Shedding some light on the overwhelming demand crypto exchanges are currently facing, Binance’s Chief Executive Officer (CEO, Zhao Changpeng, revealed that in just one hour his exchange added 240,000 new users. Demand is so high the company is adding “a couple of million” users per week.
As reported by Core Media, various crypto exchanges have recently halted new user registrations to ensure the quality of their services. Even Binance itself, the leading crypto exchange with a $5.6 billion daily trading volume, decided to limit registrations.
Speaking to Bloomberg television, Zhao Changpeng revealed that the exchange “did not expect this kind of growth,” and that his average customer was male, aged 25-35. He added that Binance isn’t just getting attention from its average user, he said:
“We’re beginning to get a lot of interest from institutional investors. People are asking us for corporate verification, and also corporate features where there are sub-accounts under a main account, different kinds of risk management – we’re getting that a lot now.”
The crypto exchange has been getting so much traffic, Zhao revealed, that it hits the limits of servers per account permitted by Amazon.com, its cloud provider, “every day.” According to the CEO, one of Binance’s employees has to request servers full time.
The company’s next moves will include improving its customer support service, and work to receive an exchange license from Japan’s Financial Services Agency, a country Zhao claims to be the “most progressive” in the terms of regulations.
Crypto exchange unfazed by Warren Buffett’s words
As recently covered by Core Media, JP Morgan CEO Jamie Dimon recently revealed he regrets calling bitcoin a fraud, as last year he stated the cryptocurrency was “worth nothing,” and he would fire anyone trading it.
Zhao stated that he had in the past said Dimon was wrong about bitcoin, and was then asked about Warren Buffett’s comments on the cryptocurrency ecosystem. The legendary investor and Berkshire Hathaway CEO recently stated that cryptocurrencies will “come to a bad ending,” while admitting he won’t open a futures position to short the market.
When asked why, Buffett said he doesn’t know anything about cryptocurrencies, so it wouldn’t make sense. Regarding his comments, Zhao revealed he respects Warren Buffett “from an investment point of view,” but added he thinks he is making a “big mistake” when it comes to cryptocurrencies.
— binance (@binance_2017) January 11, 2018