The Centralization of Binance: Potential Cryptocurrency Kryptonite
Binance shot to stardom in 2017, shocking the cryptocurrency industry by becoming the largest exchange platform in existence in under six months. Even more shocking was continued success through 2018, a year that saw many new platforms shutting their doors. Now, a flood of new exchanges offers hope and security to the cryptocurrency trading world.
The rise of Binance
Today, is to cryptocurrency what Apple is to modern technology. The level of ambivalence amongst consumers toward both giants can be staggering. Like Apple, Binance has secured a powerful position for itself across several major cryptocurrency sectors, with plans to establish an even larger presence.
The size and volume of the exchange, however, remains its biggest accomplishment to date. According to , Binance has been in the top three cryptocurrency exchanges by reported and adjusted volume since the beginning of 2018.
At first glance, Binance appears to be filling a critical need in the industry. The demand for global cryptocurrency trading platforms is growing as the industry grows, and Binance is there, filling that need and providing ancillary tools for traders, entrepreneurs, developers, and everyone else with a stake in digital assets.