Binance is a cryptocurrency trading platform founded by Changpeng Zhao, a software developer who had previously been working on high-speed matching systems for the Tokyo Stock exchange.
During its ICO, Binance quickly sold out its token sale allocation, raising $15 million over a three week period. Following this, the platform’s high-speed trade matching engine and rapid addition of new digital assets lead to an explosion in adoption, as Binance became the go-to exchange for the bulk of cryptocurrency traders.
Despite being one of the more recent exchanges released, this growth quickly saw Binance become the world’s most popular cryptocurrency exchange, easily eclipsing competing exchanges in terms of trade volume.
Part of its success can be attributed to its unique fee structure, allowing traders to reduce their fees significantly by paying them in BNB, the platform’s native utility token. Besides this, fees can be reduced to as low as 0.015% if VIP 8 membership is achieved.
