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Binance’s spell for success centers around its users, services, and products

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AMB Crypto

Sat, Jan 15, 2022

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Since its launch in 2017, the company – first launched as an exchange service provider – has undoubtedly become one of the fastest growing crypto-firms in the space, with its founder ranked as one of the richest men in the world and the richest man in the crypto-world.

The CEO and Founder of Binance – Changpeng Zhao [aka CZ] recently penned down some of the reasons behind the success, bringing out a side that was not known to even those present in the crypto-space for quite some time now.

For something to fail, you just need to do one thing poorly, even after you did the other 1000 things relatively well.” The founder also pointed out that the 1000 things could be classified under three main groups: Users, services, and products; groups that are Binance’s unique selling point.

Not long after its launch, the exchange was met with its first big challenge – the Chinese government clamped down on crypto-exchanges and ICOs. To make matters worse, the government decreed that all projects that had raised funds via ICOs had to return them back to users in its original price.

In this matter, Binance turned out to be a lucky one as the native token of the exchange – BNB – was 600% more than its ICO price.

Nevertheless, the team looked at the matter with an optimistic lens and decided to step in by filling the deficit of these projects, making it the exchange’s first big move in putting its customers ahead of everything.

The exchange put in $6 million of its own cash reserves to fill in the gap of the four ICOs in order to give the original invested amount back to its customers.

Nevertheless, the users-first attitude in the matter created a positive sentiment towards the exchange, thereby bringing in more customers.

It was costly, but we held to our ethos of protecting users.” Staying true to its community Notably, the exchange’s popularity and favorability did not rise with one such move, but several.

Another incident revolved around the exchange putting its users first in the matter of NEO gas token, stated CZ.

And, this resulted in furthering the growth of the exchange as most NEO users moved their funds to Binance.

This created a hassle-free condition, wherein a user was not required to withdraw funds and deposit in a wallet during airdrops and forks, and post completion, deposit back into the exchange.

We encourage other exchanges to do it as well.” Setting standards from the get-go: Now, any firm working in the service sector or otherwise knows that customer service should always be the prime focus as they are the company.

The world’s leading exchange has topped customer service by not just providing prompt response, but also apt solutions.

The exchange was the first to set up a process wherein a customer needn’t have to wait for days or sometimes even months to get a response or assistance on a particular matter – a common occurrence back then.

Binance also has customer support service in 12 languages – with the platform set to add on to that list – taking into consideration that its community is not country-specific, but is a global one.

Moreover, the exchange has a history of helping out its users with non-exchange related matters.

Binance was one of the very few exchanges to give support to other cryptocurrencies in the market, a factor missing in a majority of the exchanges back then.

On the international front, Binance noted that the top two exchanges back then – Poloniex and Bittrex – mainly catered to users in the United States, thereby leaving behind customers coming in from other parts of the world.

According to Zhao, these exchanges were providing user interfaces only in English, leaving out other languages.

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