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In less than 8 months, the founder of Binance has grown his company from an idea into the world’s largest digital-asset exchange by traded value. But after a meteoric rise that defied financial orthodoxy (Binance doesn’t have a bank account or a public address), the coder-turned-exchange kingpin is now facing headwinds that threaten to send him back down to Earth.
But after a meteoric rise that defied financial orthodoxy (Binance doesn’t have a bank account or a public address), the 41-year-old coder-turned-exchange kingpin is now facing headwinds that threaten to send him -- and a big swathe of the cryptocurrency trading complex -- back down to Earth. Not only have the world’s virtual currencies lost more than half their value since crypto-mania peaked in January, but trading activity has slumped and hackers have stepped up attacks on cryptocurrency exchanges. Perhaps most worryingly for Binance -- which like many of its peers has been operating with little to no oversight -- regulators around the world are clamping down on the Wild West environment that enabled the venue’s breakneck growth.
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