Binance Adds 240,000 Users in One Hour

Binance announced on December 10 that 5 Million Users have registered on the exchange
11 January 2018   1565

Hong Kong-based cryptocurrency exchanges Binance is adding “a couple of million” registered users every week, with 240,000 people signing up in just an hour on Wednesday, CEO Zhao Changpeng said in an interview with Bloomberg Television.

He added that demand is so high that the company is limiting new customers, though Binance may fully reopen in the coming weeks.

We did not expect this kind of growth to be honest.

 

Zhao Changpeng

CEO, Binance

The news comes as Binance announced on December 10 that 5 Million Users have registered on the exchange.

Binance

According to Zhao, traffic on Binance has been so high that the company hits the limit of servers per account permitted by its cloud provider Amazon.com Inc. “every day”.

Zhao also said that his company is working to receive an exchange license from Japan’s Financial Services Agency. The country passed comprehensive cryptocurrency regulation that included oversight of exchanges in April, and has issued 16 licenses to date.

Earlier in January, Binance stopped new users registration due to the overwhelming surge in popularity, but soon after the exchange allowed a limited number of new registrations each day.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   110

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.
 

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.
 

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.