When Binance first started, it was just another cryptocurrency exchange promising users’ exposure to a variety of cryptocurrency. Come last quarter of 2018; it has become the world’s largest exchange by trading volume by following a simple strategy — avoiding China. Ironically, the exchange was founded in Hong Kong but has stayed away from the Chinese mainland, focusing instead on territories that readily adopted the cryptocurrency and blockchain revolution.
How Did China Help in Binance’s Rise?
Binance launched in July last year, around the same time that China turned hostile toward its local cryptocurrency markets and started cracking down on exchanges and miners. Binance founder Changpeng Zhao said on the sidelines of a Singapore conference last month that an anti-crypto Chinese regime partly helped his business grow.