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Binance CEO wants to expand business to all continents
Editorial Team

In the middle of a dooming period for cryptocurrencies, Binance, one of the world’s largest crypto exchanges by trading volume is aspiring to establish fiat-to-crypto trading platforms on almost every continent.

Binance founder and CEO Zhao Changpeng closed out the first day on CoinDesk’s Consensus Singapore event with a fireside chat, where he discussed a range of topics, including how he grew Binance from a startup with a $15 million initial coin offering to one of the world’s largest crypto exchanges and his future vision for the platform, as the publication from resumed.

Zhao Changpeng, during his interview, stated that by this time next year, he wants the company to have launched five to 10 fiat-to-crypto exchanges, with ideally two per continent.

These plans are in line with exchange’s current efforts to roll out an exchange in Singapore.

Having conducted closed testing on Tuesday, CZ said he hopes the platform could be up and running within months, though he added that working with banks and regulators is much harder than just with cryptocurrencies.

Zhao admitted that this aspiration seems to be controversial to what Binance is famous for, which is its crypto-to-crypto trading, explaining that the fact that the crypto market is still significantly smaller than the traditional market.

“Fiat is still where all the money is in… And we’ve got to open that gate,” he said.

Zhao added that in order to so, Binance plans to continue working with relatively smaller countries, citing recent partnerships with nations like Malta. The main reason, he explained, is that these countries tend to respond in a much more efficient way.

“You can access to the top-level government officials and they respond to your questions more directly and efficiently. … And they do appreciate the investment you are bringing into the local economy,” he said.

During the chat, he confirmed that in the first quarter of 2018, Binance made $200 million in profits, although the assets are all in cryptos. Adding that in Q2 the profits fell in $150 million.

Commenting on Binance’s rapid growth, Zhao said luck played some role in the company’s success so far as it was established with the “right thing at the right time.”

After quitting from OKCoin in 2015, Zhao said that he spent the next two years with sag team building a cloud-based system that offers crypto exchanges the infrastructure to form their own platforms.

After these two years, the exchange went online at a time when the Chinese government was stepping up its scrutiny over crypto trading and eventually issued the ban on domestic initial coin offerings and fiat-to-crypto trading.

“Sometimes negative things could turn out to be positive in the long term if you leverage it right,” he said.

Being asked whether and how much the market volatility could affect Binance’s business, he responded that he sold his house in 2014 to buy Bitcoin, after which its pric e dropped from $600 to $200. Despite the fall, he didn’t sell, adding: “After that, I’m just not that worried.”