Binance was founded in 2017 by Changpeng Zhao (widely known as CZ) and Yi He. In just 180 days after launch, Binance became the largest crypto exchange in the world by trading volume — a position it has largely held since. The platform handles trillions of dollars in annual trading volume across spot, futures, and options markets.
The exchange supports over 350 cryptocurrencies and operates in most countries, though its regulatory status varies by jurisdiction. Binance doesn’t have a traditional headquarters — CZ famously said the company operates wherever blockchain is — though it has established significant operations in Dubai and Paris.
Binance’s ecosystem is extensive. BNB (originally Binance Coin) powers the BNB Chain, one of the most-used blockchains for decentralized applications. Binance also operates Binance Academy (education), Binance Labs (venture arm), Trust Wallet (mobile wallet), and CMC (CoinMarketCap, acquired in 2020).
The company hit a major legal setback in November 2023 when CZ pleaded guilty to violating US Bank Secrecy Act requirements and agreed to a $4.3 billion settlement with US authorities. CZ stepped down as CEO, replaced by Richard Teng. CZ served a brief prison sentence in 2024.
Despite legal troubles, Binance remains dominant. Its user base exceeds 200 million registered accounts. The exchange’s low trading fees, deep liquidity, and broad token selection keep it ahead of competitors. Binance has also invested heavily in compliance infrastructure post-settlement, hiring hundreds of compliance professionals.
