Binance exchange is the number one leading cryptocurrency exchange in the world today. This exchange has over 35 million registered users trading on its platform, with over $76 billion volume of transactions carried out daily on its platforms. The exchange has continued to extend its influence into the market and dominates every other crypto exchange today.
Unlike some business establishments that would slow down when they get to the top, Binance has proved different and has continued to work on its growth plan to become the officially accepted crypto exchange in the whole world in the future. Can Binance succeed in its growth plan? Will this crypto exchange be one day recognized as the global cryptocurrency exchange approved by all the regulatory authorities? This work has examined these important questions about Binance in detail.
What is Binance?
Binance is the leading brand in the crypto industry today. Thus, it is very difficult today to find any crypto trader who has not heard about Binance today. The exchange has an estimated 35 Million users trading on its platform, with over $76 billion volume of transactions carried out daily on the exchange. The exchange charges the lowest transaction fees for trading on its platform and further gives a 25% discount for paying transaction fees using its native token, BNB. This has attracted so many traders to buy BNB while trading on its platform.
What are the various growth plans put in place by Binance today?
The Binance Crypto exchange, reputed today as the world’s largest crypto exchange, has never relented in its growth and expansion plans. This exchange has continued to extend its influence in the market after its initial plans to acquire the bankrupt FTX exchange failed due to issues beyond its control.
Notwithstanding, the exchange has never relented after this move and proceeded to find its way into the Japanese market, reputed as the third largest first-class economy in the world today. This was made possible after it acquired the Sakura Exchange Bitcoin (SEBC), a major crypto exchange operating in Japan today. This is fully registered with the Japanese authorities and has brought Binance into the Japanese market as a legal dealer.
Aside from these, Binance has made greater efforts to win investors’ trust back again following the collapse of the second largest crypto exchange – FTX, by publishing its proof-of-reserve, which exhibited the exchange as having enough funds above the total investors’ deposits to cover all withdrawal requests at any point.
The CEO of Binance exchange Changpeng Zhao had further announced via his tweet that his exchange would proceed to establish an industry recovery fund to support strong crypto projects from collapsing whenever they face liquidity crunches in the future.
These moves had so much restored investors’ confidence in the exchange and further attracted more investors to join the Binance exchange in recent times.
Can Binance succeed in its growth plans?
The degree of progress made so far by Binance in reviving hope in crypto trading, as well as bringing sanity to the industry, is something every crypto trader will always remember. With the amount of influence the exchange has wielded today in the industry, it seems appropriate to suppose that the exchange will succeed in its growth plan to become the world’s globally approved crypto trading exchange unrivaled.
Is it safe to trade crypto using the Binance exchange today?
Binance has become the most trusted crypto trading exchange today. The exchange has proved so strong amidst the different crises suffered in the industry that many today feel so comfortable trading with the exchange.
