Key points 

  • Just a few months after its launch, Binance has taken the world by storm as the largest cryptocurrency exchange in the world, growing at lightning speed. 

  • When people think of Binance, they think of cryptocurrency trading and transactions, its flagship products, from Binance Earn to the Web3 wallet, and perhaps its memorable campaigns and collaborations.

  • However, Binance is much more than that. Here are seven interesting facts about Binance that may not always be obvious to the public.

Over the past seven years, Binance has grown from a young startup to a global company that has revolutionized the way we think about finance, trading, and the future of money. Beyond the news headlines and market charts, there are stories and facts that define our unique journey and identity. 

Here is a brief description of seven of them. Whether you're an experienced trader, a cryptocurrency enthusiast, or just curious about the news, these seven facts will give you a new perspective on the world's leading cryptocurrency exchange. 

 1. From mud to prince in 165 days

Binance was launched on July 14, 2017, and in just 165 days, Binance became the largest cryptocurrency exchange in the world by trading volume.  What contributed to such explosive growth in a short period of time? 

According to one of Binance's co-founders, there were a number of internal and external factors that led Binance to fame. Yes, timing and luck were among them, but more important was Binance's ability to meet some of the pressing needs of the cryptocurrency market at the time, which was a testament to its visionary founders' user-orientation, keen sense, and sound judgment. 

At the time, there were already several bull and bear markets in the crypto industry, but there was almost no cryptocurrency exchange that was fully dedicated to the user experience. Systems were slow and customer service teams were often not responsive enough. Binance decided to do better. Since its inception, Binance has launched an institutional-grade trading engine and a dedicated customer service team, as well as offering an innovative suite of cryptocurrency products designed to meet users' most pressing needs. 

During Binance's first cryptowinter, several initial coin offerings (ICOs) plummeted in price and investors demanded their money back. The founding team quickly decided to use the company's treasury to return all the investors' funds and buy back the tokens at market prices, even if this would have caused a serious blow to the firm's coffers. 

This was a commendable step that no other crypto exchange had taken before. It demonstrated Binance's commitment to serving its valued users. This episode became one of the most positive PR narratives in the history of Binance. After this positive hype and the problems faced by other exchanges, users in Asia and other countries began to migrate to Binance in droves. 

2. From 2 to 200 million users in 7 years

Binance attracted more than two million users in its first six months of operation. Today it serves more than 200 million registered users. This steady growth is proof that Binance did a few things right from the start. Since day one, Binance has focused on a user-centric approach, offering low fees and high liquidity, supporting a wide range of cryptocurrencies, strict security measures, large-scale marketing campaigns (Binance Affiliate Marketing Program provides up to 50 % commissions, referral bonuses and special promotions), as well as the active participation of Binance management in the community on social networks. 

Binance has been flexible and adaptable enough to rapidly evolve in line with the ever-changing regulatory landscape of cryptocurrencies over the past seven years, as well as constantly innovating its products and services. 

3. Binance Pay is the number one service for off-chain cryptocurrency payments

Binance Pay is a revolutionary payment feature that allows users to send money around the world in seconds. With minimal fees starting at zero, Binance Pay is a cost-effective and efficient way to transact. This service highlights Binance's commitment to making financial transactions as simple and accessible as possible. 

Binance Pay is an off-chain wallet, but it is currently one of the best cryptocurrency payments, along with the Bitcoin and Ethereum networks. As of 2021, Binance Pay's total volume has exceeded $120 billion. 

4. SAFU: It all started with Binance

SAFU is an abbreviation of Secure Asset Fund for Users, the term has become part of the cryptolexicon. Do you know how it happened? In 2018, a creator named Bizonacci uploaded a music video on YouTube called "Funds Are Safu", which references the iconic tweet of Binance's former CEO, Changpeng Zhao, or CZ, during unscheduled maintenance on Binance - "Funds are safe safe)" - the term SAFU appeared from it.

The video went viral and "SAFU" caught on, being used by projects large and small after a security incident or any uncertainty. 

To protect user funds from the security breaches that plagued the cryptocurrency industry at the time, Binance created the User Asset Protection Fund (SAFU) in July 2018.

SAFU currently has more than $1 billion in reserve to cover potential losses in the event of a security breach. This initiative not only provides security for users, but also instills confidence in the security measures implemented by Binance.

Source: Bizonacci video.

5. Binance is a key player in protecting the crypto ecosystem

It may not always be obvious to the public, but Binance is constantly helping regulators and law enforcement agencies fight crypto-related crime.

Many times Binance stood on the side of justice to benefit the cryptocurrency ecosystem. Binance regularly works with law enforcement agencies around the world, processing more than 62,000 in 2023 alone. That's about 170 requests per day or 7 per hour. Also in 2023, in addition to operational assistance, Binance's law enforcement training program conducted more than 120 on-site and online training sessions for law enforcement officers around the world. Meanwhile, by the end of the year, the security team had recovered about $55 million in user funds after a coordinated effort. Whenever there is a security breach in the cryptocurrency world, Binance is always ready to lend a helping hand. For example, recently, on June 22, 2024, the Turkish crypto exchange BTC Turk was compromised. Binance's security team acted quickly and froze over 5.3 million funds from this attack. 

6. Binance is really fast

In an industry where timely support can be of the essence, Binance leads the market with one of the fastest customer support response times of less than one minute. Today, most user inquiries are processed within 1 minute and resolved in the first CS chat, a significant improvement over the hours of waiting time in the early days of the industry.

The Customer Service (CS) team is Binance's largest department, handling a range of responsibilities from instant user inquiries, training, quality assurance, real-time user feedback analysis to token recovery. The support department supports 17 languages ​​and covers dozens of business sectors, providing a global reach.

Binance has developed an advanced AI bot integrated into Binance's customer support chat that intelligently provides suggested solutions based on user input. This application of AI significantly accelerates problem solving, resulting in a faster and more efficient response during first contact. 

If you look at the speed of the Binance system, it is also impressive, with the platform handling a whopping 2.58 million user requests per second. 

User requests are automated signals sent from users' browsers or applications to the Binance platform to perform various actions, such as placing an order, posting to Square, or withdrawing funds. These requests run behind the scenes and are invisible to users. For example, when you select the option to sell a certain amount of BTC in your interface, your application sends an automatic request to the Binance servers. 

As user activity on the platform increases, Binance continues to update its systems to ensure a smooth and efficient operation. This ability to manage large volumes of requests puts Binance at the forefront of the cryptocurrency industry as it rides the global wave of adoption toward the one billion user mark.

7. Binance has implemented a remote work culture

Yes, believe it or not, during its seven years of existence, Binance has supported tens of trillions of trades through group chats and online documents! 

The terms "work from home" and "remote work" have become really popular since the Covid-19 pandemic, but even before it started, Binance pioneered the culture of remote work. Binance sees remote work as one of the manifestations of its core value - freedom. 

Impressively, despite growing from 30 employees to more than 5,000 employees worldwide, Binance maintains its remote mode of operation. Today, Binance has a team of thousands of talented employees who collaborate daily across Europe, the Americas, the Middle East, Africa, and the Asia-Pacific region.

Thus, Binance is one of the largest companies in the world that successfully practices a fully remote work culture. It is a model for any company that wants to follow in these footsteps. 

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