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https://droomdroom.com/history-of-binance/
The History of Binance: A Multi-Billion Dollar Crypto Empire
By Dhirendra Das, May 25, 2024
Binance, despite legal challenges, remains the world’s largest crypto exchange 🌍. Millions of users transfer billions in crypto daily, showcasing its unique appeal.
Founded in 2017 by Changpeng Zhao (CZ) in China, Binance swiftly relocated due to a domestic crypto ban. An initial coin offering (ICO) raised $15 million, leading to the creation of Binance Coin (BNB), now valued at $87 billion.
By January 2018, Binance became the largest crypto exchange, valued at $1.3 billion. It expanded globally, acquiring Trust Wallet and launching BUSD, a stablecoin. A 2019 security breach resulted in a $6 million Bitcoin loss. Binance’s growth continued, benefiting significantly from the COVID-19 crypto boom, controlling 50% of market trading volumes by 2023 .
Binance faced global regulatory scrutiny. It had clashes with authorities in Malta, France, the Netherlands, and Nigeria, often over unlicensed operations and money laundering allegations. Notably, a $4.3 billion settlement with the US Department of Justice saw CZ step down as CEO and receive a light prison sentence due to his cooperation and clean track record.
Binance’s decision not to ban Russian users amid the Russia-Ukraine war attracted US scrutiny. However, it later supported Ukraine with a $10 million donation.
India: Initially non-compliant, Binance eventually aligned with Indian regulations, resuming operations in 2024 after paying a $2 million fine.
UAE: Benefited from the UAE’s crypto-friendly stance, receiving full operational licenses by 2024.
Binance’s proactive legal settlements and compliance efforts have helped maintain its market dominance, sidestepping prolonged legal battles and fostering regulatory goodwill 🤝.
