Binance: Ecosystem Leadership in Uncertain Times

Started in 2017, Binance rapidly became the world’s number one exchange for cryptocurrencies. This case sheds light on the genesis of Binance and its growing pains, describing its attempts to “blitzscale”, cope with institutional uncertainty, and set standards in an entirely new domain. The case prompts readers to think about the factors underlying the organization’s agility that enabled it to build an ecosystem.