Changpeng Zhao

And Alameda was him?

Yeah.

Okay.

So in the market now, who is Binance by 2020?

By 2020, Binance has been the biggest crypto exchange for more than three years.

So people just view Binance as the largest crypto exchange.

But at that point, back to back to back, you're the King Kong of the space.

I would have said King Kong.

Binance was the largest centralized exchange.

But there's decentralized, there's blockchains, there's other things, there's stable coins, there's other businesses in the ecosystem.

The criticism that some people give is, and I wonder, of course, it's a strategy, when it's the zero fee strategy that you had.

How did you guys, what was your thinking behind that?

What prompted you to say, we're not going to charge a fee.

Here's how our approach is going to be.

and you know the market's going to react to it how did that idea come about

I think it's a very simple business idea where you want to provide a large amount of value and you only want to realize a small portion of it.

So you want to provide a value of 10 and hopefully only take five for yourself.

If you can do that consistently, people will do a lot of business with you.

Your customers will come to you and you will grow quickly.

Why didn't others do it?