Binance referral program 201812/30/2023 ![]() ![]() Some experts who’ve studied the company believe that the BNB on its balance sheet accounts for most of its net worth. Second is Binance’s reliance on its “native token,” the Binance Coin or BNB. The first is the Runefeltian world of paid influencers who entice young traders to try crypto-a tactic which, while perfectly legal, is an expensive and erratic way to grow. The exchange’s broad edifice includes two surprising and potentially shaky pillars. Some of what we found should give users and investors pause. Through several weeks of reporting, examination of financial filings, and interviews with investors, Fortune assembled a wide-ranging picture of Binance’s business. In the absence of such transparency, we did some digging. Binance has avoided reporting requirements by running a small, relatively limited exchange called Binance.US that’s regulated under “money transmitter” licenses in 46 states.) What’s more, Binance’s giant global exchange,, isn’t licensed in the nations that require the toughest public financial disclosures. Binance is a private company and isn’t obligated to disclose how much money it makes or how. CZ has recently said the company is “still profitable” and has “fairly large cash reserves.” But he offers no hard numbers. As Arcane wrote in a recent report, “Binance is the crypto market.”īut look under the hood, and things get murky fast. Binance has expanded its dominance even further since the collapse of Sam Bankman-Fried’s FTX. Over half of all spot and futures trades in crypto run over Binance, according to digital data outfit Arcane Research Coinalyze, another data provider, estimated that the exchange now handles over 90% of spot Bitcoin transactions. The company has built an empire on low fees and a laissez-faire, all-traders-welcome culture. It’s crucial that the cryptoverse believes CZ’s assurances, because Binance is its cornerstone. Commodity Futures Trading Commission (CFTC). Though he has recently reduced his public appearances, Zhao has cumulatively, logged countless appearances on cable business networks, released myriad statements touting the health of his business, and appeared at live events worldwide, professing that users’ crypto is secure in their Binance accounts. His role as the public face of crypto trading has only been emphasized this week, as he has stepped forward to defend Binance in the wake of a new lawsuit from the U.S. That’s in contrast to CZ himself, who in recent years has become crypto’s most visible spokesman. This influencer network is largely invisible to those who aren’t Binance power-users. But an army of Runefelts-who gain kickbacks with every newbie they sign up-have powered a surprising share of Binance’s explosive growth. Most casual observers think of Binance, the world’s biggest crypto exchange, as a trading-tech titan, a data-driven juggernaut run by the ubiquitous Changpeng Zhao, or CZ for short. Hey, if this onetime grocery clerk can win a king’s ransom betting on crypto, why can’t you? Over the years, Runefelt, who goes by the Twitter handle TheMoonCarl, has posted a steady stream of QR codes, imploring followers to sign up as his affiliate members and dip their toes into trading on his favorite exchange, Binance. But his true love-even after FTX, even after Bitcoin cratered by two-thirds-is crypto. ![]()
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