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Binance, the largest cryptocurrency exchange globally, is marking its sixth anniversary today. To celebrate this milestone, the exchange’s founder and CEO, Changpeng Zhao (CZ), has reflected on various events since the platform’s inception.
In a statement provided to CryptoPotato, the CEO disclosed that Binance was established in 2017 with $15 million in digital assets as a crypto-to-crypto exchange featuring five tokens and two languages. At that time, the company lacked a customer support team and had to borrow one from a friend of CZ.
Binance Turns Six
Two months after Binance launched, China prohibited crypto exchanges and initial coin offerings (ICOs), prompting affected projects to return the funds they had received to their investors. Binance was impacted, and the company had to allocate $6 million (40% of its treasury at that time), which represented the largest single expenditure in its history in terms of percentage.
Before long, Binance ascended to become the world’s largest crypto exchange by trading volume and has maintained this position, enduring two crypto winters that led to the downfall of numerous entities, including rival exchange FTX, Celsius Network, Voyager, Three Arrows Capital, and the Terra ecosystem.
Binance emerged intact from the series of disastrous events triggered by the 2022 crypto winter, particularly with limited exposure to FTX and Terra’s LUNA. The firm even proposed to assist some companies like Voyager and FTX; however, those negotiations did not materialize.
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Regulatory Scrutiny is Not Unexpected: CZ
Additionally, CZ indicated that the ongoing regulatory scrutiny facing Binance is “not unexpected,” given the events of 2022 and the firm’s scale.
“And when regulators look at crypto, they look at Binance. It comes with size. And it is our responsibility to take the lead and work with regulators all around the world to move the industry forward,” the CEO stated.
In the meantime, the Binance founder believes that the participation of traditional finance giants like BlackRock and Citadel in the crypto space affirms the validity of the industry’s technology. He also anticipates that decentralized finance will surpass centralized finance in the next six years or so.
“Again, it won’t be all smooth sailing, but we will always do what we think is in users’ best interests. We will continue collaborating with regulators. We will also defend what we believe is right, even if we have to do it in court, to continuously protect our users and push for the benefit of the industry,” CZ added.
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