On July 14, 2022, Binance celebrated its fifth anniversary. For five years, the company has consistently built its brand to provide a seamless experience to crypto users. Binance has evolved to become one of the biggest cryptocurrency exchanges in the industry, attracting millions of users worldwide.
As a pioneer in the digital asset industry, Binance has continued to grow, innovate, and encourage mainstream adoption. The exchange currently serves more than 120 million active users with support in 18 languages.
Binance also nurtures an active blockchain network (BNB Chain) with over 2.4 billion transactions. As it marks its fifth year of operation, the company attributes its achievements to focusing on putting users first.
Adopting a User-Focused Approach
Over the years, Binance has distinguished itself from other crypto exchanges in the market by adopting a user-focused approach. Its commitment to the user-first strategy has resulted in launching a list of products and solutions catering to users’ needs. Some of these initiatives include:
Despite the massive influx of new users in the crypto space recently, the number of people with a sufficient understanding of crypto and blockchain is still insignificant. To bridge this knowledge gap, Binance introduced several learning initiatives.
The Binance Academy, Learn and Earn, and Binance Masterclass have been instrumental in educating Binance users about the industry. This initiative helps users to make responsible and informed investment and trading decisions.
This contactless, borderless and secure crypto payment technology designed by Binance allows users to send or shop with crypto anywhere in the world without charges. Binance Pay has recorded over $12 billion in total volume spanning 17 million transactions and more than 7,000 merchants.
Binance recently partnered with Travala, Al-Futtaim, Primavera, and Splyt, all geared towards making crypto payments accessible and convenient.
Binance Earn provides users with a wide range of products to grow their crypto holdings. In just the first half of 2022, the number of active users on the platform grew from 3.7 million to 4.9 million. Additionally, the number of supported assets on the Binance Earn platform has increased from 183 to 268.
The Binance USD (BUSD) stablecoin has established itself as one of the few fully regulated, licensed, and fiat-backed stablecoins in the market. It is presently the second-largest regulated stablecoin in terms of its market cap.
Building a Regulation-Focused Ecosystem
In line with its commitment to putting users first, Binance is sticking to its core values of protecting users. With the crypto industry developing at a breakneck pace, Binance has evolved to ensure it provides the highest standards for regulatory compliance.
The exchange has proactively engaged in several initiatives and efforts towards compliance with government and regulatory bodies worldwide. Over the past year alone, Binance has received regulatory approvals and registrations in Spain, Italy, Dubai, Abu Dhabi, and Bahrain.
Despite their growing popularity, crypto assets are still in their nascent stage; thus, each country has varying regulation standards to protect investors. As a global digital asset services provider, Binance is constantly evolving and adapting to these standards, comparing and contrasting them to determine what works best.
The exchange remains committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation, and move the industry forward.
Focusing on Critical Infrastructure
Binance plans to leverage the current market environment to build a robust infrastructure for the next phase of the industry’s growth, with Web3 being the biggest contributor. Since Web3 is still a relatively new concept, Binance is on a mission to become the gateway to Web3.
The platform intends to make entry into the Web3 space more simple, accessible, compliant, and trustworthy. Binance is currently developing tools and products that are secure, user-friendly, and affordable while bringing real user value.
For the next five years, Binance envisions creating an ecosystem that will continue to bring more legitimacy and adoption to the space through education, security, and work with regulators.