In less than eight months, the founder of Binance has grown his company from an idea into the world’s largest digital-asset exchange by traded value. Binance had a $200 million profit in its second quarter of existence, and he has amassed a personal fortune that he claims is worth as much as $2 billion.
Regulators around the world are clamping down on the Wild West environment that enabled Binance’s breakneck growth.
Hong Kong’s Securities and Futures Commission has also issued warnings to Binance and several of its peers in recent months, telling the exchanges to refrain from trading cryptocurrencies that qualify as securities.
Zhao Changpeng remains 100 percent convinced that crypto is the future.
One of the most-traded coins on Binance’s platform is Tether, whose creator has been subpoenaed by the U.S. Commodity Futures Trading Commission amid questions over the veracity of claims that the token is fully backed by dollars.
Binance has had popular promotions like a Lamborghini giveaway.
Binance’s trading systems are seen as among the most reliable in the digital-asset world and its baseline transaction fee of 0.1 percent is lower than most competitors. The venue has yet to suffer a major cyber thef