Binance's 5th Anniversary: A History of Encryption Disruption

It has been more than 13 years since the release of the Bitcoin white paper, and the encryption industry has experienced many rounds of bull-bear transitions. Between each round of bull-bear transition, a large number of companies and individuals embark on and leave the train of encrypted assets. In the past 13 years, the encryption industry has also grown from 0 to a trillion-dollar scale, in which trading platforms play an important role.

When it comes to trading platforms, Binance is a topic that cannot be avoided. Founded in 2017, it became one of the largest trading platforms in the world at that time in just 165 days. Five years later, Binance is no longer limited to the encryption industry, but actively seeks compliance, expands step by step, and embarks on a journey to break the encryption circle.

118 million users, Binance changes and remains the same

Binance was established in 2017, and shortly after its establishment, it ushered in a short and crazy bull market. In less than 165 days since its founding, Binance has become one of the largest exchanges in the world at the time. Afterwards, we can attribute the success of Binance at this stage to its leadership in product strategy, taking the lead in empowering the trading platform Token, and sharing the benefits of the platform with users.

The crazy bull market is followed by a long bear market. The entire industry is in a state of decline. Brain drain and company closures have become a norm in the cold wave. Some people choose to quit, some people choose to stay, Binance actively seeks to change the situation in the cold winter. Under the leadership of Binance, IE0 has become the most popular game in the industry. The emergence of IE0 has enabled a large number of high-quality projects to gain support in the early stage and attract users' attention. Axie Infinity, one of the hottest GameFi in history, is the Binance IE0 project.

As Binance's influence in the industry continues to expand, Binance, which began in chaotic markets, began to empower the industry. Binance established a fund, Labs, etc. to start supporting the industry ecology.

When the hot spots in the industry shifted to DeFi, but DeFi was criticized by users as Degenerate Finance due to problems such as contract security and endless counterfeiting. Binance proposed the concept of CeDeFi, and launched the "100 million US dollar fund" and "liquidity incentive" plan to solve the problems faced by DeFi. In June this year, Binance Labs announced the completion of raising a US$500 million investment fund, which will invest in projects that expand the use cases of encrypted assets, promote the popularization of Web3 and blockchain technology, and support them to grow into builders and leaders in their respective fields.

In addition to the "changes" in products and strategies, Binance has more "unchanged".

For example, Binance has always adhered to the principle of empowering BNB and putting users first. At the beginning, BNB only had profit repurchase and destruction scenarios. Later, BNB holders began to enjoy the rights and interests of IE0. At present, the usage scenarios of BNB have been expanded to the Binance Smart Chain (later renamed BNB Chain) public chain. Undoubtedly, BNB will also be used in more scenarios, and holders will enjoy more benefits.

Binance, which was born from the chaotic market, has insisted on change and invariance in the past five years, and obtained 118 million KYC-certified users and what users call The title of the largest institution in the universe.

Siege the city and seize the territory, and won the multinational compliance license

To a certain extent, regulation often lags behind financial innovation, and at the same time, too strict regulation can easily stifle innovation. Of course, regulation and innovation have never been opposites, and reasonable regulation is conducive to the healthy development of the industry. Due to the expansion of the volume of the encryption industry, countries around the world are also tending to strictly regulate it.

Judging from the start of the latest round of bull market, the leading force of the entire industry has changed. A large amount of funds from traditional industries have begun to enter the encryption industry. How to accommodate this part Funding has become a top priority for crypto companies. In 2022, Binance's strategic focus will mainly focus on the acquisition of global compliance licenses. Since different regions and countries have different attitudes and understanding of encrypted assets, different strategies need to be adopted.

In the first half of 2022, Binance has successively obtained Bahrain’s Type IV license, Dubai’s fully regulatory licensed virtual asset (VA) trading platform license, and Abu Dhaka’s license. Approval-in-principle than the global market, and registration approvals in France and Italy. At present, including Binance.US, the Binance brand has obtained registration licenses in the United States (46 states), France, and Italy in the G7 countries.

This On August 8, Binance Spain " Moon Tech Spain, S.L." has registered as a virtual asset service provider (VASP) of the Central Bank of Spain, which means that Binance has made another victory in the EU countries. Recently, Binance's deployment in Central Asia and Southeast Asia is also accelerating.

In addition to seeking licenses around the world, Binance is also building a professional compliance team. According to official disclosures, the size of the Binance compliance team will be expanded from 150 to 250. It is reported that Binance Global Sanctions Director Chagri Poyraz joined in January 2022 as the Sanctions Compliance Director. He has extensive experience in anti-money laundering (AML) and sanctions compliance, and was responsible for the same work at Coupang, South Korea's largest online shopping platform.

At the same time, Seth Levy, the former global supervisory director of Citadel, a multinational hedge fund with an asset management scale of more than 35 billion US dollars, has 9 years experience in the Financial Conduct Authority (FCA) and Steven McWhirter, who has 12 years of working experience in the Gaming Commission, Joshua Eaton, the former Deputy Attorney General of the Northern District of California, and Jarek Jakubcek, an encrypted asset expert from the dark web team of the former Europol Cybercrime Center (EC3), have also joined Binance Compliance team.

Breaking circles and user education

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When the platforms in the industry are still competing for stock, Binance has already begun to grab the incremental market.

At the beginning of 2022, Binance officially announced that it will cooperate with the Confederation of African Football (CAF) to become the official sponsor of the 2021 TotalEnergies Africa Cup of Nations (AFCON).

Africa has always been regarded as the largest blue ocean in the encryption industry. At present, the African continent has a population of 1.2 billion and a low proportion of people with banking and financial services. AFCON is the largest international men's football championship event in Africa. The game will be broadcast live in more than 160 countries around the world, with more than 300 million viewers.

After cooperating with the African Football Confederation, Binance cooperated with the Argentine Football Association (AFA), one of the largest football federations, to become its main sponsor. Will cooperate to issue fan tokens. Subsequently, Binance became the exclusive cryptocurrency sponsor of the Brazilian Football League. In June of this year, Binance signed an exclusive NFT licensing agreement with Portuguese football legend Cristiano Ronaldo, and the two parties will cooperate to issue a series of NFT collectibles.

Binance except In addition to extensive cooperation in the field of football, the entertainment industry is also the direction that Binance focuses on.

Korean entertainment company YG Entertainment and South Korea's SM Brand Marketing have reached strategic cooperation with Binance. The former owns well-known Kpop stars such as BIG BANG, BLACKPINK, and WINNER, while the latter manages Authors include EXO, Red Velvet, NCT, aespa and other massive IP. It is reported that Binance will carry out in-depth cooperation with the two parties in the metaverse, games, fan economy and other aspects.

Users who follow the entertainment industry must have discovered that at the 64th annual Grammy Awards, Binance became the official partner of the Grammy Awards. As early as April 2022, Binance announced the signing of a cooperation agreement with the National Academy of Recording Arts and Sciences, becoming the first-ever official encrypted asset trading platform partner.

In order to expand the use of crypto globally, Binance acquired a $200 million stake in Forbes. When more and more users know about encryption and Web3, Binance began to popularize knowledge and educate users.

In early June 2022, Binance announced that it will start the world's first Web3 tour event "After Hours Til Dawn" in cooperation with innovative artist The Weeknd. The Weeknd   has been nominated for three Grammy Awards and an Oscar for Best Original Song.

At the end of June, TikTok blogger Khaby Lame became Binance’s global brand ambassador, and Khaby will conduct Web3 science popularization on TikTok. Khaby has more than 140 million followers on TikTok and more than 2.3 billion likes. As Binance VP of Marketing James Rothwell noted, Khaby’s charisma and humor contribute to the popularity of Web3.

wind From the end of Qingping, When giants such as A16Z and Sequoia began to bet on emerging fields such as Web3 and DAO, Binance has conducted multiple rounds of encryption user education through a series of activities.

The fifth anniversary of Binance, everything has just begun.

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