What is Binance and Its Role in Crypto Acceptance?
Binance is the world’s largest cryptocurrency exchange by trading volume, offering a platform for users to buy, sell, and trade a vast array of digital assets, from Bitcoin and Ethereum to thousands of altcoins. Founded in 2017 by Changpeng Zhao (CZ), Binance has grown from a startup to a global powerhouse, providing services like spot trading, futures, staking, crypto loans, and even its own blockchain, Binance Smart Chain (now BNB Chain). Its user-friendly interface, low fees, and extensive coin offerings have made it a go-to platform for both novice and experienced traders.
Binance’s role in crypto acceptance is monumental. By offering a seamless on-ramp for fiat-to-crypto transactions in multiple currencies, it has bridged traditional finance and the crypto world, enabling millions to enter the market. Its global reach, with support for over 40 languages and operations in numerous countries, has democratized access to cryptocurrencies. Binance’s innovations, such as the BNB token (used for discounted fees and ecosystem utilities), staking services, and educational platform Binance Academy, have fostered trust and adoption. By launching Binance Pay for crypto payments and supporting DeFi projects on BNB Chain, it has pushed crypto’s practical use cases, making digital assets more mainstream.
Moreover, Binance’s aggressive expansion and regulatory engagement have helped legitimize crypto in the eyes of institutions and governments. Despite facing scrutiny in some jurisdictions, its efforts to comply with local regulations, like obtaining licenses in places like Dubai and Bahrain, have set a standard for the industry. Binance’s ability to weather market volatility and scandals, including the FTX collapse, has solidified its reputation as a resilient leader, further boosting crypto’s credibility.
Reality Check of Binance Credibility during FTX fallout!
The collapse of FTX in November 2022 was a seismic event in the crypto industry, exposing vulnerabilities in centralized exchanges and eroding user trust. FTX, once a top exchange, imploded due to mismanagement and alleged fraud, with billions in customer funds unaccounted for. Binance emerged unscathed and even strengthened its position through strategic actions and robust fundamentals.
Triggering the Collapse: Binance played a pivotal role in FTX’s downfall. CZ announced Binance’s intent to sell its holdings of FTX’s native token, FTT, citing concerns over FTX’s financial health. This move sparked a bank run on FTX, revealing its insolvency and leading to its bankruptcy. While controversial, it showcased Binance’s influence and commitment to transparency.
Binance Comes with Following Reserves and Resilience.
1. Proof of Reserves: Post-FTX, trust in exchanges plummeted. Binance responded by implementing a Proof of Reserves system, allowing users to verify that their funds were fully backed. This transparency, coupled with third-party audits, reassured users and set an industry standard.
2. Market Resilience: Unlike FTX, Binance maintained strong liquidity and operational stability. It faced no significant withdrawal issues during the crisis, proving its financial robustness. This contrasted sharply with other exchanges that faltered, enhancing Binance’s reputation.
3. Regulatory Navigation: While FTX’s collapse drew regulatory heat, Binance proactively engaged with regulators. It secured licenses in multiple jurisdictions and invested in compliance, distancing itself from FTX’s regulatory lapses.
4. User Trust Restoration: Binance leveraged its global brand, community engagement, and consistent communication to rebuild trust. Initiatives like the Secure Asset Fund for Users (SAFU), a reserve to protect users in emergencies, further bolstered confidence.
5. By navigating the FTX fallout with transparency and stability, Binance not only survived but emerged as the industry’s beacon of reliability, cementing its dominance.
HISTORICAL JOURNEY OF BINANCE
Foundation and Launching: Binance was founded by Changpeng Zhao in July 2017 after he left OKCoin. Headquartered initially in China, it moved to Japan due to China’s crypto ban. Launched an Initial Coin Offering (ICO) for BNB, raising $15 million. BNB’s utility for fee discounts and ecosystem growth became a cornerstone of Binance’s appeal. Within months, Binance became a top exchange, offering 100+ cryptocurrencies and low fees (0.1% per trade). 2018: Rapid Expansion and Global Reach Relocated to Malta for a crypto-friendly environment, establishing itself as a global player. Launched Binance Labs for blockchain investments and Binance Charity for crypto-based philanthropy, showcasing broader ambitions. Introduced fiat-to-crypto trading in Uganda and Jersey, expanding access in emerging markets. By year-end, Binance’s daily trading volume hit $2 billion, surpassing competitors. 2019: Binance Chain and Decentralized Push Launched Binance Chain, a blockchain for fast transactions, and Binance DEX, a decentralized exchange, to compete with Ethereum. BNB migrated to Binance Chain, enhancing its utility. Expanded margin trading and futures markets, attracting institutional traders. Faced a $40 million hack but covered losses via SAFU, reinforcing user trust. 2020: Binance Smart Chain and DeFi Boom Introduced Binance Smart Chain (BSC), a scalable blockchain compatible with Ethereum’s tools, fueling DeFi projects like PancakeSwap. BSC’s low fees and high speed made it a rival to Ethereum, driving BNB’s value to new highs. Launched Binance Launchpool, letting users stake tokens to earn new project tokens, boosting engagement. Acquired CoinMarketCap, cementing its influence in crypto data. 2021: Regulatory Challenges and Innovation Faced regulatory scrutiny in the UK, Japan, and elsewhere over compliance. Binance responded by hiring compliance experts and reducing leverage on futures. Launched Binance NFT marketplace and expanded Binance Pay for crypto payments. BNB hit an all-time high of $690, and Binance’s user base grew to over 100 million. Partnered with governments like Dubai for crypto hubs, aligning with global adoption trends. 2022: FTX Fallout and Industry Leadership Played a key role in exposing FTX’s insolvency, reinforcing its market dominance.
Implemented Proof of Reserves and increased transparency to restore trust post-FTX.
Expansions and Hurdles.
Expanded licenses in Bahrain, France, and Kazakhstan, navigating regulatory landscapes.
2. Launched Binance Custody for institutional clients, tapping into growing institutional demand.
3. 2023: Legal Hurdles and CZ’s Departure
4. Faced a U.S. lawsuit from the CFTC and SEC over alleged regulatory violations. Binance settled with the U.S. DOJ for $4.3 billion, with CZ stepping down as CEO. Richard Teng, a former regulator, became CEO, emphasizing compliance.
4. Maintained market leadership with innovations like auto-invest and new token listings.
5. Expanded in Africa and Southeast Asia, targeting underserved markets.
6. 2024: Resilience and Global Dominance Secured full regulatory approval in Dubai and re-entered India after compliance efforts.
7. Launched Binance Board, a governance initiative, and grew BNB Chain’s DeFi ecosystem.
8. Handled record trading volumes during Bitcoin’s rally to $100,000, proving scalability.
9. Invested in Web3 and AI-blockchain integration, staying ahead of trends.
10. 2025: The Undisputed Leader By May 2025, Binance supports 400+ cryptocurrencies, with daily trading volumes exceeding $100 billion.
11. BNB Chain hosts thousands of dApps, rivaling Ethereum and Solana.
12. Binance’s global compliance framework, with licenses in 20+ countries, sets it apart. Binance
What Do I Like?
1. Exchange is seamless and with a lot of liquidity.
2. It's keyless wallet is such a smooth and easy to operate with lots of features of different system based coins.
3. Transfer of coins from exchange to wallet is seamless and with address suggestions.
4. Locking of BNB for airdrops that is called subscribe to earn.
5. Write to earn and real time news updates with share of tips from friends in writing section.
6. Binance Alpha and TGE recommendation sometimes lead to huge profit.
7. Any coin if listed on binance it means that coin has credibility and worth to invest.
8. Caring of new customer and familiarising him of crypto market by holding his thumb in the high cut throat trading competiton.
MY EXPERIENCE :
When I first time listen to BTC and crypto from my friends it seems something like bet with financial lost. I always preferred traditional currency until my 21, I was fearsome of losing not just because of betting in unspecified domain with no credibility and trust but I used to have a very few money given for my pocket money. We don't come from high background family, my father hardly collect money for my studies. I therefore never wish to lose a single penny to scamming. I was very suspicious to such extent that I once opened my account and due to fear never deposit and trade for years.
Then there comes the dogs airdrop in which I manage to receive airdrop worth of 80 USD then I started my crypto journey here on binance and other plateform. But after years I can surely say dozens of plateform promise many things but no one is light year competition to Binance. This is not due to being large but caring, response from customer and other dozens of program. It has come a long after foundation and I being used to this plateform of years never faced any problem here. I am loving it from heart.
This plateform has become one stop solution for my finances, crypto news and new technological advances. I used less google or youtube even ChatGPT than this plateform. I am happy user, still in my starting journey of crypto and binance. I hope one day I would keep Million of dollars here and be premium user of binance.
RECOMMENDATIONS
1. Kindly improve P2P totally free from scamster. This is fine currently but needs to work on p2p section.
2. Collaborate to local national customer who can spread this good plateform to others.
3. Kindly provide short videos of your different programs and how to use. Your live program is good but kindly seperate it into snippets.
My Last few Words
Why Binance is the Best Crypto Platform ?
Binance’s ascent is driven by its relentless innovation, user-centric approach, and ability to adapt. Its low fees, vast coin selection, and advanced trading tools cater to all levels of traders. The BNB Chain’s DeFi ecosystem and Binance’s global compliance efforts have made it a trusted name. Surviving hacks, regulatory storms, and the FTX fallout showcases its resilience. By continuously evolving—whether through Web3 investments or fiat integrations—Binance has not only shaped the crypto industry but also paved the way for its mainstream acceptance, earning its title as the world’s best crypto platform.
Kindly read these articles for further study
1. https://www.franklintempleton.co.uk/articles/strategist-views/evolution-revolution-ftx-fallout-and-the-future-of-digital-asset
2. https://abcnews.go.com/Business/timeline-cryptocurrency-exchange-ftxs-historic-collapse/story?id=93337035
Note: This is my first article, kindly support and follow me. I will be bringing weekly articles like these interesting topic. This is being prepared after hours of research and reading of many articles and news.
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