In July 2017, Chinese-Canadian entrepreneur Changpeng Zhao launched Binance to be a marketplace for trading cryptocurrencies. In its early days, Binance was just an ambitious idea seeking to capitalize on the rapid growth in the world of cryptocurrencies, especially after the significant rise of Bitcoin in 2017. However, within a few months, this platform transformed into one of the largest cryptocurrency exchanges in the world in terms of daily trading volume.
The beginnings: funding through ICO
Binance launched with crowdfunding through an initial coin offering (ICO), where it issued its own coin BNB (Binance Coin) and raised about $15 million. This amount enabled the team to build a flexible and fast trading platform with low fees, which quickly attracted users at a time when other trading platforms were suffering from slow services and poor performance.
Early success factors
One of the main reasons for Binance's success in its early days:
1. Low trading fees.
2. A variety of supported currencies compared to competitors.
3. A simple and fast user interface.
4. Extensive community support from early users and investors.
5. A strong technical team led by CZ, who has experience in developing high-performance systems.
Global growth and expansion
In the following years, Binance did not stop at being just a trading platform, but evolved into a comprehensive system that includes:
Binance Futures platform.
Binance Smart Chain (BSC): A smart blockchain network dedicated to DeFi and NFT applications.
Lending and earning services.
Trust Wallet.
NFT platform.
Binance Academy.
It also expanded its operations to include offices and operational centers in several countries and began seeking compliance with regulations in various markets after facing criticism from regulatory bodies around the world.
Regulatory challenges
Starting in 2021, regulators in the United States, Europe, and Asia began scrutinizing Binance's activities, accusing it of not complying with certain financial laws, such as anti-money laundering and investor protection. This forced the platform to enhance its know-your-customer (KYC) procedures, increase transparency in its dealings, and cooperate with governments.
Binance today
As of 2025, Binance remains the largest platform globally in terms of the number of users and the range of services, despite intense competition from platforms like Coinbase, Kraken, and OKX. It plays a key role in the development of the infrastructure for cryptocurrencies and continues to innovate in the fields of decentralized finance, artificial intelligence, and blockchain technologies.