Dear Folks!!

Just over six years ago, Binance was nothing but an idea with $15,000 in founder Changpeng Zhao’s pocket. Fast forward to today, and Binance has built almost $300 billion empire accross the globe. How did the fairy tale of virtually no funding or connections turned out to be a global powerhouse? How did CZ write the script of his own succes?. Buckle up friends, you’re in for an inspiring story of a vision and perseverance that built one of the 21st century's most influential companies.

Beginnings (2017-2018): An Incredible Rise

Back in July 2017, Changpeng Zhao, a developer who previously built high-frequency trading software, could manage to invest $15,000 to start Binance.

At first, it was just Zhao, Yi He, a Chinese entrepreneur, and a few friends working out of a tiny office in Shanghai, China. They launched the Binance platform on 14th July 2017 and within 180 days, Around January 2018 Binance was hosting around 15 million users and became the largest crypto exchange by daily trading volume.

Ever since from the beginning Binance has truly aimed at expanding its sevices. The services like Binance Launchpad, Binance Labs, Binance info, Binance Chain and Binance Charity Foundation came in existence in it's very first year.

In Feburary 2018 CZ was put on the Forbes Cover and no denial that he is a overnight success.

After the stricter regulations from China, Binance started setting up it's operations in Malta in March 2018.

The setup in Malta came as forward step and Binance started moving towards global expansion. CZ signed memorandum with three small countries Uganda, Togo and Bermuda. 

In May 2017 Binance Uganda, first fiat to crypto exchange by Binance was launched.  

That's incredible success and Binance has all the numbers backing it up. Binance has touched the landmark 5.0 million users worldwide in it's very first year. That's hell of growth, isn't it?

The Period of Trust and Stability (2018-2019)

First major development came as acquiring Trust Wallet in July 2018. Binance celebrated it's first anniversary in a big way. 

August saw the launch of Binance Academy which btw is my personal favourite and much needed for the mass adoption of Cryptocurrencies and Blockchain. Please share your favourite part of Binance in the comments below. Other major events of partnership in this period were:

• Travelbybit, an Australian company that allows to travel in exchange of cryptocurrencies.
•  know-your-customer service provider Refinitiv and crypto compliance company Chainalysis.
• Binance Singapore underwent closed beta testing and partnered with Temasek-backed Vertex Ventures
• Through Simplex, Binance has started 'Buying or Selling Crypto with a debit or credit card' 
• In April Binance Launched its BNB Chain DEX which empowered Binance further towards decentralisation.

All of these partnerships, expansions and acquisitions granted  Binance the much needed stability and firm grip over the macroeconomic landscape of finances.

Before concluding 2018-19, let's also talk about the Security Breach incident that happened in May 2019. In the incident hackers have stolen 7000 Bitcoins roughly estimated about $40 million. On 7th May CZ announced that all affected will be reimbursed through a 'SAFU' Secure Assets Fund for Users. Binance halted withdrawals for a period of 12 days and then resumed it. 

The Period of Expansion, Acquisition and Investment (2019- Present Day)

After the much needed stability to such an incredible growth Binance started its expansion and tried to footfall in every corner of the globe. This isn't stopping even now as Binance has tried to get licensed in bigger countries like France and Germany recently. Of course Binance is denied in some countries yet it has not relented the efforts by the largest Crypto Exchange.

The key headlines of this period are:

• Binance started its Lending services in Aug 2019.
• Introduced BUSD stablecoin in partnership with PAXOS and launched Binance Futures in September 2019.
• On Sep 18, Binance.Us, crypto trading platform backed by Fiat US dollar went live and opened registrations from users. It established Binance as a major competition to Coinbase in the United States.
• This isn't all, September 2019 also sees the launching of Binance Staking.
• In Nov 2019, Binance partnered with Advcash that enabled users to deposit Euro and Ruble.
• Also Binance partnered with multiple countries and companies around the globe to offer it's services. The one with Wazirx for India and an MOU with Ukranian government for establishing legal framework for virtual assets are major decisions.
• Jan 2020 kicks off with Binance opening it's P2P platform for it's users.
• April 2020 sees the acquisition of Coinmarketcap, a leading dat service provider for Blockchain and Cryptocurrencies.
• Binance opens direct fiat transfers for Europe and UK in June 2020.
• In July Binance acquires SWIPE, a multi-asset digital wallet and Visa debit card platform.
• Gamefi gets a go and Binance invests in Seascape Network which started developing on BNB Chain in Jan 2021.
• Launch of NFT marketplace in June 2021. At present it is the largest NFT market by the numbers of creators.
• In Feb 2022 Binance reportedly bought stakes in Forbes although unclear.
• In Nov 2022 Binance purchased Japanese crypto exchange Sakura to reestablish into Japanese market.

The rest of the success story is before your eyes and it's inspiring, bold and so enthusiastic that noone wants to miss it.

Yet again the challenges that new technology or innovation faces are boundless. Take for example, in Oct 2020 Forbes staff released a leaked document citing that Binance and CZ were hiding IP addresses to deceive US officials. In May 2021, it was reported that both IRS and  United States Department of Justice were investigating allegations of money laundering and tax offenses against CZ and Binance.

Although Binance is new just like crypto and face the very same challenges but my personal opinion is that crypto and Binance both are here to stay and make a mark in the formation of upcoming future of money.

Thanks for Reading

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