Hong Kong’s Binance.com had added 240,000 new users in an hour only, after the company lifted a temporary suspension of new registrations it had put in place due to high demand. Binance is considered the world’s biggest cryptocurrency exchange, who is adding a millions of members every week as the investors interested in cryptocurrency are ever growth with no sign of abating.
Binance, was founded and led by Zhao Changpeng, who was the former CTO at major Chinese bitcoin exchange OKCoin and technical director at Blockchain.info. He has been targeting the Chinese bitcoin exchange market to compete with some of the largest trading platforms in both the domestic market and globally.
Growth of Binance
As per Coinmarketcap, which is a website that tracks cryptocurrency markets, Binance is the most active cryptocurrency exchange over the past 24 hours with did $6.1bn (conversion) worth of trades.
As per Mr Zhao, who looks after the 4 million accounts, the majority of them are largely male customers with an average age of 25-35. Each day there are trades ranging from $10,000 to $100,000 and some even bigger. The trading has substantially grown in Japan, US, Korea and UK. In UK, the trading volumes are very big.
— binance (@binance_2017) January 3, 2018
Moreover, Binance is the largest trading platform for NEO, which is China’s first ever open source public blockchain project and is ahead of major digital currency exchange Bittrex. Of NEO’s $9 million daily trading volume, Binance has been processing approximately 50 percent of the trades, while Bittrex and Yunbi have been processed just over 33 percent combined.
Additionally, Binance is currently the 10th largest trading platform in the Ethereum-to-bitcoin pair. Itp generally processes over $2.4 million worth of Ether on a daily basis and in total, while Binance processes nearly $9 million dollars per day.
Rising Star in Cryptocurrencies Exchanges
Overall, Binance has grown at an alarming rate. Once the regulatory aspects of bitcoin and other cryptocurrencies such as Ethereum are properly established, the exchanges such as Binance are likely to grow at a higher growth rate.