Binance, founded in July 2017 by Changpeng Zhao (CZ) in China, rapidly became the world’s largest cryptocurrency exchange by trading volume. After raising $15 million through an Initial Coin Offering (ICO) for Binance Coin (BNB), it moved operations to Japan and later Malta due to China’s crypto trading ban.
By January 2018, Binance’s market cap reached $1.3 billion. It expanded with services like Binance Jersey, Trust Wallet acquisition, and Binance Smart Chain. Despite regulatory challenges, including U.S. investigations for money laundering and a $4.3 billion fine in 2023, Binance maintained its dominance. CZ resigned as CEO in November 2023, replaced by Richard Teng, after pleading guilty to U.S. charges. Binance continues to innovate, supporting over 350 cryptocurrencies and global users.