The Rise of the Four Major Cryptocurrency Exchanges

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The first Bitcoin was mined in January 2009, marking the beginning of a financial revolution. Over a decade later, by 2020, the digital asset landscape had exploded to include nearly 2,000 cryptocurrencies. At the heart of this ecosystem are cryptocurrency exchanges — platforms that enable trading, liquidity, and innovation. Among them, four major players have shaped the industry: Binance, OKX, Huobi, and ZB. Though their paths diverged over time, all share deep roots in China’s early crypto movement and played pivotal roles in global adoption.

This is the story of how these platforms rose to prominence — their origins, strategies, and enduring impact on the world of digital finance.

The Early Days: A Market Born in Innovation

In 2013, during what many call the "golden era" of cryptocurrency, one of the first major exchanges emerged: China Bitcoin (CHBTC), now known as ZB. At its peak, CHBTC dominated over 90% of global Bitcoin trading volume, earning features from international outlets like CCN and Nasdaq. As one of the earliest exchanges with a premium domain (CHBTC.com), it quickly became a trusted name among early adopters.

However, regulatory shifts in 2017 forced Chinese-based platforms to relocate overseas. CHBTC rebranded to ZB.com, registered in Samoa, and transitioned operations internationally. While its public visibility diminished, ZB maintained a strong focus on security and operational stability — qualities that would become increasingly valuable in an industry plagued by hacks and volatility.

👉 Discover how secure trading platforms are shaping the future of finance.

Huobi: Backed by Giants, Built for Scale

Founded in 2013, Huobi entered the scene with powerful momentum. It secured early funding from Sequoia Capital China, a rare achievement for a blockchain startup at the time. With millions in A-round investment, Huobi launched with a bold promise: permanent zero trading fees. This aggressive strategy attracted traders en masse and fueled rapid growth.

Under the leadership of founder and chairman Leon Li, Huobi expanded aggressively. By the end of 2016, cumulative trading volume reached ¥2 trillion RMB (~$280 billion USD). During the 2017 bull run, Huobi solidified its status as a market leader — until regulatory pressure prompted a strategic shift.

Like many peers, Huobi responded by relocating its registration to Seychelles and focusing on international markets. Today, it remains a key player in the global crypto economy, offering spot trading, derivatives, and blockchain incubation programs.

OKX: From Domestic Pioneer to Global Powerhouse

Launched in 2014 as OKCoin, OKX (formerly OKEx) began as a domestic Chinese exchange before evolving into one of the world’s most influential digital asset platforms. Its early success was fueled by substantial backing — a $10 million Series A led by Mantu Capital and Innovation Works.

The platform distinguished itself through technical sophistication and product diversity. While others focused solely on spot trading, OKX introduced futures, options, and margin trading early on, attracting professional traders and institutions.

After regulatory changes in 2017, OKX pivoted fully toward international expansion. Rebranded under OKX Technology Company Limited, it now serves users in over 180 countries. Known for high liquidity, advanced trading tools, and consistent uptime during volatile markets, OKX has become synonymous with reliability and innovation.

👉 See how next-generation exchanges are redefining digital asset access.

Binance: The Disruptor That Changed Everything

While others built slowly, Binance exploded onto the scene in 2017 — right at the height of the crypto bull market. Founded by Changpeng Zhao (CZ), a well-known figure in blockchain circles, Binance leveraged a star-studded marketing team and flawless execution to gain traction almost overnight.

Within just one month of launch — and further accelerated by the addition of former MTV host turned crypto influencer He Yi — Binance climbed to top 10 globally in trading volume. Its secret? Speed, scalability, and a relentless focus on user experience.

Unlike older platforms burdened by legacy systems, Binance was built for speed and global reach. It also pioneered the use of its native token, BNB, for fee discounts and ecosystem utility — a model now widely copied across the industry.

Today, Binance is the largest cryptocurrency exchange in the world by volume, offering everything from fiat gateways to decentralized finance (DeFi) integrations.

ZB: The Silent Guardian of Security

While Binance made headlines and OKX pushed product boundaries, ZB took a different path — quiet but resilient. Despite fading from mainstream attention, ZB never suffered a single security breach in seven years.

Its approach? Prioritize safety over hype. The exchange stores 80% of user funds in cold wallets, completely offline and inaccessible to hackers. Even its hot wallets use a triple-layer security mechanism, making unauthorized access extremely difficult.

In contrast to competitors who faced major breaches — such as OKX's 2019 incident or Binance's $40 million hack in 2022 — ZB’s track record stands out. In 2023, it celebrated its seventh anniversary with a major virtual summit featuring prominent figures like Roger Ver ("Bitcoin Jesus"), underscoring its quiet but enduring influence.

Could this under-the-radar veteran stage a comeback? Many believe its emphasis on stability could resonate strongly in an era demanding trust.

👉 Learn how long-term security practices set top exchanges apart.

Frequently Asked Questions

Q: Which cryptocurrency exchange was founded first?
A: Huobi was founded in 2013, making it the earliest among the four. CHBTC (now ZB) also launched that year, followed by OKCoin (OKX) in 2014 and Binance in 2017.

Q: Why did Chinese exchanges move overseas?
A: In 2017, China banned domestic cryptocurrency trading and initial coin offerings (ICOs). As a result, platforms like Huobi, OKX, and ZB relocated their registrations and operations abroad to comply with regulations.

Q: Is ZB still operational today?
A: Yes, ZB continues to operate internationally under ZB.com, registered in Samoa. It focuses on secure trading and has maintained a clean security record since inception.

Q: What makes OKX stand out from other exchanges?
A: OKX is known for its advanced trading features — including futures, options, and copy trading — along with strong liquidity and institutional-grade infrastructure.

Q: How did Binance grow so quickly?
A: Binance capitalized on the 2017 bull market with aggressive marketing, a user-friendly platform, strategic hires like He Yi, and the launch of BNB, which incentivized early adoption.

Q: Are these exchanges available worldwide?
A: While all four serve international users, availability varies by region due to local regulations. For example, Binance and OKX offer tailored versions for certain jurisdictions to remain compliant.

Core Keywords:

These four exchanges represent more than just businesses — they are institutions that helped shape the modern crypto economy. From humble beginnings in China’s tech hubs to global dominance, their journeys reflect both the promise and perils of decentralized finance. As regulation evolves and technology advances, their legacies will continue influencing how we trade, invest, and think about money.