Just months after its launch, Binance emerged as the largest cryptocurrency exchange in the world, growing at an extraordinary pace. While it’s widely recognized for cryptocurrency trading and its flagship products like Binance Earn and Web3 wallet, there are many lesser-known aspects of Binance. Here are seven interesting facts that reveal the broader story of Binance’s journey and identity, offering a fresh perspective whether you’re a seasoned trader, a crypto enthusiast, or just curious about the buzz.
1. Zero to Hero in 165 Days
Binance launched on July 14, 2017, and within just 165 days, it became the world’s largest cryptocurrency exchange by trading volume. This rapid growth was due to several internal and external factors. Key among these were Binance’s focus on user experience, an institutional-grade trading engine, a dedicated customer service team, and an innovative suite of cryptocurrency products. During its first crypto winter, Binance returned all investors’ funds using the company’s treasury, a move that showcased its commitment to users and generated positive PR.
2. From 2 to 200 Million Users in 7 Years
Within its first six months, Binance attracted over two million users. Today, it serves more than 200 million registered users. This growth is attributed to Binance’s user-centric approach, low fees, high liquidity, support for a wide range of cryptocurrencies, strong security measures, large-scale marketing campaigns, and proactive community engagement by Binance’s leadership on social media. Binance has adapted to the evolving regulatory landscape and continuously innovated its products and services.
3. Binance Pay Is the Number One Off-Chain Crypto Payment Service
Binance Pay allows users to send money globally within seconds with minimal fees. This service highlights Binance’s commitment to seamless financial transactions. Binance Pay, an off-chain wallet, is among the top crypto payment methods, alongside Bitcoin and Ethereum networks. Since 2021, its total volume has crossed $120 billion.
4. SAFU: It Started with Binance
The Secure Asset Fund for Users (SAFU) was established by Binance in July 2018 to protect user funds from security breaches. SAFU currently holds over $1 billion in reserve. The term SAFU became part of the crypto lexicon after a viral YouTube video by Bizonacci referenced a tweet by former Binance CEO Changpeng Zhao (CZ) during unscheduled maintenance.
5. Binance Is a Key Player in Protecting the Crypto Ecosystem
Binance actively collaborates with regulators and law enforcement agencies to combat crypto-related crime. In 2023 alone, Binance processed over 62,000 law enforcement requests and conducted over 120 training sessions for law enforcers globally. Binance’s security team also recovered approximately $55 million in user funds by the end of 2023. For example, in June 2024, Binance swiftly froze over $5.3 million following a security breach at the Turkish crypto exchange BTC Turk.
6. Binance Is Really Fast
Binance leads the market with one of the fastest customer support response times, often resolving user requests within one minute. The Customer Service (CS) team is Binance’s largest department, supporting 17 languages and handling a range of responsibilities. An advanced AI bot integrated into the Binance Customer Support Chat expedites issue resolution. The platform can handle up to 2.58 million user queries per second, ensuring smooth operations and positioning Binance at the forefront of the cryptocurrency industry.
7. Binance Pioneered Remote-First Culture
Even before the Covid-19 pandemic popularized remote work, Binance had adopted a remote-first culture. This approach aligns with Binance’s core value of freedom. Despite growing from 30 members to over 5,000 employees globally, Binance has maintained its remote mode of operation. This makes Binance one of the largest companies successfully practicing a fully remote work culture, serving as a model for others to follow.
