In 2017, Changpeng Zhao, a tech-savvy entrepreneur, launched Binance in China, aiming to create a user-friendly cryptocurrency exchange. With Bitcoin booming, he saw opportunity in a crowded market. Binance offered low fees, fast trades, and a sleek interface, quickly attracting traders. But China’s crypto crackdown forced Zhao to move operations, eventually settling in Malta.
Binance grew explosively, listing hundreds of coins and handling billions in daily volume. Its native token, BNB, fueled discounts and loyalty. By 2018, it was the world’s largest exchange. Zhao’s relentless innovation—margin trading, staking, NFTs—kept Binance ahead, though rivals like Coinbase nipped at its heels.
Regulatory storms loomed. The U.S., Japan, and others scrutinized Binance for lax compliance. Zhao navigated bans and probes, emphasizing decentralization to dodge control. In 2021, Binance faced a $4 billion U.S. settlement over money-laundering lapses, a major blow. Yet, it adapted, launching Binance Smart Chain to rival Ethereum.
By 2025, Binance remains dominant, processing $2 trillion annually, with 150 million users. Zhao’s vision of a crypto empire endures, but whispers of new regulations and a shifting market keep the exchange on edge, its future as volatile as the coins it trades.