#BinanceTurns8
Timeline of Binance (2017–2025)
2017: 🚀 Foundation & Rapid Growth
Founded by Changpeng “CZ” Zhao and Yi He in July 2017; launched BNB token via ICO raising ~$15M .
Exchange launched within weeks, ballooned to #1 by volume by early 2018.
2018–2019: Expansion & Infrastructure
Moved HQ to Malta, expanded globally, launched Binance Chain, Trust Wallet, and Binance Jersey .
Survived a $40M hack in May 2019; reimbursements funded from its SAFU insurance fund .
Launched Binance US and entered futures trading; massive user base growth (1.5M to 16M) .
2020–2021: Ecosystem Builds & Regulatory Scrutiny
Introduced BNB Smart Chain (BSC), Binance Academy, acquired CoinMarketCap and Swipe .
Faced US probes (DoJ, IRS) for AML oversight, but continued global expansion .
2022: Acquisitions & Controversies
Invested $200M in Forbes, attempted to acquire FTX’s non-US arm, later backed out .
Continued global footprint in Europe and Africa; became NFT marketplace leader .
2023: Regulatory Enforcement & Leadership Shift
Early 2023: hit with CFTC and SEC investigations; fined billions—all culminating in record $4.3 B DOJ settlement .
November: CZ steps down, Richard Teng (ex-regulator) steps in as CEO to lead compliance overhaul .
2024–2025: Rebuilding & Reinvention
Onboarded 250M+ users, processed record volumes, and launched Proof‑of‑Reserves across 31+ tokens .
BNB Chain regained momentum (+54% TVL) and Binance gained regulatory approvals in 20+ countries .
Under Teng, focus shifted to transparency, compliant operations, and restoring trust with a professional board and global HQ planning .
🔍 Key Takeaways
Focus Area Outcomes
Growth From zero to leading global exchange with 250M users.
Ecosystem Built BNB Chain, NFT marketplace, Academy, CMC acquisition.
Security Handled major hack, launched SAFU fund, improved fraud systems.
➡️ DYOR .
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