This is#Binance the journey of
➣ July 2017 - Binance Founded
Zhao Changpeng (CZ) founded the Binance exchange in Hong Kong with the goal of creating a "world-class cryptocurrency trading platform." With a simple user interface, efficient trading engine, and innovative listing strategies, Binance quickly attracted a large number of users.
➣ September 2017 - The '94 Incident' and China's Withdrawal
Just two months after its launch, on September 4, 2017, the People's Bank of China and six other ministries issued an announcement (regarding the prevention of risks associated with token issuance financing), prohibiting ICOs and virtual currency trading platforms from operating in China. Binance then migrated its servers overseas (including Japan and Malta) to evade regulatory pressure.
➣ End of 2017 - Surge in User Numbers
Within six months of its establishment, Binance's user base surpassed 6 million, with daily trading volume reaching as high as $76 billion, quickly rising to become the world's largest cryptocurrency exchange. This period coincided with Bitcoin's price soaring to nearly $20,000, and Binance capitalized on the market frenzy.
➣ March 2018 - Relocation to Malta
In response to regulatory pressure from Japan and other regions, Binance announced it would relocate its headquarters to Malta, a country friendly to cryptocurrencies. This move marks further progress in Binance's globalization strategy.
➣ July 2018 - Launch$BNB
Binance issues its native token$BNB initially as a tool for trading fee discounts, later expanding its uses to include payments, investments, and participation in the Binance ecosystem. Today$BNB it has become one of the top cryptocurrencies by market capitalization.
➣ May 2019 - Hacker Attack and Response
Binance suffered a hacker attack, losing approximately 7,000 bitcoins (worth about $40 million at the time). Binance utilized its SAFU (Secure Asset Fund for Users) to fully reimburse user losses, demonstrating its crisis management capabilities and not significantly impacting user confidence.
➣ 2021 - Intensified Global Regulatory Pressure
As the cryptocurrency industry received more attention, Binance faced warnings and restrictions from regulators in the UK, Japan, Germany, and other regions, requiring it to operate in compliance. Binance began adjusting its strategy, strengthening KYC (Know Your Customer) and AML (Anti-Money Laundering) measures.
➣ November 2023 - Zhao Changpeng Pleads Guilty and Huge Fines
Binance founder Zhao Changpeng admitted to violating U.S. anti-money laundering regulations, with the company fined $4.3 billion for failing to prevent illegal transactions involving organizations like Hamas. Zhao Changpeng personally was fined $50 million and resigned as CEO. This is one of the largest corporate fines in U.S. history, and his sentencing has since been postponed.
➣ 2024 - Continued Expansion and Innovation
After experiencing regulatory turmoil, Binance continues to drive its global business, launching more financial products (such as staking and lending services) and supporting blockchain projects while maintaining its leading position in trading volume.
➣ March 2025 - BNB Chain's Second Spring
With innovative initiatives like Binance Alpha and updates to the Binance Web3 wallet, BNB Chain has become the most active public blockchain.
