Binance expands its area of influence

Changpeng Zhao is the founder of the largest (by trading volume) cryptocurrency exchange Binance. He is also the CEO of the company and the richest crypto entrepreneur in the world; his fortune is estimated at almost $ 100 billion.

Zhao launched Binance in July 2017 with $15 million raised during the ICO. However, he was forced to withdraw the company from China amid tightening government control over this sector. Now the company is registered in the Cayman Islands. Zhao became a billionaire in 2018.

Binance and its director had to face the regulators of the USA and Europe

In May 2021, Bloomberg reported that the crypto exchange was at the center of an investigation by the US Department of Justice and the Internal Revenue Service on the facts of money laundering and tax evasion. Nevertheless, Zhao’s company and capital continue to grow.

Earlier this month, Binance announced a $200 million investment in Forbes, a global media company specializing in business, investment, technology, entrepreneurship and management. Forbes has been published for more than a century; the first issue was published on September 15, 1917.

At first glance, this investment looks atypical for Binance, whose interests are mainly concentrated in the digital currency segment. So why should the company expand its horizons and include a media holding in its portfolio?

Binance — cryptocurrency exchange

Binance calls itself “the largest cryptocurrency exchange.” However, according to the project’s website, it cannot provide services to users from the USA. Instead, it redirects Americans to Binance.US (BAM Trading Services) is a regulated cryptocurrency trading platform that allows you to trade more than 50 cryptocurrencies and charges a “low commission”.

The daily trading turnover of Binance, which operates around the clock, averages $ 2 billion, and more than 1.4 million transactions are processed per second. Binance coin (BNB) is an internal token of the Binance Chain blockchain developed by Binance and its community.

Binance Coin ranks fourth in the ranking

of BNB cryptocurrencies and performs a number of functions in the Binance ecosystem. As of February 24, BNB was the fourth digital currency by market capitalization. Trading at $339.09 per token, BNB was valued at more than $56.15 billion.

At the time of writing this article, the token was located between two stablecoins, lagging behind Tether and ahead of USD Coin.

Changpeng Zhao is the founder of the largest (by trading volume) cryptocurrency exchange Binance. He is also the CEO of the company and the richest crypto entrepreneur in the world; his fortune is estimated at almost $ 100 billion. Zhao launched Binance in July 2017 with $15 million raised during the ICO. However, he was…

Changpeng Zhao is the founder of the largest (by trading volume) cryptocurrency exchange Binance. He is also the CEO of the company and the richest crypto entrepreneur in the world; his fortune is estimated at almost $ 100 billion. Zhao launched Binance in July 2017 with $15 million raised during the ICO. However, he was…