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Binance Meteoric Success Accompanies Various Shortcomings

2017 was an excellent year for the crypto currency enthusiasts. Apart from the surge of the value of different cryptocurrencies, the exchange platforms had to do work more to keep up with the demand in the industry. Over the past week, Binance had to halt new registration due to overwhelming success. According to reports from the company, the company has given reasons for this decision as it plans to advance its infrastructure.

Binance’s User Growth Is Mind-Blowing

The last six months of 2017 recorded a significant inflow of new registrations on various exchanges. The verification of accounts should be prompt. The strain on resources has led multiple firms on a circle. Hence Binance has taken advantage of the situation.  The platform is currently considered the most significant crypto exchange considering their trade volume and entry into the crypto world just in early 2017.

During an interview with Bloomberg Television over the past week, Zhao Changpeng, the CEO of Binance exchange platform, the firm managed to add over 240,000 new users in the system in just an hour. If the exchange platform maintains this pace, it will register over 4 million new users daily.

From the look of things, Binance seems to be popular among formal traders who wish to trade with virtual currency directly. It is remarkable, but there would be other exchange platforms that will suit this position as well basing on their reputation. Though the company had stopped the registration of new users, it is currently considered the most significant exchange platform regarding its trading volume.

There are no reports on when the Binance will register new users on its platform. The exchange will have to upgrade its systems in the future due to the overwhelming increase in traffic.

About the author

Jason Manolopoulos co-founded Dromeus Capital Group in April 2008 and is the co-CIO of the firm. Jason leads the firm's investment activities is a member of the Firm's Executive and...

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