Last week – July 14 – Binance celebrated its fifth birthday. During that time, the platform has gained the top spot in the ranking of trading platforms and has firmly entrenched itself in that position.

We checked the current data: Binance is the leader in terms of both spot and derivatives trading volume in the last 24 hours. Specifically, spot trading volume was the equivalent of $20.4 billion, with Gate in second place with $3.3 billion.

Rating of cryptocurrency exchanges by spot trading volume

The situation is similar for cryptocurrency derivatives. Binance has $73.7 billion in trading volume per day, while FTX’s result is $12.3 billion. Accordingly, the gap is almost six times.

OKX has 22.3 billion trades. However, Coingecko representatives placed the platform in third place in the ranking.

Ranking of cryptocurrency exchanges by derivatives trading volume

Despite this, Binance is not the most profitable exchange for traders in terms of fees. As The Block recently found out, the Woo X platform has the lowest transaction fees. And the difference in commissions with the same Binance is very tangible. Here’s the chart.

Ranking of cryptocurrency exchanges by fees

Where is the cryptocurrency exchange Binance located?

The statement from the head of Binance is remembered with one interesting quote. Here’s Chanpen’s rejoinder, in which he shares details of what’s going on with the company.

The headquarters is the office where people sit? I have been working from home for the last three and a half years. Our management team doesn’t sit in the same office, we don’t have a clear-cut place that we could call a headquarters according to most people’s usual definitions.

So Zhao makes it clear that Binance doesn't work the way many companies are used to. However, since the pandemic began, quite a few giants have moved to work remotely, which is basically similar to what is happening with the largest cryptocurrency exchange.

Binance CEO Changpen Zhao

The day before, Zhao was a guest on another edition of the gm podcast from journalists at news outlet Decrypt. During the discussion, the issue of directly “finding” a centralised governing body for the exchange was raised. And while for some reason Changpen can’t give a definite answer right now, it will clear up a little later. Here is the entrepreneur’s rejoinder.

We have a global holding company for the centralised bourse. We have not yet announced the headquarters location. That announcement will be made in due course.

When exactly this information will be announced is unknown. Apparently, representatives of the trading platform are working on some details or even the launch of the next office, so do not hurry with the announcement.

As we have already noted, Binance has been on the market for five years. The company has spent most of its history battling regulators around the world, although that hasn’t stopped it from growing to its current size.

Read also: Binance has seen a surge in Bitcoin trading volumes. Why didn't users like it?

As a reminder, Binance incorporated in the Cayman Islands in 2017. Two years later – in 2019 – it also registered in the Seychelles. But by 2020, authorities started to draw attention to the company’s lack of licences: in particular, Malta issued a statement saying that Binance had no legal right to continue its operations. Regulators in Malaysia issued a similar statement a little later, saying that Binance was operating illegally in the country.

Zhao has now changed his approach, which he admits has not previously worked in diplomacy with regulators. He continues.

We had to capitulate. When we started five years ago, there was very little regulatory framework to regulate cryptocurrencies. And in fact, most of the regulators we interacted with didn’t want to deal with crypto at all. So in those days we had a decentralisation philosophy, and it worked very well for us.

Binance tops CoinMarketCap’s ranking of exchanges

Now that the crypto industry has reached a certain stage of development, it is of great interest to regulators. Binance’s management understands this, said the exchange’s CEO.

We have set up local offices, local divisions, hired compliance specialists, lawyers, organised the whole structure.

Indeed, since the pandemic began, Binance has opened offices in Abu Dhabi, Bahrain, Dubai and Paris, a list Zhao announced proudly on the podcast. He also stressed that Binance has now reached a much higher level of understanding with regulators, although the location of the main centralised office is still an open question.

Changpen Zhao, founder and CEO of Binance


We believe that decentralised work is really suitable for cryptocurrency, protocol and app developers. However, Binance has grown into a giant over the years, so regulators quite predictably disapprove of such an approach. So the central headquarters of the exchange should be after all. However, the date of announcement of the location is not known yet.


What do you think about it? Share your opinion in our Millionaires Crypto Chat. There we will discuss other important events for the world of decentralized assets.