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Exchanges

Binance: The misunderstood master plan to rule the crypto universe that just might work

Quick Take

  • Over the second half of 2017, Binance became the largest crypto exchange in the world and is on track to bring in $500 million in profit this year
  • The company has been nimble in chasing favorable regulations to expand its business, jumping from country to county before settling — at least for now — in Malta
  • After conquering the crypto-to-crypto world, Binance is investing substantially to open separate fiat-to-crypto exchanges and develop a decentralized exchange as it plans for the future

Updated with a comment from Binance.

In July 2017, Binance raised $15 million in an initial coin offering and within six months had become the largest cryptocurrency exchange in the world. The exchange, originally founded in China to serve the domestic market there, has now consistently been the largest by volume for nearly a year and boasts more than 10 million users across 180+ countries and regions.