It wasn't long before this bounty came in handy. Additionally, the platform put aside $10 million to fund future bounties. For example, they offered a $250,000 reward for information leading to the hackers. Hacker Bountyīinance was set to make an example of those that attacked the platform. The exchange began a hacker bounty program. However, fearing for future attacks, Binance went on the offensive. Luckily, Binance had protections in place that stopped the attack. The attack utilized multiple attack vectors to overwhelm the network. In March 2018, one such attempt was made. Like all exchanges of its size, Binance is a tempting target for would-be hackers. The transfer gave Binance more control over its inner workings and future operations. Within a few months, developers shifted the tokens over to Binance’s native blockchain. The first BNB tokens were issued on the Ethereum blockchain as ERC-20 tokens. The total supply of BNB is set at 200,000,000 coins. During that time, the company offered 100,000,000 BNB tokens to the public. The ICO was held from June 26th to July 3rd. The BNB token launched during an Initial Coin Offering (ICO) crowdfunding event that raised $15 million in days. Additionally, it provides for more flexibility in regards to trading pairs on the platform. This token allows users to pay fees at discounted rates. In 2017 Binance issued a native utility token known as the BNB token. A combination of an easy to operate interface, a wide variety of coins and high security helped Binance achieve its title as the champ.
By 2018, the exchange was the largest in the world in terms of market capitalization ($1.3 Billion). Investors felt confident that Binance would do what was necessary to remain a vital part of the crypto community.
This flexibility and foresight helped Binance establish itself as an exchange for the people. The company also opened an office in Taiwan the same year. In early 2018, Binance again moved its operations to Malta. Sadly, this would not be the last time Zhao felt the need to migrate his operation to avoid regulatory headaches. By the end of 2017, Binance had an office in Japan. Sensing the change in tides, Zhao packed up Binance and went in search of friendlier shores. However, the Chinese government became sour towards cryptocurrencies starting in June of that year. China Missed Outīinance officially launched in China in early 2017. There's no doubt all of this experience carried over directly into the development of Binance. From there, he went on to co-found one of China's largest exchanges, OkCoin. Zhao entered the blockchain in 2013 when he took a high-level position at the wallet app blockhain.io. Interestingly, he helped develop a variety of high-frequency trading systems for brokers via his company Fusion Systems in 2005. The companies CEO, Changpeng Zhao is no stranger to the exchange sector. The history of Binance dates back further than the actual founding of the platform. This decision allowed the exchange to avoid much of the regulatory oversight that stifled other exchanges in the markets earlier days. For example, in its early days, Binance didn't offer fiat to crypto trading pairs. A careful review of their past demonstrates that the company's flexibility and willingness to embrace change have made it what it is today. When you combine this information with the fact that the exchange is federally regulated in all but 15 countries, it’s easy to see how they became a household name in the sector.īinance wasn't always the industry leader. To put its size into perspective, only the US-based Binance platforms average over $2 billion USD in trades per day. Today, Binance is the largest regulated cryptocurrency exchange platform in the world. According to the company's CEO, Changpeng Zhao, a combination of factors including experience, skill, and “ luck” helped the platform achieve its legendary status. Binance has been the largest cryptocurrency exchange in terms of market capitalization since 2018. It would be impossible to discuss trading cryptocurrencies without taking a moment to look at the popular exchange Binance.
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