The largest cryptocurrency exchange Binance with 24-hours trading volume of $483 billion, at the time of writing, according to the data provided by Coinmarketcap has been maintaining its first position even in the beat market while being less than 2 years old in the crypto space.
“To date, even in this bear market, we still run a profitable business,” recently Binance CFO Wei Zhou told CNBC.
So, what’s the secret behind this success, as put by economist and crypto trader, Alex Kruger on Twitter,
“Binance is an exchange launched in H2’2017 that helped people gamble on shitcoins and lose a lot of $. However, people LOVES Binance. While most crypto companies are in fact deeply disliked. Why is Binance liked so much? BNB token? Perceived transparency? cz_binance himself?”
Binance is an exchange launched in H2’2017 that helped people gamble on shitcoins and lose a lot of $.
However, people LOVES Binance. While most crypto companies are in fact deeply disliked.
Why is Binance liked so much? $BNB token? Perceived transparency? @cz_binance himself? https://t.co/fSBmjMYuJn
— Alex Krüger (@Crypto_Macro) February 16, 2019
Kruger’s questioning came in response with,
While, Dudas did further move on to clarify his stance:
“Don’t mistake Binance critics for haters. There are number of legitimate things to criticize about Binance. To point them out does not make one a hater. They play a massive, impressive game of global regulatory arbitrage. They are ferocious and deeply capitalist. Good and bad”
This got the crypto community got up and count out the different ways Binance is living up to its customers’ expectations.
The Charisma of the CEO and a Lot More
Binance CEO Changpeng Zhao would say “Buidl” as he stated,
“Not humbly, luck, and a LOT of hard work, by the whole team (CEO still working 1:30 AM on a Sun morning, and the team is online), Binance Angels (pure volunteers, not paid), and supporters like the commenters in your tweet….”
But the crypto community and Binance lovers had a lot more to add as one enthusiast shared,
“The speed at which Binance has grown is astounding. Growth that fast will naturally result in pains. Biggest take away I had from Binance week is how receptive and curious the entire Binance team is to the desires of their user base. They care a _lot_.”
While another one added, “Binance has excellent customer service, when most other exchanges have poor/non-existent customer service. That’s my experience.” Another crypto enthusiast shared, “Enough with the deflection of responsibility…people love binance because of its user friendliness, no KYC, charismatic ceo, and volume.”
The factors that make Binance customers loyal to the biggest crypto exchange and a force behind its ongoing success involves, user-friendly, transparency, marketing, no KYC, low fees, not spooked by regulators, BNB, and pushing global adoption among many others as put by Kruger, the list keeps on going.
Other reasons mentioned:
– User friendly
– Community outreach
– Transparency
– Marketing
– Mobile app
– Innovators
– No KYC
– Welcomes US users
– Volume/Liquidity
– Pumps
– Lots of coins
– Low fees
– BNB
– Trading profits
– Not spooked by regulators
– Pushing global adoption— Alex Krüger (@Crypto_Macro) February 16, 2019
