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Binance has been at the center of the speculative frenzy driving up the value of Bitcoin — which topped $13,000 on Wednesday — and similar currencies. While there are many Bitcoin exchanges around the world, Binance has been the dominant place that ordinary Americans go to buy and sell virtual currency. No company had made it simpler to sign up, link a bank account or debit card, and begin buying Bitcoin.

The company faces challenges that are a reminder of the early days of now-mainstream online brokerages, which suffered through untimely outages and harsh criticism from traditional finance companies and government regulators. And Binance’s missteps make it clear that the virtual currency industry is still young, with little of the battle testing that other financial markets have faced.
Binance’s offices in downtown San Francisco show a start-up straining to keep up with growth. The company offers all the usual perks: free lunch and dinner, a sizable cafeteria and a room with yoga mats and board games.
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