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Founded 2017
Headquarters Malta
Key People Changpeng Zhao, Founder, CEO
Employees 300
Products Cryptocurrency exchange
Twitter @Binance
LinkedIn Profile
Facebook @binanceexchange
Releases Company News

Binance Exchange ("Binance") is a crypto-to-crypto exchange launched in July 2017.[1]

Company Overview

Binance's operations were launched with the issuance of 200 million Binance Coins in July 2017, which raised about $15 million.[2]

Binance has had a series of domiciles, starting with China and followed by Japan and then Taiwan.

In February 2018, Binance announced that it would establish a fiat-to-cryptocurrency exchange to be headquartered in Malta, giving it a principal address in the European Union.[3] In October 2018, CEO Zhao told reporters that Binance would open as many as ten new fiat-to-crypto exchanges over the next year. Zhao plans for them to be geographically dispersed.[4] Later that same month, Vertex Ventures China and Vertex Ventures Southeast Asia & India announced that they had invested in Binance to facilitate the establishment of a Binance Singapore. Vertex Ventures, the parent of Vertex Ventures China and Vertex Ventures Southeast Asia & India, is an investment fund affiliated with Temasek Holdings, which is owned by the government of Singapore.[5]

Products and Services

Cryptocurrency Exchange

With a reputation for reliable technology as well as low trading fees, Binance frequently ranked No. 1 on’s list of exchanges during 2018.[6][7] The company has been criticized, however, for having few user verification controls and some of the industry's least rigorous “know-your-customer” policies. Users need only an email address to open Binance trading accounts with daily withdrawal limits equivalent to two bitcoins.[8] Hong Kong’s Securities and Futures Commission has issued warnings to Binance, along with several of its peers, telling the exchanges to refrain from trading cryptocurrencies that qualify as securities.

Binance announced in January 2019 that it had partnered with Simplex, an Israel-based payment processing firm, to create a way for Binance customers to buy cryptocurrencies with credit cards. According to the exchange, some countries will be excluded from this, including Iraq, Cuba Afghanistan and Libya. In addition to this, six U.S. states would also be excluded: New York, Connecticut, Hawaii, Georgia, New Mexico and Washington.[9]

In April 2019, Binance launched trading services in Singapore, though it only had one trading pair: Singapore dollars (SGD) and bitcoin (SGD/BTC). Binance CFO Wei Zhou said that more pairs would be added over time as allowed by Singaporean regulations.[10]

Digital Token

Binance created its own cryptocurrency on the Ethereum blockchain, Binance Coin, which is an ERC-20 utility token that can be used to pay trading fees for transactions on the Binance exchange. The coin gives users a 50 percent discount on fees compared to any other cryptocurrency used to pay fees.[11]

In March 2019, the Ministry of Production and Labor in Argentina announced that, for every Argentinian blockchain project that receives funding from Binance Labs, the Ministry will match investments of up to $50,000 through LatamEX Founders Lab, its blockchain incubator program. This caused a significant increase to Binance Coin in price.[12]

Binance Chain

Binance developed its own blockchain, Binance Chain, which it launched in mid April 2019. Shortly thereafter it introduced athe Binance Chain Explorer and a wallet.[13]

BNB was migrated to the new platform on April 23 and complies with the native Binance Chain standard, BEP-2.[14]

Decentralized Exchange (DEX)

In addition to its more "traditional" crypto exchange, Binance also developed its own decentralized exchange, or "DEX." This platform, called Binance DEX, became publicly available for testing on February 20, 2019. Binance said its primary goal at this stage of the DEX's development was to gather public feedback, which would be used to develop a timeline for its final launch.[15]

Binance announced on April 23 that it was testing the DEX platform on Binance Chain.[16] On April 25, Binance officially launched its DEX, listing Binance Coin and Mithril (BNB/MITH) as its first trading pair.[17]


During the fourth quarter of 2018 Binance added several fiat-based stablecoins to its coin listing.[18] Binance also started using XRP (Ripple) as the quoting currency for some of its cryptocurrency pairs at the end of December.[19]


Binance's reputation for safety and reliability was threatened by an apparently unsuccessful hacking attempt to obtain customer funds held on the exchange on March 7, 2018.[20] Binance acknowledged the attempt and, in an incident report the next day, stated that all funds were safe.[21] On March 12, 2017 it announced that it was offering a crypto equivalent of $250,000 bounty for the arrest of any person involved in the "large-scale, organized effort."[22]

In a move to support institutional business, Binance announced on December 6, 2018, that it is offering subaccounts for its corporate and higher level VIP accounts. The new feature enables the master account to set distinct limits for each of its subaccounts.[23]

In March 2019, Binance entered into a business partnership with IdentityMind, a risk management fintech firm, in order to improve its AML/KYC screening. IdentityMind offers an SaaS service (a service which is subscription-based, like Adobe Creative Suite or Microsoft Office). This service plugs into digital platforms like Binance and provides tools that help software developers improve that platform's ability to comply with global trade laws, as well as improving its market surveillance and fraud prevention capabilities.[24] A few weeks later, Binance announced a similar partnership with the California-based CipherTrace, a blockchain-focused data analytics company that also works with regulators, financial institutions, and auditors in the traditional financial system. CipherTrace's software also improved Binance's AML/KYC capabilities, as well as boosting the security of its blockchain through on-chain security measures.[25][26]

Bitcoin SV Fued between Zhao and Craig Wright

In April 2019, Craig Wright began arguing with a Twitter user called "Hodlnaut," a bitcoin user who became known for the "Lightning Torch" experiment, which was a promotional demonstration of the Lightning Network's capabilities. After achieving a large Twitter following, Hodlnaut made public posts criticizing Wright, who later sent Hodlnaut a letter accusing the Twitter user of being a "fraud," and threatening legal action. This triggered a huge wave of support for Hodlnaut, as well as renewed hate for Wright, from thousands of Twitter users.[27]

Binance later announced it would delist BCHSV. Zhao said over Twitter that Wright is a "fraud," and that "anyone who supports BSV from a tech perspective should be attacking the fraudulent Craig Wright, who is poisoning YOUR community, and not attack the rest of the world." He also said that "Anyone thinking CW is Satoshi should read about how a private key works, ie, learn about crypto;" this comment was made in reference to the controversial method by which Wright allegedly "proved" to Gavin Andresen and others that he is Satoshi Nakamoto, a claim he has made multiple times.[28][29]

Later that month, Shapeshift announced that it would also delist BCHSV. Kraken announced that it would be doing the same, citing "community sentiment" around Bitcoin Cash SV as their primary reason for doing so. According to the announcement, Kraken planned on disabling BCHSV deposits on April 22, cease trading pairs on April 29, and stop withdrawals of BCHSV May 31. The BCHSV community responded with ire. Ed Pownall, a PR representative of Calvin Ayre, founder of and one of SV's biggest supporters, accused these exchanges of "market manipulation" and "playing God," and that delisting BCHSV sets "a dangerous precedent."[30]

Key People


  1. Crypto Exchange Binance Denies It Will Introduce Dollar Trading. Bloomberg.
  2. From Zero To Crypto Billionaire In Under A Year: Meet The Founder Of Binance. Forbes.
  3. World's Biggest Cryptocurrency Exchange Is Heading to Malta. Bloomberg.
  4. Binance Reveals Plan to Launch Crypto Exchanges on Almost Every Continent. Coindesk.
  5. Binance Secures New Funding From Vertex Ventures. Coindesk.
  6. How a Billionaire Crypto King Built the No. 1 Exchange in Just 8 Months. Bloomberg.
  7. Crypto Exchange Binance Denies It Will Introduce Dollar Trading. Bloomberg.
  8. How a Billionaire Crypto King Built the No. 1 Exchange in Just 8 Months. Bloomberg.
  9. Binance Users Can Now Pay for Crypto With Credit Cards. Coindesk.
  10. Binance Singapore Launches But Offers Just One Trading Pair, Report. Cointelegraph.
  11. From Zero To Crypto Billionaire In Under A Year: Meet The Founder Of Binance. Forbes.
  12. Binance Coin (BNB) Price Analysis: What Pushed The Crypto Exchange’s Token to Number 7. Bitcoin Exchange Guide.
  13. Binance Chain Launches, Firm Expects to Execute Mainnet Swap on April 23. CoinTelegraph.
  14. Binance DEX Launches on Native Mainnet Earlier Than Planned, Invites Community Input. CoinTelegraph.
  15. You Can Now Test Binance’s Decentralized Crypto Exchange. Coindesk.
  16. Binance DEX Launches on Native Mainnet Earlier Than Planned, Invites Community Input. CoinTelegraph.
  17. Binance DEX officially launches, listing Mithril as the first pair. The Block.
  18. Top Crypto Exchange Binance Adds Ripple-Based Trading Pairs in New Expansion. Cointelegraph.
  19. Ripple Surges 18% as Binance Uses XRP as Base Currency. Finance Magnates.
  20. Possible Hack Of Third-Party Tools Affects Binance Exchange Users. Cointelegraph.
  21. Summary of the Phishing and Attempted Stealing Incident on Binance. Binance.
  22. Binance Hacker Bounty. Binance.
  23. Binance launches sub-accounts to service institutional investors. CoinGeek.
  24. Binance teams up with IdentityMind to up compliance. The Block.
  25. Binance teams with CipherTrace to up the exchange’s compliance procedures. The Block.
  26. Binance Partners with CipherTrace to Further Strengthen Compliance Culture. CipherTrace.
  27. Craig Wright’s Fight With a Cartoon Bitcoin Astronaut Cat Explained. Coindesk.
  28. Binance Delists BCHSV, CEO Calls Craig Wright “a Fraud”. Finance Magnates.
  29. CZ Binance. Twitter.
  30. Kraken Exchange Joins Binance, ShapeShift in Delisting Bitcoin SV. Coindesk.