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Binance Showcases Significant International Growth In 2019 Despite Rumors

October 23, 2019
Ross Peili

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Binance Showcases Significant International Growth In 2019 Despite Rumors

One of the largest cryptocurrency exchange markets worldwide, Binance, has been pretty active lately working with international regulators and government officials to ensure a smooth introduction of cryptocurrencies into the mainstream public, while at the same time proving wrong everyone who accused the platform of misbehaving, and of being an ‘unregulated’ market. 

For starters, Binance launched just a couple of years ago, and it managed to climb the crypto exchange ladder in no time, earning the title of the largest market by trading volume several times during the past years. 

While Binance initially started out of Shanghai, China, the company moved to Singapore, Japan, and eventually landed in Malta, where blockchain startups are getting a little bit more than just a warm welcome legal-wise. 






Many claimed that this is a trick to avoid regulations citing if Binance was operating under ‘legal’ frameworks it should be listed and used in the US as well. 

Binance not only has expanded in the US recently, but it is the exchange that made cryptos simple for most of us. From the ability to pay for your fees in BNB, to being able to trade practically any major cryptocurrency into any altcoin made Binance the choice of the many. 

Its native currency BNB is being used by traders as a utility token for the Binance exchange platform, as a stake token, and as a voting tool, among other utilities within the Binance ecosystem. It is the 7th largest cryptocurrency by market capitalization, with a market cap of nearly $3b USD. 

Latest developments

Binance.US, which is basically a Binance trading platform tailored for the US regulatory landscape, recently introduced 2 new altcoin listings. The first is a native stablecoin called BUSD (or Binance USD), and it’s practically a USD Tether (USDT), or simply a USD-pegged cryptocurrency run by Binance. The second is the world’s largest Internet Of Things DLT: IOTA.  

The company also joined Klaytn’s governing council this month, which is Kakao’s public blockchain network, alongside Korea’s largest automobile manufacturer Hyundai and other industrial giants who are tackling with blockchain technology, trying to find the gap between the future of autonomous decentralized networks and traditional industries. 

During the Open Innovations 2019 conference that took place in Moscow, Binance’s CEO Changpeng Zhao, announced that the first state-backed fiat currency to enter the popular cryptocurrency exchange market would be no other than the Russian Ruble, with more announcements to follow up the coming weeks. 

Binance was until recently a crypto-to-crypto only market before it introduced fiat gateways in Uganda, Singapore, Jersey and most recently in the US with BUSD. 

In general, the black-and-yellow crypto exchange is popping everywhere between G20 discussions to EU parliament debates, and it would be simply unfair to imply that it is an exchange afraid of being regulated.

Changpeng Zhao himself is open for discussions and has appeared in most major blockchain-focused events, political discussions, and financial watchdog’s roundtables, proving each and every time Binance is here to stay, and it is constantly evolving, even as we speak. 

Earlier this year, Zhao tipped away a possible Libra-like stablecoin called ‘Venus’, that is supposed to be a Libra-killer, based on Binance’s experience in the DLT sector and a series of successful token launches on the Binance platform. 

The company despite being operating outside China has strong ties with the Chinese government, with whom they also consult on the national cryptocurrency DC/EP. 

Verdict

The growing number of new Binance accounts should speak for itself, but in case you’re still in doubt, I can assure you you’ll come around and eventually use Binance after trying alternative cryptocurrency exchanges, and most likely you’ll settle with it for practical reasons.

Being an early adopter, I can only say that Binance has implemented the best practices to offer a secure, fast, and overall reliable cryptocurrency exchange and it has been clearly an influencer for many crypto exchanges that popped up later to Binance’s introduction. 

While you can’t buy and sell any given cryptocurrency at will on the platform, Binance has filtered the most viable cryptocurrencies and you can be sure the altcoin you’re trading is not going to disappear next day, as happens with a lot smaller exchanges. 

The way I see it, Binance has achieved something significant in the time given, and if this is just the beginning, I can only assume that Binance will be among the top-shelf companies of the future when talking about crypto, similar to Apple, Microsoft and IBM when talking about computing systems.