Binance Is Ten Times Bigger Than Its Closest Rivals.
Binance have such a high position for a reason. They were able to calculate all their strengths and ideas as much as possible, consisting of interesting innovations and a culture that will focus on the product.
Binance is ten times bigger than its competitors
The CEO, told in an interview with Forbes about how his exchange was going to the top. The director of the largest cryptocurrency exchange said that at its launch in 2017, Coinbase and Kraken regulated significant parts of the US market when both Poloniex and Bittrex were at the top of the charts in terms of their huge size, but they had a narrow focus. Zhao commented that back then, no exchange met the needs of a global audience, and for this reason, he wanted to change the scheme.
"We had support for 31 languages on launch day and nine languages during the month. Today we support 31 languages in our interfaces. Our customer support team works in 16 languages. Therefore, I think that listing a huge number of cryptocurrencies was an advantage, but in addition to this, we were able to make the work of the platform more international," Zhao said
Despite the fact that Binance offers the use of different languages and the listing of many cryptocurrencies, Binance has introduced full-screen trading for the first time, which has now been implemented in other exchanges. Due to the fact that the exchange is innovative, it has become the largest in terms of trading volumes on both the spot and futures markets.
"In a large number of moments, Binance is ten times bigger than other rivals and closest competitors. Binance, also has the largest currency exchange for cryptocurrency. The exchange supports approximately 50 fiat currencies around the world, while no one can boast of such an opportunity," Zhao told Forbes.
He noted that Binance owns Trust Wallet, one of the most downloaded cryptocurrency wallets, and they also have the most visited website in the field of cryptography — CoinMarketCap.com . Zhao Changpeng added that the Binance NFT platform is approaching OpenSea, and Binance Smart Chain now occupies 80% of the DeFi market with a growing number of daily users.
Regulatory hype
Binance's huge size is becoming easy prey and a target on the part of regulators. For this reason, as expected, Binance faced difficulties from regulators from Britain, the USA, Japan and Germany. Answering questions about how he intends to solve regulatory problems, Zhao replied that the exchange is already moving from a decentralized structure to a centralized one.