#BinanceTurns8 Binance, the world's largest cryptocurrency exchange, turned 8 years old in July 2024, but since the current year is 2025, we're likely referring to its 8th anniversary being celebrated in July 2022 or its current age being around 8 years. Founded in July 2017 by Changpeng Zhao, also known as "CZ," Binance has become a leading player in the crypto industry.

*Key Milestones:*

- *Founding and Initial Coin Offering (ICO):* Binance was launched in July 2017 with a successful ICO, raising approximately $15 million. This funding helped establish Binance as a prominent cryptocurrency exchange.

- *Rapid Growth:* Within its first day, Binance gained 9,000 users and reached 122,000 users in just 1.5 months.

- *Expansion and Partnerships:* Binance expanded its services, acquiring Trust Wallet in 2018 and partnering with payment processors like Simplex to enable cryptocurrency purchases with debit and credit cards.

- *Security Breach:* In May 2019, Binance suffered a large-scale security breach, resulting in the theft of 7,000 Bitcoins worth around $40 million at the time.

- *Regulatory Challenges:* Binance faced regulatory scrutiny, particularly in the US, and was forced to set up a separate entity, (link unavailable), to comply with local regulations.

- *Investments and Sponsorships:* Binance invested $500 million in Elon Musk's Twitter acquisition and sponsored the Africa Cup of Nations in 2021, promoting crypto education on the continent.

*Current Status:*

Binance has grown significantly, with:

- *Revenue:* $12 billion in 2022

- *Employees:* 7,000 in 2023

- *Valuation:* $62 billion

- *CEO:* Richard Teng, who took over after Changpeng Zhao's leadership

Despite facing regulatory challenges and security breaches, Binance remains a major player in the cryptocurrency market.¹ ² ³