Binance, the world’s largest crypto exchange by volume, is already feeling overwhelmed with user registrations 24 hours after the launch of its latest exchange. The new fiat-to-crypto Jersey-based exchange allows for British pound and euro trading pairs with Bitcoin and Ethereum.
Binance CEO Changpeng Zhao (CZ) tweeted,
“Binance.je is overwhelmed with registrations. There is a backlog of KYC verifications already. More resources are allocated to reduce it. In the mean time, we appreciate your understanding and patience. The registration prize is FIFO based, no worries. Just crazy!”
“One thing we do ‘well’ is underestimating ourselves, and the market.”
The Jersey-based exchange opened for trading in 58 jurisdictions across the globe, including North America, South America, Europe, Africa and Asia, but not including the US. Binance is planning to launch over 10 new fiat-to-crypto exchanges this year.
Users are showing little hesitation in sending their money to the new exchange despite reports that crypto exchanges lost $865 million in stolen funds in 2018.
On January 15th, New Zealand-based Cryptopia reported the first crypto exchange security breach of 2019. Some of the stolen funds made it onto Binance where CZ was able to freeze them. Police are still investigating the incident.
Binance was recently ranked the 34th most secure exchange out of 135 coin exchanges by independent analysts at ICORating. The ranking earned them a B+ score. Exchanges were rated on their user account security, registrar and domain security, web security and DoS attack protection.
Kraken and Cobinhood were the only exchanges to receive “A” ratings, while no exchange managed to score above a 9 out of 10 on web security. Coinbase Pro, which ranked 9th, was one of just 30 exchanges to reach all four requirements for “user security,” which included password security and two-factor authentication.
You can read the full report here.