I suppose its token has something to do with it somehow. Anyway, it's a huge performance for its first year

[JollyGood]

Binance started to be popular when Bittrex fucked its users, many of them turned to Binance, especially because it didn't have a KYC. It gained is first users from the fiasco from other exchanges. And I suppose its token has something to do with it somehow. Anyway, it's a huge performance for its first year

Even if the fiasco from other exchanges pushed customers to Binance the truth is they could have gone elsewhere but Binance offered them something they felt they did not get elsewhere. Once those users went to Binance they stayed there too.

What makes Binance one of the top exchanges that retains its customers?

Yes you are right it is a huge performance for its first year trading. I was pleasantly surprised when I heard the new on those very impressive figures.

[harizen]

With the hype of Binance the moment it was commenced they truly gather lots of customers. They take that advantage and give their customers a service that other exchanges don't have so that surely others will stay. And with that good feedback at early phase, they managed to get even more customers and now end up to what they are now.

In crypto, the reliabilty of exchanges is really important that's why people stick to those exchanges that only have experienced a less bad feedback.

[hubballi]

With the hype of Binance the moment it was commenced they truly gather lots of customers. They take that advantage and give their customers a service that other exchanges don't have so that surely others will stay. And with that good feedback at early phase, they managed to get even more customers and now end up to what they are now.

In crypto, the reliabilty of exchanges is really important that's why people stick to those exchanges that only have experienced a less bad feedback.

What you said is correct, customer support should be good to get success in exchange or any other business. One more plus point is that they are from japan and in their country it is legal to use crypto currency. Which made more success to their exchange

[1Referee]

Binance did well, I have to give them that, but their foundation is fragile and very much subject how active regulators will become in the forthcoming years.

Binance is a squatter, it just enters a certain jurisdiction without bothering about registrations and licenses, which in current times regulators aren't really in the mood for to combat, but you can bet on it that this won't last endlessly. Japan is the first country to actively stand up, and as you can see, they left as soon as they felt the situation became too serious to ignore.

Seriously, how difficult is it for Binance to obtain the proper registrations and licenses to still operate in Japan? Japan is a crazy large market that will keep bursting out of its jacket. It just points out that they aren't interested in obtaining them, or they couldn't and won't be able to pass the requirements. They have never been hacked in the way other exchanges are hacked, and money is totally not a problem, so what is the problem?

[Brawnsugar]

https://www.msn.com/en-us/news/technology/crypto-giant-binance-looks-to-the-future-with-fiat-trading-and-a-decentralized-exchange/ar-AAAEB2o

https://techcrunch.com/2018/09/25/binance-looks-to-the-future/

1) Binance made a profit of $350 million over the past six months

2) Binance trades more than $1 billion in crypto volume a day

3) Binance is just a year or so old

So how did Binance CEO Changpeng Zhao and his team manage to go from being a start-up a year ago to what it is today?

With so many exchanges already out there operating for years, what made users go to Binance?

This is quite huge for a 6-month profit. Exchange businesses are quite lucrative as they win all the time, whether in a bears or bulls market condition. Users will always have to pay the fees for transactions irrespective of how the trade turns out. I came into the crypto space in June of 2017, and shortly after Bittrex started having some issues, which saw a lot of their users migrate to Binance, this caused the price of BNB to surge as well, as it was a cheaper option for payment of fees.

The recent report from the US Attorney-General's Office however showed they declined in participating in some exercise that required the provision of certain information as it affects their users. This I think wont augur well for them in the long run as they will not be able to break into certain markets, especially with regards to getting operations licenses

[JollyGood]

With the hype of Binance the moment it was commenced they truly gather lots of customers. They take that advantage and give their customers a service that other exchanges don't have so that surely others will stay. And with that good feedback at early phase, they managed to get even more customers and now end up to what they are now.

In crypto, the reliabilty of exchanges is really important that's why people stick to those exchanges that only have experienced a less bad feedback.

What you say is true but what was is that left Poloniex, Cryptopia and all those "older" exchanges behind and allowed the new kid Binance on the block to became a super giant?

[stompix]

Seriously, how difficult is it for Binance to obtain the proper registrations and licenses to still operate in Japan? Japan is a crazy large market that will keep bursting out of its jacket. It just points out that they aren't interested in obtaining them, or they couldn't and won't be able to pass the requirements. They have never been hacked in the way other exchanges are hacked, and money is totally not a problem, so what is the problem?

For certain the second one.
What was more troublesome was the way it unfolded.

Nikkei showed irresponsible journalism. We are in constructive dialogs with Japan FSA, and have not received any mandates. It does not make sense for JFSA to tell a newspaper before telling us, while we have an active dialog going on with them.

2:33 PM - Mar 22, 2018

The second day:

We received a simple letter from JFSA about an hour ago. Our lawyers called JFSA immediately, and will find a solution. Protecting user interests is our top priority.

That evening they were on their way to Malta, which has some very lax laws and is probably one of the last remaining tax heavens in the EU.

Something deep down there at Binance is probably wrong, they might be laundering money, cooking the books or manipulating the trades but it's pretty clear they want to make sure nobody is bothering them.

[Patatas]

So how did Binance CEO Changpeng Zhao and his team manage to go from being a start-up a year ago to what it is today?

By not being dicks by implementing strict KYC policies for low volume transactions. Being using the exchange for about 4 months with total satisfaction. I wish they just had a better login management system. I hate to solve those funny captchat's and login links every time I have to access the exchange.

With so many exchanges already out there operating for years, what made users go to Binance?

I only choose Binance because i didn't use any exchanges before and was quite known with fuck-ups some reputed services suffered.

[JollyGood]

With the hype of Binance the moment it was commenced they truly gather lots of customers. They take that advantage and give their customers a service that other exchanges don't have so that surely others will stay. And with that good feedback at early phase, they managed to get even more customers and now end up to what they are now.

In crypto, the reliabilty of exchanges is really important that's why people stick to those exchanges that only have experienced a less bad feedback.

What you said is correct, customer support should be good to get success in exchange or any other business. One more plus point is that they are from japan and in their country it is legal to use crypto currency. Which made more success to their exchange

I heard when they left China they went to Japan but then had to shift again and are now mainly based in Taiwan.

[1Referee]

Something deep down there at Binance is probably wrong, they might be laundering money, cooking the books or manipulating the trades but it's pretty clear they want to make sure nobody is bothering them.

I don't know what they are trying to hide, but I'm glad that at least someone here pays attention to what's going on. It's mind boggling how people take for granted that an exchange as Binance is safe and sound just because nothing (yet) has happened. Historically, all exchanges have gone through some sort of a scandal, and I'm pretty sure that Binance won't escape that doom cycle.

I wonder if they at whatever point in time will decide to no longer accept users from the US just like what Bitfinex did to shake off US authorities. If it happens, we will for sure know that something has been brewing for a long time. The freedom crypto exchanges enjoy right now won't last endlessly; at some point regulators will strike hard and show who's boss.

[JollyGood]

Binance always have development that's why many users trust this with so easy to use their trading site another thing if there's a new coins/tokens listed in their site i'm sure it will grow like hot now then more users,investors,traders use this because of that and if you compare this to other trading site they not list many alts like in some trading site i think they base that if the alts have potential to grow

Well their customer services seems to be on a much high level compared to something like Bittrex or Poloniex. They have to be doign that right because their complaints are so few and their daily volume statistics do not lie.

[BitHodler]

Well their customer services seems to be on a much high level compared to something like Bittrex or Poloniex. They have to be doign that right because their complaints are so few and their daily volume statistics do not lie.

It doesn't take much to have a better support department than Bittrex and Poloniex. I rank both exchanges slightly higher than an exchange as Yobit that usually doesn't give a shizzle about user complaints.

I think where other exchanges severely cripple their support department because it's quite expensive to scale up consistently, Binance has chosen to go big once and have it be a long term addition to their operation.

With over $1 billion in profits it doesn't surprise me at all that they can keep it up without any problems. Poloniex and Bittrex (and basically most other exchanges) aren't in the position to do the same.

[JollyGood]

Binance did well, I have to give them that, but their foundation is fragile and very much subject how active regulators will become in the forthcoming years.

Binance is a squatter, it just enters a certain jurisdiction without bothering about registrations and licenses, which in current times regulators aren't really in the mood for to combat, but you can bet on it that this won't last endlessly. Japan is the first country to actively stand up, and as you can see, they left as soon as they felt the situation became too serious to ignore.

Seriously, how difficult is it for Binance to obtain the proper registrations and licenses to still operate in Japan? Japan is a crazy large market that will keep bursting out of its jacket. It just points out that they aren't interested in obtaining them, or they couldn't and won't be able to pass the requirements. They have never been hacked in the way other exchanges are hacked, and money is totally not a problem, so what is the problem?

How would it be detrimental to Binance if they do not have a licence to operate in Japan? This is crypto land so they do not need a "licence" in many jurisdictions and people all over the world can use them.

I think it inappropriate to call Binance a squatter, they are doing quite well for a new business. They will have FIAT deposit and withdrawal from multiple geo-locations very including the UK.

[JollyGood]

Binance is on the verge of overtaking BCH by virtue of market capital. Amazing.

[artbart]

... but their foundation is fragile and very much subject how active regulators will become in the forthcoming years

I support this remark by 100%. The thing is that crypto community has to acknowledge, that compliance (KYC and AML) is coming full force and we'll have to accept it. Otherwise, crypto will not get massive adoption.
Current capitalization is still dust in the financial world. Sadly, we (crypto movement) are still quite easy and cheap to get destroyed.

[JollyGood]

... but their foundation is fragile and very much subject how active regulators will become in the forthcoming years

I support this remark by 100%. The thing is that crypto community has to acknowledge, that compliance (KYC and AML) is coming full force and we'll have to accept it. Otherwise, crypto will not get massive adoption.
Current capitalization is still dust in the financial world. Sadly, we (crypto movement) are still quite easy and cheap to get destroyed.

They are starting their own blockchain, they have opened FIAT related crypto in Europe.

Binance seems to be doing well.

[kenzawak]

Binance Set to Launch a Crypto Exchange in Singapore

https://coindoo.com/binance-set-to-launch-a-crypto-exchange-in-singapore/

Binance CEO Changpeng “CZ” Zhao revealed this exciting news at the Deconomy event in Seoul, South Korea. He back this up with a tweet which reads:

“#Binance Singapore will come online in April. It will be our next Fiat to Crypto exchange servicing $SGD [Singapore dollar].”

He, however, didn’t reveal more details regarding the project.

[Kemarit]

They also have this one, Binance Lite:

https://www.binance.com/en/blog/314949990117445632/Binance-Goes-Down-Under-Launches-CashtoCrypto-Service-in-Australia

And as we all know they have their launchpad, it's fourth, while other exchanges are struggling to have their first IEO.

https://support.binance.com/hc/en-us/articles/360026114611-Introducing-the-Matic-Network-MATIC-Token-Sale-on-Binance-Launchpad