Binance’s CEO, Changpeng Zhao, recently explained how the largest crypto exchange in the world deals with attacks from other exchanges. In a personal post, Zhao states that various exchanges have targeted Binance for different reasons since and especially it’s early days.
CZ lists several reasons why other exchanges picked on Binance; those include the fear of Binance’s rapid progress, fame-seeking, attempts to use the exchange for their growth, or even pure jealousy.
However, CZ also argues that these exchanges who originally wanted to either harm or use Binance, actually helped Binance grow bigger.
This personal post was published just a few days after Binance Coin (BNB) broke its all-time high against Bitcoin.
Binance used the attention to gain momentum
During its early days, when Binance was still quite young and unknown, a major exchange saw it as a threat and attempted to damage its developing reputation. However, Binance’s management used this attemp to its advantage.
“When a big exchange attacks a small new one,”, CZ says, “there must be some threat (and credibility) posed by the newcomer. They also have a higher reach than us back then. It was great to have them spread the word for us…
Our approach always: ignore, and work hard to become more successful ourselves. Best response!”
CZ continues to argue that bad news travel a lot faster than the good ones, and as soon as the exchange was involved in something like this, it started attracting endless attention. He also points out that every PR is good, especially for a young business that is trying to become relevant.
He was not worried about Binance’s reputation, as he thinks the public is smart, and they will not be so easily fooled. Such attacks on Binance brought new members to its community, while they united the existing ones.
CZ also mentioned the behavior of some crypto projects that went against Binance in the past, stating that they attacked because Binance would not list their token.
After refusing to cooperate, Binance was often called a “scam,” or even “illegal,” which led to the question: Why did they want their coins listed on an “illegal” exchange in the first place?
Binance now lets users purchase crypto with credit card through Binance app
Binance has announced the ability for users to purchase cryptocurrencies through the Binance mobile application.
Not only is it possible to purchase cryptocurrencies with a credit card through the Binance exchange, it is now also possible to purchase cryptocurrencies through the Binance application.
Binance announced in a recent tweet that users can now make use of the application to purchase cryptos including BTC, ETH,XRP ,LTC and BCHABC are now possible through the Binance Android app.
— Binance (@binance) April 25, 2019
The new addition comes just months after the exchange added the ability to buy cryptos on the Binance website. In an attempt to make widespread adoption easier, Binance believes giving users the opportunity to buy directly from the exchange will help expand user growth.
Binance unveils new crypto exchange in Singapore, features limited
After much anticipation and months of waiting, the Binance Singapore crypto exchange is now live, but lacks a lot of features compared to the company’s main exchange, as first reported byTechCrunch.
Currently the Singapore exchange only offers the purchase of Bitcoin using Singapore dollars, a trading pair that limits the exchange greatly. The Binance Singapore website states that in order to buy this trading pair you must link your Xfers account, which is a Singaporean approved crypto wallet. Once you do this, the site claims that you’ll be able to buy and sell Bitcoin as much as you wish.
A spokesperson for Binance spoke to TechCrunch regarding the launch of Binance Singapore:
“Binance is excited to bring world-class blockchain technology to Singapore and we look forward to showcasing Binance’s tier one safety and security measures to the world. BTC/SGD is the initial pair Binance Singapore is offering with the soft launch and there may be more pairs added as regulations allow.”
Binance Singapore exchange allegedly only has one trading pair
Binance, one of the largest cryptocurrency platforms in the world, recently put out a crypto exchange in Singapore.
Moving out into the world
This news comes to us via TechCrunch, who also revealed that the platform only trades Bitcoin (BTC) as of now. Slightly odd considering how many assets the traditional Binance exchange trades.
Also, it was reported that for a short time after launch, nobody could pull out their assets. That issue appears to be gone now, however.
The Singaporean effort is thanks to Vertex, a venture capital firm that put money into the expansion. Since then, Binance has been testing the exchange in a beta format.
Fortunately, the platform has also been looking into fiat trading pairs. This is fantastic for accessibility and ensures more users will get participate in the market. Also, CEO Changpeng Zhao believes this is a great way to bring in “institutional money,” reports the publication.
Follow the leader
Singapore is Binance’s third expansion. The previous ones are in Uganda and Jersey, though one is set to launch in Lichenstein as well.
It’s quite surprising, however, to see this exchange launch with so few assets. Especially when you consider just how big Binance is and the fact that they’ve done this before.
Moreover, TechCrunch notes that Binance Singapore was due to a partnership with the Xfers cryptocurrency startup. With a base in Southeast Asia, this space previously worked with Coinbase to do the same thing. However, Coinbase split from their partnership as Xfers wasn’t “suitable in its current form to handle the growth.”
A representative from Binance spoke on the matter with a comment that TechCrunch revised:
“Binance is excited to bring world-class blockchain technology to Singapore and we look forward to showcasing Binance’s tier one safety and security measures to the world. BTC/SGD is the initial pair Binance Singapore is offering with the soft launch and there may be more pairs added as regulations allow.
Binance Singapore has full deposit/withdrawal functionality. For any functionality issues that may be user-specific, we encourage them to contact customer service for support.
With regard to Xfers’ prior partnership with Coinbase, Xfers is now able to handle volumes large enough to support Binance Singapore. In partnership with Xfers, we will work together to build a key fiat gateway that will grow the industry.”
Decentralization is key
Binance also put out a decentralized exchange, though it doesn’t offer much at the time. Moreover, the group has a blockchain as well that helps users create their own assets. This is a new space that will help users trade Bitcoin.