With a trading volume of around $1.5 billion, Binance can certainly put forward a claim for being the largest crypto exchange in the world today. It has also seen unprecedented growth of late, quadrupling in size in terms of customers served this year; it is now estimated to have just under 10 million users. This growth has come at an unlikely time too, as Bitcoin and its crypto companions have all declined significantly in value since the turn of the year.
Now though, Binance is taking steps to cement its growth. Only a few days ago, the company announced that it had set up a bank account in Malta, a country which has recently become a European crypto haven after a favourable legislative ruling from the government. And this has been followed up by an announcement that Binance will offer trading pairs, but unlike the existing crypto-to-crypto pairs that they already excel in, these new pairs will be crypto-to-euro.
A Black Cloud
Binance has also recently launched a $1 billion Venture Capital fund, but it isn’t all good news for the firm. In fact, just this week a Reddit user reported a hack to their Binance account, in which 2 BTC were stolen. As it happens, the strict daily withdrawal limits meant that the rest of the owner’s $50k fund was saved, but it is still a concern for Binance, as they pride themselves on exceptional security for their crypto storage facilities.
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