Binance has registered nearly 250,000 new users in a single hour, the company's CEO claimed Wednesday. The increase came after several days of software updates being installed to meet surging demand. The company opened its doors in China just five months ago, but abruptly had to relocate to Japan once China closed coin exchanges across the country.
Responding to the news about a crackdown on exchanges in South Korea, Binance exchange CEO, Zhao Changpeng, claimed he was not phased. "It does make a lot of impact to our business but I don't think there is any particular threat."
"We opened registration for an hour yesterday and 240,000 users registered within [the] hour. So we're growing basically a couple million every week," Changpeng told Bloomberg. He commented that the company is making an effort to catch up on customer service. "We did not expect this kind of growth to be honest."
Binance also has its own currency - binance coin - which is trading at about $20 with a $2 billion market cap. Before Thursday, Binance ran just over 4 million accounts.
Changpeng said the bulk of his users are male, aged 25-35. When asked on what the average income was, he could not be certain because Binance does not request that data from users. However, there are definitely some high rollers who often move between $10,000 and $100,000 in a single transaction.
Binance is seeing a lot of requests for institutional or corporate accounts, including features like sub-accounts beneath a mother account. Since leaving China, the company moved to Japan, but may move again to a different country. He mentions heavy interest from the US, Japan, and South Korea, then Europe.
Trying to make sense of the ebbs and flows of a wild trade, Changpeng says the most definite thing he can see is a surge in price when new people enter the market, likely driven by the glimmer of fast cash. "When the trading volume is high, that means a lot more people are getting into bitcoin or the cryptocurrency industry. Usually a price rise follows. When the volume shrinks a little bit, prices usually decline a little bit later."
Several major figures in the global economy and international business have commented about the recent crypto boom. This list includes Berkshire Hathaway Chairman and CEO, Warren Buffett, who told CNBC he saw cryptocurrencies eventually coming to a "bad ending." However, Buffett then went on to admit that he did not know much about how the crypto market moves. Changpeng agrees with Buffett and believes that Buffett does not understand cryptocurrency at all.
Responding to the news about a crackdown on exchanges in South Korea, Binance exchange CEO, Zhao Changpeng, claimed he was not phased. "It does make a lot of impact to our business but I don't think there is any particular threat."
"We opened registration for an hour yesterday and 240,000 users registered within [the] hour. So we're growing basically a couple million every week," Changpeng told Bloomberg. He commented that the company is making an effort to catch up on customer service. "We did not expect this kind of growth to be honest."
Binance also has its own currency - binance coin - which is trading at about $20 with a $2 billion market cap. Before Thursday, Binance ran just over 4 million accounts.
Changpeng said the bulk of his users are male, aged 25-35. When asked on what the average income was, he could not be certain because Binance does not request that data from users. However, there are definitely some high rollers who often move between $10,000 and $100,000 in a single transaction.
Binance is seeing a lot of requests for institutional or corporate accounts, including features like sub-accounts beneath a mother account. Since leaving China, the company moved to Japan, but may move again to a different country. He mentions heavy interest from the US, Japan, and South Korea, then Europe.
Trying to make sense of the ebbs and flows of a wild trade, Changpeng says the most definite thing he can see is a surge in price when new people enter the market, likely driven by the glimmer of fast cash. "When the trading volume is high, that means a lot more people are getting into bitcoin or the cryptocurrency industry. Usually a price rise follows. When the volume shrinks a little bit, prices usually decline a little bit later."
Several major figures in the global economy and international business have commented about the recent crypto boom. This list includes Berkshire Hathaway Chairman and CEO, Warren Buffett, who told CNBC he saw cryptocurrencies eventually coming to a "bad ending." However, Buffett then went on to admit that he did not know much about how the crypto market moves. Changpeng agrees with Buffett and believes that Buffett does not understand cryptocurrency at all.