On July 14, 2017, the largest cryptocurrency exchange in terms of trading volume, Binance, appeared at the moment. ForkLog read the corporate letter from the CEO of the platform, Changpeng Zhao (CZ), in which he thanked the employees, recalled important milestones in the company’s history, and shared plans for the future.
Zhao noted that at the time of its initial launch, Binance supported only five tokens and two languages – it now hosts more than 600 coins.
He also recalled the period in September 2017 when the Chinese authorities imposed a ban on cryptocurrency exchanges. According to him, at that moment the management made a “simple decision” to reimburse users $ 6 million from the company’s personal funds. Then this amount was 40% of the total budget of the company.
“As it turns out, the world prefers people who do the right thing. Our actions received an extremely positive response from the global crypto community. Many users from all over the world have been reaching out to us. A month later, we reached 120,000 users and began to make a profit,” wrote the head of Binance.
CZ talked about the difficult crypto winter of 2018 and noted that this period taught the company “smart financial management.”
The second market downturn in 2022 was more volatile, but Binance was “minimal exposed to most catastrophic events,” Zhao added.
The CEO of the exchange also reminded about investments in the Terra ecosystem in 2018. The company has not yet sold a single LUNA token. According to CZ, the initial investment of $3 million turned into $1.6 billion at its peak and then fell to almost zero.
He mentioned that the collapse of the hedge fund Three Arrow Capital did not affect Binance. In addition, the crypto exchange invested in the collapsed FTX, but exited the trade early on.
“In 2023, we saw the market start to recover. But we have also seen more regulatory scrutiny of the industry. […] Binance has an obligation to take the lead and work with agencies around the world to move the industry forward,” Zhao added.
Speaking about the future of the crypto market, CZ noted the arrival of institutionalists in the form of BlackRock, Valkyrie and Fidelity Investments. He believes it is “a test of technology and industry”. The head of Binance is also betting heavily on DeFi as a tool for interacting directly with blockchains.
Zhao talked about the emergence of a clearer regulatory environment, but clarified that the global adoption of digital assets is happening at different paces.
Summing up, CZ gave platform statistics:
140 million users worldwide; 11.9 million customers of the Binance Earn staking service; 11.5 million people in 70 countries have used the Binance Pay payment service; 2.4 million Binance Card holders; 3.9 million sales on the Binance NFT marketplace; Binance Labs has invested in over 200 projects; The company donated $28 million to charity.
Recall that in July, Binance appointed Eleanor Hughes to the position of General Counsel. She has 15 years of experience with Skadden, Arps, Slate, Meagher & Flom with a focus on litigation and contentious issues.
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