On Tuesday 7th February 2023, North Rock Digital released a tweet illustrating how the “Binance Cartel” seems to be setting the crypto rhythm.
pretty much, lol pic.twitter.com/PvnWb3mXrL
— Hal Press (@NorthRockLP) February 7, 2023
The image which is worth a thousand words depicts a seemingly hilarious summary of how the Binance cartel is setting the rhythm for the crypto space.
In 2022 we witnessed a very turbulent year for the crypto space as many crypto exchanges and lenders got completely wiped out leaving a sour aftermath. Experts estimate that about $1.4 trillion was erased from the crypto space in 2022.
However, despite the bear market, in a surprising twist of events, Binance is rolling out products and expanding its workforce by 15-30% in 2023. In 2022, Binance rolled out a platform for VIP investors even as other market players hunkered down in the looming crypto winter.
Binance is one major player in the crypto space that looks back on massive growth. In a recent interview with Bloomberg, Mr. Zhao said he would like Binance to be “the adult in the room”.
One important component of Binance’s ecosystem is its asset, BNB, formerly known as Binance coin. The BSC chain debuted in September 2020 and marked Binance’s biggest step into the world of DeFi. It introduced BNB Staking, as well as cross-chain and EVM compatibility to users within the Binance ecosystem.
Today, over 60 projects are running on BSC, with PancakeSwap being the most popular automated market maker and yield farm.
Binance Academy reached a readership of 4.7 million in 2020, being a go-to destination for those looking for unbiased and in-depth information. And notably, the most watched YouTube video was CZ’s fireside chat with Michael Saylor, the CEO of MicroStrategy, who famously pivoted to Bitcoin after global markets plunged in March of last year.
Already the largest spot exchange for three years running, Binance has also become the mainstay for crypto derivatives. Binance futures that launched in September 2019, became a leading crypto derivatives exchange with deep liquidity for fast transactions with minimal slippage.
For users looking for an easy way to access leverage, Binance also offers tokenized versions of leveraged futures positions that give users exposure to leveraged gains while minimizing the risk of liquidation.
Binance is also well-known for its massive altcoin list, with more than 600 choices available to non-U.S. users. The number of institutional clients on Binance grew by 46% since the end of 2019 and total trading volumes across Binance reached a whopping $3 trillion USDT.
