Economy & Politics

Blockchain Billions in profits, lawsuits and hacks – the Binance story

CZ first heard of Bitcoin in 2013 at a poker gamePR / Aditya Chinchure / Unsplash

It all started at a poker game in Shanghai: One evening in August 2013, Changpeng Zhao heard about the cryptocurrency Bitcoin for the first time. A few months later, the computer scientist sold his house for 1 million dollars – and bought Bitcoin with the money, at that time for around 600 dollars per BTC.

Meanwhile, Zhao is only known as CZ. And he’s a billionaire. He did it with his crypto exchange Binance, founded in July 2017. The company has a mixed history, there have been problems with various regulators, hacks and scams.

With ease of use and a large selection of currencies, Binance has nevertheless managed to become the largest crypto exchange in the world. And it is also extremely successful as a company. While many crypto start-ups are still working on their product and business model, Binance is already highly profitable.

A year ago there was a report that the company’s cumulative profit has been $ 1 billion since it started. As an exchange, it earns money from listing cryptocurrencies and transaction fees. Bitcoin has now been in focus again for a few weeks, the price has skyrocketed.

What does this mean for Binance and how did it become the most important crypto exchange? The read today on Finance Forward, the finance portal of Personal-Financial.com and OMR. You can register for the daily newsletter here.

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