Cryptocurrency exchange Binance tops the Bitcoin Rich List with a Bitcoin wallet holding 141,096 BTC, worth roughly $789 million, at time of writing.
In a new interview with The Street, Zhao says,
“Overall, our 2019 will just be to increase cryptocurrency adoption. That’s not just for Binance’s coin or Binance as a platform but more broadly we want to increase adoption for crypto. Anything that helps the industry get bigger will be good.”
He also says that Binance is far more than an exchange.
“Eventually, I want people to think of Binance as a verb. Just like Google. Google used to be a name; now I “google” something. It should not really be thinking about Binance; it should just be thinking about something you do, and that should be automatically Binance.”
Binance’s role as a leader in the space is to keep crypto communities invigorated. After the company posted a crypto event on Facebook and Twitter on Friday, slated for November 24 in Delhi, India, it sold out within eight hours.
The upcoming event is planned during a crucial time for local crypto enthusiasts in Delhi and across India. They’ve been dealing with a crypto crackdown since April, when the Reserve Bank of India (RBI) issued a statement about hardline regulatory policies that are intended to protect consumers from crypto scams.
In September, India-based Zebpay, the country’s largest exchange, decided to shut down after battling restrictions imposed by the RBI. At that time Zebpay issued a statement charting the difficulties of operating its business.
“The curb on bank accounts has crippled our, and our customer’s, ability to transact business meaningfully. At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business. As a result, we are stopping our exchange activities.”
Despite efforts to support crypto enthusiasts in India, Binance just instructed customers in Iran to withdraw their cryptocurrency promptly, due to US sanctions that were reimposed on the country on November 5.
Local sources cite an email received by Iranian users of the exchange, according to a report by Coindesk.
“If you have an account with Binance and fall into that [sanctions] category, please withdraw your assets from Binance as soon as possible.”
Binance, which is based in Malta, is strategically planning to roll out operations around the world to keep up with global demand, launching exchanges in Uganda and Singapore. The company’s reputation as the operator of a secure crypto platform with strong customer support, along with ambitions of servicing underserved populations, has helped Binance amass over 10 million accounts since its launch in August 2017.