On July 4th, 2023, the Binance cryptocurrency exchange celebrated its 6th anniversary since launching in 2017. Over the past six years, Binance has grown from a crypto-to-crypto exchange offering 5 tokens in 2 languages to a platform supporting over 600 tokens across 40 languages with 140 million users worldwide.
Binance’s journey has not been without challenges. In 2017, China banned crypto exchanges and ICOs, forcing Binance to compensate affected users with $6 million from its own funds – over 40% of its treasury at the time.
Regulatory scrutiny intensified in 2019, prompting Binance to launch Binance.US to legally serve the U.S. market. Binance.US now has licenses in 43 states. Globally, Binance holds licenses and registrations in 17 countries, showing its commitment to compliance.
Binance also weathered the 2018 and 2022 “crypto winters” while continuing to innovate with products like Binance Launchpad, launched in 2019. Prudent financial management helped sustain the company through market downturns.
Looking ahead, Binance sees traditional finance firms entering crypto as validation of the industry. The company expects further DeFi growth and improved regulatory clarity.
Binance CEO Changpeng Zhao said the exchange’s goal is “to increase freedom of money for the world.”
As Binance hits 140 million users, its growth and resilience demonstrate the demand for cryptocurrency and blockchain technology. Binance’s focus on compliance while pushing innovation signals its ambition to build the future of finance. The exchange’s milestone is an encouraging sign for the crypto industry as it aims for mainstream adoption.
This article is based on the original news published on Blockchain News.
