Binance: From Startup to Crypto Powerhouse – A Journey of Innovation and Resilience
Binance, founded in 2017 by Changpeng Zhao (CZ), rapidly became a leading cryptocurrency exchange. Initially based in China, the company relocated due to regulatory challenges, operating without a fixed headquarters. Under CZ's leadership, Binance expanded its services, including launching the Binance Smart Chain in 2020 to support decentralized applications. In November 2023, CZ stepped down as CEO after pleading guilty to violating anti-money laundering laws, leading to a four-month prison sentence. Richard Teng, former head of regional markets, assumed the role of CEO, emphasizing regulatory compliance and transparency. Under Teng's leadership, Binance expanded regulatory approvals to 21 countries and grew its customer base from 170 million to 240 million users. Binance's journey reflects its adaptability and resilience, evolving from a startup to a global leader in the cryptocurrency industry.
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