Binance Retains Top Spot Among Crypto Exchanges Despite Facing Regulatory Pressure
Anyone familiar with the concept of cryptocurrency trading is aware of the name Binance. In a small amount of time, Binance has managed to become one of the largest cryptocurrency exchanges in the world. The journey to the top has not been easy for Binance. During the last few months, a good number of regulatory watchdogs in several parts of the world have imposed correctional laws on Binance.
A financial reporting outlet, Finbold, has recently published that in comparison to all big cryptocurrency exchanges, the online search results and web traffic has been greatest on the Binance website. During this time, around 171 million people from around the world visited the website last month. Concerning the web traffic in September, Binance catered a bigger interaction with a 12% improvement.
Considering the massive amount of regulatory pressure from several countries, it is hard to imagine Binance keeping up with the times. There are several regions where the regulators barred their citizens from accessing the website or issued warnings against it. However, the technical analysts and the cryptocurrency experts have dubbed the platform as innovative and user-friendly.
One of the many reasons that Binance has managed to survive thus far is the availability of various crypto variants on the platform. Furthermore, the native token of Binance called BNB that has said to add liquidity for the exchange market. Binance also managed to host and deliver on its ICO or Initial Coin Offering with success.
Binance Tries its Best to Comply with Regulatory Policies
Changpeng Zhao is the founder and CEO of Binance. Addressing the issue of the massive regulatory and legal troubles, he claimed that he would like to keep his platform in compliance with the guidelines provided by the government of every respective region. Most countries in the world are still working on introducing proper crypto trading-related laws under their jurisdictions. Coinbase, an American crypto exchange, has remained the second-best in the world despite filing for a public listing on NASDAQ this year. Coinbase also got into the good books of regulatory watchdogs during this time. Many financial experts believed that with increasing regulatory pressure on Binance, Coinbase would soon be able to take over. However, Binance has defended its top rank with the help of features like low transaction fees and a wide variety of digital asset listings.
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