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Binance
Binance Holdings Ltd., branded Binance, is the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. Binance was founded in 2017 by Changpeng Zhao. It was initially based in China, then moved to Japan, subsequently left Japan for Malta, and currently has no official company headquarters.
Binance has been the subject of lawsuits and challenges from regulatory authorities. As a result, Binance has been banned from operating or ordered to cease operations in some countries, and has been issued fines. On 21 November 2023, Binance pled guilty to violating U.S. anti–money laundering rules and paid a $4.3 billion fine. The UK's Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021. In March 2025, Wall Street Journal uncovered that the company was in talks with the family of Donald Trump about business dealings. In August 2025, Wall Street Journal found that Binance was quietly administering a trading platform for the Trump family's World Liberty Financial. The company paid lobbyists $800,000 to lobby for a pardon from Trump for Binance founder Changpeng Zhao. In October 2025, President Trump pardoned Zhao.
CEO Changpeng Zhao founded Fusion Systems in 2005 in Shanghai; the company built high-frequency trading systems for stockbrokers. In 2013, he joined Blockchain.info as the third member of the cryptocurrency wallet's team. He also worked at OKCoin as CTO for less than a year, a platform for spot trading between fiat and digital assets. Zhao was hired at this position in 2014 by Yi He, with whom he co-founded Binance several years later.
Binance was founded in 2017. The company raised about $15 million through an initial coin offering (ICO) that year to fund the launch of the exchange. The company later moved its operations out of mainland China after Chinese regulators began cracking down on cryptocurrency trading in 2017.
In January 2018 it was the largest cryptocurrency exchange with a market capitalization of $1.3 billion, a title it had retained as late as April 2021, despite competition from Coinbase, among others. In March 2018, Binance announced its intentions to open an office in Malta after stricter regulations in Japan and China. In April 2018, Binance signed a memorandum of understanding with the government of Bermuda. Months later, a similar memorandum was signed with the Malta Stock Exchange to develop a platform for trading security tokens. In 2019, the company announced Binance Jersey, a Jersey-based exchange which offers fiat-to-cryptocurrency pairs, including the Euro and the British pound.
In June 2018, Binance and three other firms raised $65 million for sports blockchain company Chiliz. In July 2018, Binance acquired Trust Wallet, a decentralized cryptocurrency wallet for an undisclosed sum composed of a mixture of cash, Binance stock, and BNB tokens. In August 2018, Binance along with three other large exchanges raised $32 million to fund the stablecoin project Terra. This was intended to facilitate cryptocurrency transactions with less volatility.
In January 2019, Binance announced that it had partnered with Israel-based payment processor Simplex to enable some cryptocurrencies to be purchased with debit and credit cards. On 7 May 2019, Binance revealed that it had been the victim of a "large scale security breach" in which hackers had stolen 7,000 bitcoin worth around $40 million at the time. Binance halted all transactions for one week while investigating. Binance also pledged to reimburse customers from an emergency fund.
In June 2019, the company announced it would prohibit US passport holders as well as anyone residing in the US, and would set up a new entity binance.us to support those customers. Later in 2023, Forbes leaked a document allegedly from Binance titled "TaiChi" that proposed this regulatory solution to reduce US regulatory risk. Binance subsequently denied the document, sued Forbes for defamation, and subsequently dropped the lawsuit. In September 2019, the exchange began offering perpetual futures contracts, allowing leverage as high as 125 times the value of the contracts. In November 2019, Binance announced it was acquiring Indian bitcoin exchange WazirX, which became disputed in August 2022 when Binance founder Zhao claimed the deal was never signed.
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Binance
Binance Holdings Ltd., branded Binance, is the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. Binance was founded in 2017 by Changpeng Zhao. It was initially based in China, then moved to Japan, subsequently left Japan for Malta, and currently has no official company headquarters.
Binance has been the subject of lawsuits and challenges from regulatory authorities. As a result, Binance has been banned from operating or ordered to cease operations in some countries, and has been issued fines. On 21 November 2023, Binance pled guilty to violating U.S. anti–money laundering rules and paid a $4.3 billion fine. The UK's Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021. In March 2025, Wall Street Journal uncovered that the company was in talks with the family of Donald Trump about business dealings. In August 2025, Wall Street Journal found that Binance was quietly administering a trading platform for the Trump family's World Liberty Financial. The company paid lobbyists $800,000 to lobby for a pardon from Trump for Binance founder Changpeng Zhao. In October 2025, President Trump pardoned Zhao.
CEO Changpeng Zhao founded Fusion Systems in 2005 in Shanghai; the company built high-frequency trading systems for stockbrokers. In 2013, he joined Blockchain.info as the third member of the cryptocurrency wallet's team. He also worked at OKCoin as CTO for less than a year, a platform for spot trading between fiat and digital assets. Zhao was hired at this position in 2014 by Yi He, with whom he co-founded Binance several years later.
Binance was founded in 2017. The company raised about $15 million through an initial coin offering (ICO) that year to fund the launch of the exchange. The company later moved its operations out of mainland China after Chinese regulators began cracking down on cryptocurrency trading in 2017.
In January 2018 it was the largest cryptocurrency exchange with a market capitalization of $1.3 billion, a title it had retained as late as April 2021, despite competition from Coinbase, among others. In March 2018, Binance announced its intentions to open an office in Malta after stricter regulations in Japan and China. In April 2018, Binance signed a memorandum of understanding with the government of Bermuda. Months later, a similar memorandum was signed with the Malta Stock Exchange to develop a platform for trading security tokens. In 2019, the company announced Binance Jersey, a Jersey-based exchange which offers fiat-to-cryptocurrency pairs, including the Euro and the British pound.
In June 2018, Binance and three other firms raised $65 million for sports blockchain company Chiliz. In July 2018, Binance acquired Trust Wallet, a decentralized cryptocurrency wallet for an undisclosed sum composed of a mixture of cash, Binance stock, and BNB tokens. In August 2018, Binance along with three other large exchanges raised $32 million to fund the stablecoin project Terra. This was intended to facilitate cryptocurrency transactions with less volatility.
In January 2019, Binance announced that it had partnered with Israel-based payment processor Simplex to enable some cryptocurrencies to be purchased with debit and credit cards. On 7 May 2019, Binance revealed that it had been the victim of a "large scale security breach" in which hackers had stolen 7,000 bitcoin worth around $40 million at the time. Binance halted all transactions for one week while investigating. Binance also pledged to reimburse customers from an emergency fund.
In June 2019, the company announced it would prohibit US passport holders as well as anyone residing in the US, and would set up a new entity binance.us to support those customers. Later in 2023, Forbes leaked a document allegedly from Binance titled "TaiChi" that proposed this regulatory solution to reduce US regulatory risk. Binance subsequently denied the document, sued Forbes for defamation, and subsequently dropped the lawsuit. In September 2019, the exchange began offering perpetual futures contracts, allowing leverage as high as 125 times the value of the contracts. In November 2019, Binance announced it was acquiring Indian bitcoin exchange WazirX, which became disputed in August 2022 when Binance founder Zhao claimed the deal was never signed.