Binance is arguably the most scrutinized cryptocurrency exchange around, especially when it comes to regulations. This top crypto exchange has been in the crosshairs of regulators across multiple jurisdictions. This includes the court case in 2023 that even led to Changpeng Zhao’s resignation as CEO. But even with all that, Binance has held firm, expanding and pushing into newer markets.
Unlike Binance, several cryptocurrency exchanges ceased to exist after regulators had come knocking. The Mt.Gox disaster back in 2014 is one of crypto’s saddest stories, alongside the FTX collapse after many years. This shows how plenty of exchanges have faced tough times, and most didn’t make it. Yet, here’s Binance, still standing tall, even after all the government hassles.
Nigeria Crackdown & VPN Workarounds
Let’s take what happened to Binance in Nigeria, for example. The government there arrested two of Binance’s executives accusing the crypto exchange of manipulating the exchange rate in 2024.
Binance shot back, denying they had any control over complex factors that affect the exchange rate. Binance ended their naira services after Nigeria blocked access to Binance’s website and other crypto exchanges. Since then, Nigerian crypto users have been using VPNs to get to Binance and similar platforms.
Related: Binance & SEC Pause Litigation: Potential Crypto Regulation Shift Emerges
US & UK Regulatory Heat
Binance’s biggest regulatory headaches came from the US. Despite operating limited services, the crypto exchange faced litigation and fines. The situation is similar in the UK, where the authorities barred Binance from carrying out regulated activities. However, the crypto exchange continues to grow, presenting a “larger than life” facade.
Related: Binance Limits Services in Several Countries Due to Regulations
From Hong Kong to Now a Global Giant
It is important to note that the challenges mentioned above came after regulatory scrutiny in the Chinese region forced Binance to relocate its headquarters from Hong Kong to Malta. That move triggered a global expansion that saw the crypto exchange achieve its giant status in the crypto world.
The bottom line is, Binance has consistently grown despite facing a lot of turbulence. In 2024, Binance reported a 96.2% growth year-on-year (YoY), with big gains in the first and fourth quarters. Binance Pay’s active user base grew by 226% in 2024, with the crypto exchange’s fiat-to-crypto channels expanding to 20 new countries.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
