Founding and Early Growth (2017):
Binance was founded in July 2017 by Changpeng Zhao (CZ), a developer who had previously created high-frequency trading software. The company initially launched in China, raising $15 million through an Initial Coin Offering (ICO) for its native token, $BNB (Binance Coin).
Rapid Expansion and Relocation (2017–2018):
Due to regulatory pressure in China, Binance moved its headquarters first to Japan and then to Malta in 2018, which was seen as more crypto-friendly. Binance quickly became the largest cryptocurrency exchange by trading volume in early 2018, thanks to its fast transaction processing and a wide selection of coins.
Product Development (2018–2020):
2018: Launched Binance Labs (a blockchain incubator), Binance Launchpad (for new token launches), and began expanding into fiat-to-crypto trading.
2019: Introduced Binance DEX (decentralized exchange) and Binance Chain, its own blockchain platform.
2020: Launched Binance Smart Chain (BSC), a parallel blockchain to Ethereum, offering smart contract functionality with lower fees.
Regulatory Challenges and Global Operations (2021–2022):
As Binance grew, it faced increasing scrutiny from global regulators, including authorities in the UK, US, Japan, and Germany, citing issues around compliance, licensing, and anti-money laundering (AML). In response, Binance began tightening KYC requirements and hired compliance executives.
US Arm – Binance.US:
In 2019, Binance launched Binance.US to comply with US regulations. It operates independently but under the Binance brand.
Legal Troubles (2023–2024):
In 2023, Binance and CZ faced serious legal action from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). CZ eventually stepped down as CEO in late 2023 as part of a settlement, which included a $4.3 billion fine, one of the largest in crypto history.
Recent Developments (2024–2025):
Binance continues to operate globally but under increased regulatory oversight. Leadership transitioned to Richard Teng, focusing on transparency, compliance, and institutional adoption.
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