With the infusion of capital that we just got from our very first seed round, we’re taking all the funding, and we’re plowing it back into growth,” Shroder said.

Only time will tell if Shroder’s ambitious plan will work, but he is determined to reshape the narrative surrounding Binance.US in the public eye. One of the biggest misperceptions the public has about Binance.US, he said, is around its “desire to be a fully compliant and regulated entity,” a goal Shroder said has been central to the company since its founding.

“In the vacuum of you telling your own story, your story is being told by your competitors, or your story is being told based on your click rate.


Its Binance.US division saw spot trading volumes below $300 million as of July 12. That’s a drop in the bucket compared to its global business, which saw volumes of $10 billion for the same period — about seven times higher than volumes at both FTX and Coinbase.

Today, 70% of trading volume on Binance.US, the American offshoot of the global exchange, comes from institutional customers, its CEO Brian Shroder told TechCrunch in an interview.
Still, retail investors bring in more revenue overall, in part because of the steep discounts Binance.US offers to its highest-volume customers, he added.

Binance is also taking a markedly different approach from FTX in luring U.S. retail investors, focusing on its core competency in crypto.

“Some exchanges want to go back to stock trading and target that market. That’s, again, not a wrong or right approach. We are a pure web3 company.

Understandably, this volume led to us temporarily throttling our systems. Hats off to our engineering team for getting the site back online so swiftly, and allowing us to welcome more people to the cryptoeconomy.”

FTX joined the lineup with its crypto ad featuring comedy legend Larry David, who plays a time-traveling skeptic who shoots down good inventions like forks, coffee, and FTX.
David reportedly “loved” playing the role, even though he’s still not a fan of cryptocurrency.

“We need to meet people where they are — and that means embracing skepticism,” FTX CEO Sam Bankman-Fried said in a statement. “A lot of people who are now the biggest advocates of crypto once had significant reservations.”

Crypto.com managed to score star basketball player LeBron James to play two versions of himself.

It is actively hiring for 80+ new roles to add to its current employee base of ~400, TechCrunch reported last month.

Binance.US CEO tells employees the company is ‘growing faster than ever’

“What I experienced at Uber, I’m living through again”

Despite Binance’s recent efforts in the U.S. market, its messy history with local regulators makes it easy to underestimate. The company is currently under investigation by the U.S.

Commodities and Futures Trading Commission for allegations that it engaged in market manipulation. The U.S. Justice Department and IRS are also reportedly examining whether the exchange engaged in money laundering and tax evasion.

For context, Binance.US launched in 2019 as a standalone entity that licenses its branding and core technology from Binance itself.
Zhao is said to have spun off the division in a bid to appeal to U.S.

The same goes for FTX, which is able to offer no-fee equity trading only because it’s making money in other parts of its business.

Customers have shown enthusiasm for Binance.US, although investors, at times, have seemed more hesitant. Still, this April, the company was able to raise its first external funding from investors in a $200 million round valuing it at $4.5 billion.
The fundraise marked a crucial first step on its path to an IPO — a milestone Shroder told TechCrunch he sees happening in the next two to three years.

Armed with the new cash and an extension to the round that Shroder says is coming soon, the company seems well positioned to weather a choppy market.

We were the big bad guys picking on the taxi industry and hurting the taxi employees and things like that.”

“What was true about Uber is also true about Binance, globally, and then Binance in the U.S., which is that basically there was an entrepreneur who had an innovative approach to expanding technology that has never been contemplated by regulators,” he continued. “To support that, the regulators had to play catch-up to the technology, and I think that’s exactly what we’re experiencing now in the crypto space.”

Shroder is determined to shepherd Binance.US to its longstanding goal of going public, a milestone he believes it will achieve in the next two to three years.

The idea here was to show the power of social investment which is the tagline of eToro.

The platform lets investors discuss equity and crypto trading on its platform itself, and that is the premise of the ad as well. While the visuals were good and the message was conveyed, eToro fell behind due to the hilarious and creative ad of FTX.

The company’s CEO, Lule Demmissie said, “There’s no better way to celebrate this growing universe of retail investors than with a Super Bowl ad that celebrates eToro’s vibrant community of investors.”

Shiba Inu/Dogecoin

The eToro Super Bowl ad also featured Shiba Inu quite nicely. It was a brief glance but for the crypto community, that was enough to understand that it was Shiba Inu.

In fact, it makes even more sense as the phrases “To the moon” are used for meme coins like SHIB and Doge.

Last October, when Shroder took over the company as its next permanent CEO after Coley, Binance.US’s founding CFO Joshua Sroge made his exit. Last week, after nine months of searching, the company finally filled Sroge’s role, appointing former Acorns exec Jasmine Lee as its new permanent CFO.

In addition to its troubles in the U.S., Binance has also faced heavy regulatory scrutiny in Japan, the EU, Germany, Thailand and other regions.

Shroder, who previously led Uber’s Asia-Pacific strategy, likened the exchange to the controversial ride-share startup.

“What I experienced at Uber, I’m living through again,” Shroder said. “When I was at Uber, we were bad boy No.

Coinbase entered the derivatives business for the first time last month, while FTX launched an institutional trading platform in March this year.

SBF, as he’s known in the crypto world, has been pulling out all the stops to broaden its appeal to the average retail investor, including introducing zero-fee U.S. stock trading in May, to try to turn FTX into a one-stop shop for its customers’ needs. After all, if Coinbase ascended to its current level of success in large part because of U.S.

retail investors, its decline presents a valuable opportunity for global exchanges to poach its users and boost their own revenues.

It makes sense, then, that Binance has its sights set on luring more retail investors, but the largest global exchange is still a bit of a dark horse in the race for the U.S. market as it battles against FTX for customers.

He said Binance.US is strong enough to continue growing even amid tough market conditions, citing the firm’s plans to hire some employees who were let go by Coinbase and competing crypto exchange Gemini as evidence that his company is better positioned for the challenges ahead.

“Coinbase and Gemini have multiple products and services, and they have them out there; they’ve been out there for a while. We historically have only had spot [trading] up until really this [quarter].

So as we add more products and services, which we have a very aggressive roadmap to do, we require more products and tech talent; we require more operations people to actually run those new business units.

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