Five years ago, a “Big Bang” occurred in the crypto universe and gave birth to Binance. It was formed out of nowhere and became the largest cryptocurrency exchange in the world in terms of the daily trading volume.
"No decentralized exchange today can handle our volume, and none are as secure as we are,” said Binance’s founder. CZ implied that despite various advantages of DEXs, Binance - as a CEX - will still thrive in the crypto market. And that’s true, perhaps there is no DEX big enough to replace Binance shortly.
A dream come true
Founded in 2017, Binance took only 6 months to become the world's largest cryptocurrency exchange by trading volume - something few can do. The name Binance stands for Binary and Finance, according to the company, it means trying to combine digital technology and finance.
This platform is a dream come true for CZ, a Chinese-Canadian business executive, who was previously a member of the team that developed Blockchain.info and also served as chief technology officer of OKCoin. After learning about Bitcoin during a poker game with his friends in 2013, CZ sold his house to go all-in with this coin.
Understanding that there was an opportunity for growth there, the future CEO of Binance was thinking about starting his own pure-play digital asset exchange that would not touch fiat currencies. But it wasn’t until 2017 when the ICO boom gained steam and volume began to soar, that CZ decided to make his move. The $15 million he raised in Binance’s 200 million token crowd-sale caught Bitcoin’s breathtaking ascent perfectly.
This event was the beginning of Binance’s era in crypto.
1. Changpeng Zhao (CZ)
Changpeng Zhao (CZ) is the “magician” behind all the success of the Binance universe. After graduating from university, he received an internship in Tokyo working for a subcontractor of the Tokyo Stock Exchange, developing software for matching trade orders. He then worked full-time for four years at Bloomberg Tradebook where he was a developer of futures trading software.
According to Bloomberg Billionaires Index, CZ is ranked 113th richest in the world with a net worth estimated at $14.9 billion as of May 2022.
2. Binance Coin - BNB (July 2017)
BNB is the native token of the Binance crypto exchange. It was launched originally on the Ethereum blockchain but later migrated to Binance Smart Chain, now called BNB Chain.
Holders of BNB with Binance accounts can access discounted fees on the exchange. That means demand for the token is linked to the exchange’s services.
Considering that the utility token’s discount rate depreciates with time, the same is also expected for the actual token. To counteract this, Binance has committed to removing 100 million BNB, or half of the total supply from circulation, through a process called burning. The main purpose of ‘the burn’ is to stabilize the price of BNB tokens to fit the market requirements and changes.
Now, BNB is not only used as a utility token within the platform but has also gained more case adoption. For example, you can use it to pay for goods and services through POS systems such as Pundi X, TravelbyBit, and crypto.com. It is also acceptable as collateral for crypto-backed loans by NEXO.
3. Binance Exchange (July 2017)
Binance Exchange is one of the most important components of the Binance Universe. This is the largest and fastest-growing crypto exchange today. The exchange currently supports 364 tokens and 1,440 trading pairs. It also has all the necessary financial products for investors such as Cross Margin, Isolated Margin, Futures, and Options.
4. Binance Institutional & VIP Services
After launching the Exchange, Binance gave favor to VIP traders and Organizations trading on the exchange. They can trade and do OTC with incentives such as: paying cheaper fees, using higher leverage, increasing profits from providing liquidity, and accessing high-level services such as Custody, Sub-account, API, Broker, and Report.
5. Binance Chain & Binance Smart Chain
Shortly after entering the crypto market, Binance launched its proprietary blockchain called Binance Chain, after which they moved BNB tokens from Ethereum to the new blockchain.
This move made Ethereum incur losses as the tokens had contributed to earning Ethereum a trading volume of $430 million. Also, some projects, which were based on Ethereum, decided to move to Binance Chain.
In February 2022, Binance Smart Chain and Binance Chain were merged under a new name, BNB Chain.
6. Binance Labs (2018)
After going into operation, Binance set its eyes on the investment by launching Binance Labs. This division appraises, invests, and supports entrepreneurs, startups, and the worldwide blockchain community. It also provides finance for other crypto projects to help the blockchain ecosystem grow more strongly.
7. Binance Academy (mid-2018)
Following Binance Labs, Binance Academy was born and became the leading blockchain and education platform about cryptocurrency. It includes thousands of hours of content on blockchain, cryptocurrency, and economics... which help new users learn about the crypto market more easily and efficiently.
8. Binance Research (December 2018)
Realizing that Binance Academy alone could not meet the needs for crypto knowledge of the community, CZ founded Binance Research. This is a research division dedicated to providing valuable, in-depth institutional-level reports neutrally, thereby assisting investors to make more informed decisions in the crypto market.
9. Trust Wallet (2018)
Along with the transaction, users need a cryptocurrency wallet to store coins, and Binance decided to acquire Trust Wallet. This wallet allows users to send, receive, and store Bitcoin and many other cryptocurrencies and digital assets safely and securely.
Users can also use Trust Wallet to earn interest in their cryptocurrencies, play blockchain games, and access the latest DApps and DeFi platforms. However, currently, the number of tokens that the wallet supports is still small.
10. Binance DEX (April 2019)
After the CEX, the platform continued to launch a decentralized exchange – Binance DEX. The objective was to get rid of centralized custody of funds which enables traders to take control over their private keys and investments. Moreover, the platform looks forward to supporting new projects hoping to raise money or liquidity.
11. Binance Launchpad (2019)
To help all Binance users be able to access quality projects easily, Binance launched Binance Launchpad. This is the exclusive token issuance platform of Binance, aiming to support the cryptocurrency ecosystem.
12. Binance Charity (2019)
Gaining huge profits from the market, Binance plans to give away money for good causes with Binance Charity. This is a non-profit organization aiming to promote charity and create global sustainable development through blockchain technology.
13. Binance Cloud (2020)
In 2020, seeing high demand from customers and partners in launching crypto asset exchange, Binance launched Binance Cloud. This innovative platform leverages Binance's advanced technology, security features, and high liquidity.
14. Binance Broker (2021)
Binance has shown a special interest in corporate customers by launching Binance Broker. This program allows corporate customers to build businesses and earn commissions on trading fees by taking advantage of the high and abundant liquidity of the trading market on Binance.
15. Binance Live
16. Binance Gift Card (2021)
This is the attempt of Binance to bring crypto closer to “non-crypto” users. The service helps people send crypto gifts to friends, family, and other people in a moment. After redeeming the gift card, they can immediately transfer crypto from their wallet to other wallets to start trading.
17. Binance Subsidiary Platforms
To address the specific concerns of various authorities and also serve its users better, Binance has created several subsidiary platforms for specific regions. These include:
a. Binance Uganda (June 2018)
It is a fiat-to-crypto cryptocurrency trading platform designed to serve the people of Uganda. The platform allows traders to buy Bitcoin and Ethereum tokens in exchange for Ugandan shillings (UGX). Available trading pairs include BTC/UGX and ETH/UGX.
Within the first week of launching, Binance managed to sign over 40,000 users. This was an impressive achievement considering that over 70% of Ugandans do not have bank accounts. To facilitate payment, Binance conducts transactions via mobile money.
b. Binance Jersey (January 2019)
It offers fiat-to-crypto services within Europe and the U.K. Binance Jersey (Binance.je) is the result of a partnership between Digital Jersey and Binance.
It was formed to support the growing blockchain system in Jersey. Through the platform, traders can trade Euro (EUR) and British Pounds (GBP) in exchange for Bitcoin and Ethereum. Trading pairs include BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR.
According to Wei Zhou, Binance CFO, the platform opens up new opportunities for traders within Europe and also grants them freedom from the uncertainties that come with Brexit.
c. Binance Lite Australia (March 2019)
Binance Lite Australia marks Binance’s first fiat gateway on the blockchain continent and provides a secure and reliable cash-to-bitcoin brokerage service through a network of 1,300+ supported Newsagents across Australia.
The platform currently offers the option to buy bitcoin in Australia using cash (AUD), with plans to support more digital currencies and fiat purchasing options in the future. By bridging the gap between cash and cryptocurrency, Binance Lite Australia provides a user-friendly platform that further strengthens cryptocurrency adoption in Australia.
d. Binance Singapore (July 2019)
Binance launched another subsidiary based in Singapore – (Binance.SG). This is a fiat-crypto exchange platform that enables users to purchase cryptocurrency coins including Bitcoin, Ethereum, and Binance, using Singapore Dollars (SGD).
The platform was formed from a partnership between Binance and Vertex Ventures (a global network of operators and investors who combine efforts to manage portfolios in India, Israel, Southeast Asia, China, and the U.S. A local payment partner and platform Xfers (Fintech startup) is also part of the deal. Xfers helps support the Binance Singapore platform’s transactions with an integrated account onboarding process.
These partnerships and its core technology have enabled Binance to come up with favorable transaction rates. Currently, it charges the lowest transaction fees within the Singapore crypto market.
e. Binance US (September 2019)
This is a fiat-to-crypto exchange platform that is tailor-made for U.S residents. Traders can purchase available cryptocurrency coins in exchange for USD. Though Binance had planned to have about 30 cryptocurrency tokens in the new platform, the regulatory measures on U.S soil have forced Binance to only include 8 tokens in its listings.
These are Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), XRP, US Dollar Tether (USDT), Litecoin (LTC), and Binance Coin (BNB). Also, not all states shall be free to use the new platform – users from North Carolina, Idaho, Texas, Washington, Vermont, Connecticut, Alabama, Alaska, Hawaii, Louisiana, New York, Georgia, and Florida cannot access it for now.
In April, Binance.US completed its first funding round, raising over $200 million at a $4.5 billion valuation. The round attracted an all-star cohort of venture capital firms, including RRE Ventures, Foundation Capital, VanEck, and Circle Ventures.
In the future, Binance hopes to open similar subsidiaries in other countries within Africa including Kenya, Nigeria, and South Africa. Generally, opening tailor-made subsidiaries has worked to the advantage of Binance as it helps the platform better focus on the particular needs of a given market. This earns them more customers thus leading to growth.
18. Binance Blockchain Week (BBW)
This is the annual event of Binance starting in 2019, bringing together some of the blockchain and crypto community's biggest names and most daring innovators.
The Development Journey Of Binance (2017 - 2018)
2017 | The Beginning of the Binance Era
1. Highlighted figures
First day of launch: 9,000 subscribers.
After 45 days of launch:
- Top 12 global exchanges in terms of 24-hour trading volume by Coinmarketcap.
- 122,729 users, of which > 60,000 have at least one activity per day.
- BNB price reached $1.9, ranked 15th in market value, market capitalization of 189 million USD.
Every day: there are 4,000 - 6,000 new registered users.
24h Trading volume sometimes peaked at 3 billion USD.
2. Highlighted events
- CZ conducted ICO and launched Binance.
- Launched White Paper in English + Chinese.
- Conducted 60% ICO on Binance.com.
- Listed 19 coins: USDT, BNB, BTC, ETH, LTC, NEO, QTUM, SNT, EOS, BNT, BTM, HCC, ELC, WTC, MCO, ICN, HSR, OAX, DNTN.
- Launched API Trading.
- Added KYC.
- Redesigned website v2.
- Launched the BNB/ETH trading pair.
- Launch online mobile version.
- Opened the first ICO session for TRX, which ended in 53 seconds.
- Released ICO & Guide to listing on Binance.com, draft v0.1.
- Released Korean interface (translated by community volunteers).
- Launched ICO worth 15 million USD.
- July 14, 2017: Binance Exchange was officially launched.
- Allowed transactions with no fee.
- Launched BNB coin.
- 78 staff.
- Supported Korean website.
- Charged 0.1% transaction fee. Discounted 50% for users if using BNB to pay transaction fees.
- Allowed deposit - withdraw BTC.
- Launched 1.9 billion TRX ICO.
- Listed OAX, DNT, MCO, IC.
- Raised 10 million USD in a Series A from Sequoia Capital, Limitless Crypto Investments, Funcity Capital, and Black Hole Capital.
- Returned TRX raised from the ICO round (according to the request from the People's Bank of China).
- Listed 7 coins: CTR, KNC, FUN, SALT, BQX, XVG, SALT.
- Stopped serving Chinese users because of the request of the Chinese government.
- The website supported Japanese, Russian, and Spanish languages.
- Moved headquarters from China to Japan due to China’s ban on crypto.
- Burned 986,000 BNB for the first time.
- Upgraded website.
- Listed 19 coins: BTG, ENG, MTL, ETC, LRC, EVX, DASH, HSR, TRX, EVX, DASH, VIB, AST, NEO, MTH, REQ, GVT, MDA, REQ.
- Listed 44 coins: ADX, MANA, IOTA, GIFTO, ENG, TNT, MTL, ARK, ZEC, LSK, WINGS, NULL, QSP, XMR, QSP, BCD, XRP, TRIG, ELF, GXS, BTS, DLT, GXS, BTS, POE, DLT, WABI, AMB, NEBL, ENJ, BAT, CDT, POWR, WAVES, RDN, RCN, KMD, DGD, YOYO, MOD, RCN, RDN, FUEL, STORJ.
- BNB/VEN trading pairs were allowed.
- Listed 11 coins: PPT, AION, WINGS, GTO, LUN, ICX, OST, WABI, CND, XLM, NAV.
- Website supported the German language.
3. Looking back on the journey
a. ICO fever
2017 was a great uptrend year for the crypto market with ICO booms, Bitcoin increased nearly 20 times to $20,000. CZ knew what ICOs were in general, but only after dining with several key members in the Asian crypto community and discussing ICO that he realized this was how he’d launch his crypto exchange.
He left the dinner full of excitement and quickly hammered out a whitepaper, in English and Chinese, laying out the idea for Binance. The exchange would handle crypto-to-crypto trades only, and sail around the stringent regulations — and cost — that come with handling fiat money.
In just two weeks, investors bought into the token sale, which raised $15 million by July 2. Trading of its new token, BNB, would go live in twelve days.
b. The nightmare of BNB
It seems that CZ made the right move when Binance gained huge success right after its launch. On the first day, it attracted 9,000 subscribers and climbed to the top 10 exchanges in terms of 24-hour trading volume globally a few days later according to Coinmarketcap.
The platform supported about 120 coins, worked with 100 plus wallets and 240 trading pairs, and only welcomed projects that have strong credibility, user base, and liquidity. "We've received over 5,000 applications for coin listings," said CZ. At 3%, the chances of getting in were lower than being accepted into Harvard.
However, the behind-the-scenes story is a nightmare.
Before the exchange’s launch, though bottles of champagne were readied, they were never popped. Almost from the moment it launched, Binance seemed like it would be a disaster. Investors who bought up BNB believed that it would see 5-10X returns. Instead, when it launched on July 25, 2017, it quickly lost 20 percent of its value.
“It was the highest pressure period of my life,” CZ said. He tried everything, from listing more altcoins on Binance to live-streamed Ask-Me-Anything videos, to attract attention to the exchange. He even tried to buy up the coin with his own money, to no avail.
However, after CZ agreed to become CTO of Binance, the price of BNB awoke, and blew up 1,800 percent in just two weeks, rising from $0.13 to $2.45. Also, the platform continued to offer many services to attract and protect users, for example:
- The Chinese government announced that it did not allow the activities of cryptocurrency exchanges or ICOs in China. All the projects going to do ICOs must return the initially raised funds to users. BNB was at 600% of the ICO price at the moment and no one wanted to exchange $6 for $1. However, Binance managed to return four other ICOs, and all were well below the original ICO price with a total of $6 million.
- Binance was the first platform to support exchange-based airdrops and forks. Previously, users had to withdraw funds to their wallets, wait for the airdrops or forks, and then receive a second coin before depositing them back into the exchange. Meanwhile, Binance helped with these processes to make funds go straight to user accounts, assisting newcomers to trade more easily and quickly.
Thanks to the motto “customers first”, Binance has eliminated rival exchanges such as Poloniex, and Coinbase... in the competition of winning customers’ hearts.
At the end of 2017, Binance entered the race for the number one position in the global crypto exchange rankings. But “every rose has its thorn”...
2018 | Developing Fundamentals For Binance
1. Highlights figures
- The average daily trading volume reached 1.2 billion USD.
- Processed 1.4 million transactions/second on average.
- More than 10 million users globally in 180+ countries and regions.
- Staff in 40+ countries.
- Listed 151 coins.
- 396 trading pairs.
- The website supported 13 languages.
- Recovered more than 3 million stolen tokens.
- Burned >9,200,000 BNB (120 million USD in value).
- 42+ ways to use Binance Coin.
- 50+ projects were labeled V-Label (information verified by the team).
- 39 meetups of the Binance community around the world.
- Binance leaders gave keynotes at 50+ global blockchain conferences.
- 96 Binance Angels (volunteers).
- Total access time: 731 days 11 hours, 3 minutes, 40 seconds.
- 726 articles, videos, explanatory phrases…
- Supported 15 languages.
- Donated more than 1,000,000 USD to help the victims in Western Japan
- 500,000+ users.
- Supported 30,000 ERC20, ERC223, and ERC721 tokens.
- Supported 10 blockchains.
- Supported 21 projects.
- 11 blockchain startups were included in the public project category.
- 8 startups graduated from the Incubation Program.
- 161,000 views since its launch in November 2018.
- Released 6 crypto in-depth reports.
- 8.5 million+ page visits.
- 4,000+ forms asking to contribute information from the community.
- 1,594 reports from 3rd parties.
- Posted information on 1,207 coins.
2. Highlighted events
- The 3rd largest crypto exchange in the world.
- Binance Support FAQ supported 8 languages.
- - February 2018.
- The second-largest crypto exchange in the world.
- Binance Info released the beta version.
- CZ was on the cover of Forbes magazine.
- The largest crypto exchange in the world with 7.9 million users.
- Established the Binance Chain development team.
- Headquarters in Malta - a European country favoring blockchain.
- Enhanced its security and offered 250,000 USD to anyone who can catch Binance’s hackers.
- Launched a 10 million USD fund against future hacks.
- Global partnership with Bermuda, Togo, and Uganda.
- Binance Labs made its first investment with MobileCoin.
- Launched Binance Education Initiative - the forerunner of Binance Academy.
- Opened a bank account in Malta and supported the country's startup accelerator program.
- Partnered with Digital Jersey to set up a local crypto exchange.
- Binance Labs invested in 3 projects: Oasis Labs, CertiK, Republic.
- Launched Binance Uganda.
- Launched Binance Charity.
- Acquired Trust Wallet - an e-wallet application that supports ERC20 tokens.
- Issued an official announcement on the listing and cooperation policy.
- Revealed the first demo of Binance Chain functionality and code.
- Released the beta version of Binance Academy.
- Binance Charity contributed 1 million USD to UNDP to support the application of blockchain technology for social goods.
- Binance Info released a 2.0 version allowing the third party to contribute content.
- Changed listing fee policy and donated 100% of it to charity.
- Binance Labs launched Incubation Program and invested in Contentos and CertiK.
- Invested in TravelbyBit - Australian travel startup that allows people to travel around the world using cryptocurrency.
- Binance Uganda was open for trading.
- Binance Singapore was private tested and partnered with Vertex Ventures.
- Launched Binance Research which provides many in-depth crypto reports.
- Partnered with KYC service providers Refinitiv and Chainalysis.
- Binance Charity won the CSR of the Year award at the Malta Blockchain Conference.
- Announced more details about Binance Chain and identified Binance DEX as a community project.
- Binance Academy officially launched with > 500 articles, and videos and supported 15 languages.
- Binance Labs finished the Incubation Program season one with 8 blockchain teams connected to 150 investors in Silicon Valley.
- Added sub-account feature for institutional customers.
- Trust Wallet supported Bitcoin.
3. Looking back on the journey
a. Roses - the success factors
2018 was not a good year for the crypto market, especially when the bull season had ended. However, the continuous effort to develop platform products, as well as implement new strategies helped Binance thrive and become the largest cryptocurrency exchange in the world from the third place at the beginning of the year. Since then, Binance has always maintained its position and has an impressive growth rate.
Its success came from these factors:
- An “all-in-one station"
Binance didn’t just position itself as an exchange, they wanted to be an "all-in-one station", a place where users can do a lot of things in a single ecosystem. The extension arms of Binance in 2018 included:
- Binance Info: A crypto-encyclopedia; an open and objective information aggregation platform where anyone can contribute.
- Binance Labs: Identifies, invests, and empowers viable blockchain entrepreneurs, startups, and communities, providing financing to industry projects that help grow the wider blockchain ecosystem.
- Binance Launchpad: A Binance-owned crowdfunding platform that assists crypto-startups in raising funds by offering their tokens to Binance users.
- Binance Academy: An open-access platform that will be universally available to provide a wide range of fundamental and advanced knowledge to anyone.
- Binance Charity: A non-profit organization dedicated to the advancement of blockchain-enabled philanthropy toward achieving global sustainable development.
- Binance Research: Provides institutional-grade analysis, in-depth insights, and unbiased information to all participants in the digital asset industry.
This ecosystem not only helped Binance attract more new users but also contributed to increasing the platform's reputation and other sources of income.
- A solid start
Binance set up headquarters in Malta - a European country favoring blockchain and did global partnerships with Bermuda, Togo, and Uganda - countries that are not too developed but have an open regulatory framework for cryptocurrencies. Those activities were key factors allowing Binance to comfortably build its ecosystem without many hurdles.
Besides, the launching of Binance Charity and other active charity activities increased Binance’s good reputation, as well as created a good image for the exchange.
- Fast development speed
Binance had both a solid start and a respectable growth rate. Although the ecosystem owned a series of new projects, all had achieved good results, which could be demonstrated through the good statistics in terms of the amount of access time to Binance Academy, the number of investment projects by Binance Labs...
Tokens are the blood of crypto and Binance was well aware of this. The exchange introduced many new applications for the BNB coin in 2018. Although affected by the bear market which hindered the token growth, this laid the foundation for BNB’s success in the following year.
These results were evidence of Binance’s good vision and understanding of the market. This was no coincidence that the exchange has been able to maintain its leading position in the industry. However, it was only the start.
b. Thorns - the first legal and security issues
Shut out Binance or ran?
At this time, the media was blowing plenty of hot air into the growing crypto bubble. In late August, CZ began to hear rumors that the Chinese government had its eye on crypto exchanges, including Binance. That was not a good thing. He could shut Binance, and let customers withdraw all their money. Or he could take his exchange, and run. He ran.
At the time, Binance had more than 200 cloud-based servers, hosted by the Chinese conglomerate, Alibaba. Its great escape wasn’t dangerous. But it was technically challenging and time-consuming. Finally, on the night of August 29, the team pushed itself to the limit and got everything uploaded to Amazon Web Services.
After that, they decamped to Japan, a country that had legalized crypto earlier that year, where CZ believed his “basic Japanese” would help get things underway.
From September to December 2017, the price of Bitcoin soared, from $3,000 to $20,000. People were queueing up to get into crypto exchanges as if they were Walmart shoppers on Black Friday.
The chaos on the outside was mirrored by the mayhem on the inside.
“It was one of those rushes you’re just not prepared for. It was beyond our imagination, this inrush of popularity,” said one Binance staff member.
The biggest problem was that Binance couldn’t let just anyone onto its trading platform. All new users had to be ID’d at the door with a time-consuming process called KYC protocols. And that created a huge backlog, as well as related support work.
“At one point, we had 45,000 pending KYC applications, with a constant stream of new applicants rolling in,” recalled one early Binance staff member.
At the peak, daily trading volume across all exchanges and coins reached $60 billion; Binance saw $10 billion change hands on one, gorgeous, record-setting day.
While this was cause for celebration, there was a flipside. The exchange had grown so big and was holding so much money, it now had a giant target on its back.
Exited Japan. What was next?
On the night of March 7, 2018, some of the exchange’s remote workers were having drinks in a bar some distance from the Tokyo office. CZ happened to be passing, so he joined them. And suddenly, Binance phones started buzzing.
“It was nearly midnight when the first reports of irregular trading activity started flowing in,” one employee who was working operations said. “I notified the others immediately.”
Hackers had created fake Google ads to trick users into entering their Binance login details on fake websites. They then drained those accounts and bought the bargain coins using other Binance accounts, in an attempt to hide their tracks.
The Binance team moved quickly and was able to stop the coins from leaving the exchange by shutting off the attackers’ withdrawals. Then they were able to roll back the trades to reimburse the affected users.
No money was ultimately lost.
But reputation was. The bad press followed, and two weeks after the hack, the Japanese Financial Services Authority demanded that Binance get an exchange license. The license would carry strict restrictions — including limiting the number of different coins that could be traded on the exchange.
That was a non-starter, so once again, the team took flight.
This time, CZ decided to make the relatively regulation-free island of Malta its home. Malta’s Prime Minister himself, Joseph Muscat—welcomed Binance to the island, which was attempting to become a crypto haven.
There was no need for any employees to go to Malta. CZ realized that his people could live wherever they liked. According to CZ himself, at this point, Binance was not based anywhere. This strategy enabled Binance to adapt to the round-the-clock demands of the crypto market and capitalize on it.
Sources: Decrypt, Forbes, Binance Year In ReView
Authors: Bich Tram, Camila, Vi Dang, Duy Nguyen