#BinanceTurns8

Founded by Canadian-Chinese programmer Changpeng Zhao. Binance was initially based in China, but later moved outside of China due to increasing Chinese restrictions on cryptocurrencies.

On May 7, 2019, Binance revealed that it was the victim of a 'large-scale security breach' where hackers stole 7,000 Bitcoins worth approximately $40 million at the time. The company's CEO Changpeng Zhao stated that the hackers 'used a variety of techniques, including phishing, viruses, and other attacks' and organized their transactions 'in a way that passed our current security checks.' Binance suspended additional withdrawals and deposits but allowed trading forms. The site pledged to compensate customers through its Secure Asset Fund.