As a seasoned crypto investor with a decade-long journey under my belt, witnessing Binance‘s meteoric rise from the ashes of 2023 is nothing short of astonishing. From its tumultuous past to its current dominance, Binance has undeniably proven its resilience and adaptability in this ever-evolving market.
According to its CEO, Richard Teng, the foremost crypto trading platform, Binance, is nearing a user base of 250 million people.
Throughout the year, the exchange logged a total of $21.6 billion in user fund deposits. This is more than the combined total of the next 10 crypto trading platforms.
I’ve noticed an increase in my own Tether (USDT) deposits on the exchange, reaching up to a staggering $230,000. As per Teng’s analysis, this surge suggests that the trading platform is gaining traction among professional and corporate investors, indicating a growing interest in crypto from established financial players.
As stated by Binance, this past year saw extraordinary development not only for Binance but also within the wider cryptocurrency sector. They have achieved the distinction of being the initial centralized cryptocurrency exchange to surpass the $100 trillion mark in cumulative trading volume.
2023 was markedly different from what transpired in late 2023. At that time, the embattled exchange was grappling with legal woes, having agreed to pay a total of $4.3 billion in penalties to the U.S. government due to money laundering and sanctions violations. The captivating CEO of the cryptocurrency titan, Changpeng Zhao, even resigned from his position and served a prolonged prison sentence thereafter.
As a crypto investor, I’ve noticed the proactive steps taken by Teng, a former regulator, to enhance Binance’s regulatory compliance. He’s been diligently expanding the exchange’s compliance structure and securing essential regulatory approvals, aiming to repair Binance’s tarnished reputation in the process.
Contrary to leaving Binance, Changpeng Zhao (CZ) still holds the majority of its shares. According to U.Today, this influential figure in cryptocurrency has recently been presented with an opportunity to sell a massive portion of his ownership in the exchange. Yet, CZ has kept quiet about any potential future moves.
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2024-12-12 19:33