In a recent interview with Bloomberg, the CEO of Binance, the world’s largest cryptocurrency exchange could see profits of one billion dollars. The company was started in July 2017 after it raised $15 Million in an ICO. It has since seen incredible growth and has acquired 10 million users. To date.
You don’t go from zero to the top spot without a few hiccups. There were a couple of pumps and dumps scams that happened by exploiting the company’s API trading. There were also wallet vulnerability issues which have been resolved. Recently the company had to suspend trading and halt withdrawals as unusual activity occurred in Syscoin (SYS). The problem again was related to API users, and as a precaution the company had all users create new API keys.
It is remarkable that Binance has seen much of its growth in a bear market for Bitcoin and other Cryptocurrencies. It shows that the public interest in cryptos hasn’t fallen as far as many have thought. One of the issues with the cryptocurrency markets is that they are still immature and that the retail investor primarily drives them.
Binance which was previously located in Japan until they were forced to leave by Japanese regulators has since established Malta has their regulated jurisdiction. Malta has been aggressive in welcoming and promoting blockchain-based business. Malta recently passed three blockchain pieces of legislation. These include Malta Digital Innovation Authority Act, the Innovative Technological Arrangement, and Services Act, and the Virtual Financial Asset Act.
With Binance settled in a crypto friendly jurisdiction they will look to continue to expand market share by offering a FIAT trading solution. Binance will also look to expand to the market in Africa this year and open a location in Uganda.