Binance is banned, analysis of Changpeng Zhao’s far-reaching influence in the cryptocurrency field

As the dispute over Venezuela's presidential election continues to simmer, domestic tensions have prompted the government to take tough measures and impose a blockade on key online services, including cryptocurrency trading platform Binance. This move is particularly eye-catching because Binance, as the world’s top exchange, has a particularly significant influence in Venezuela, going far beyond pure cryptocurrency trading.

In the context of Venezuela's economic turmoil and the plummeting value of the bolivar currency, stablecoins and Bitcoin have become safe havens for people seeking financial security, and Binance has become the main trading platform they trust. Today, let’s dive into the remarkable story of Binance and its founder, Changpeng Zhao.

Going back to 2017, Changpeng Zhao founded Binance, a global platform that brings together more than 100 cryptocurrencies and covers a variety of trading products such as options, spot, u-based and currency-based contracts. Its name cleverly combines the concepts of "binary" and "finance", implying the new financial order in the digital world.

Talking about the financing process, Binance has attracted the attention of the capital market since its birth. In 2017, Changpeng Zhao made preliminary contact with Sequoia Capital, and in August of the same year received approval from Sequoia for a RMB 500 million Series A valuation, with a planned investment amount of up to RMB 60 million. However, fate was ill-fated. Just as the two sides were preparing for further cooperation, China announced on September 4 that it would ban ICOs (initial coin offerings) and close cryptocurrency exchanges. The market situation suddenly changed and currency prices plummeted. This policy adjustment caused Sequoia to re-evaluate its investment decision in Binance, resulting in the delay in receiving funds.

Despite this, Changpeng Zhao and Binance thrived in adversity with their unique strategic vision and strong execution, and eventually became an indispensable backbone in the cryptocurrency field. Changpeng Zhao’s personal legend and the rise of Binance are undoubtedly one of the most dazzling chapters in the history of cryptocurrency development. #币安热门推荐