Binance
Binance is the world's largest cryptocurrency trading platform (exchange) by daily trading volume, with over 350 cryptocurrencies and tokens, surpassing competitors such as Coinbase and Kraken. It offers a wide range of financial services related to cryptocurrencies worldwide, with support for 18 different fiat currencies.
History
Binance was founded in 2017 in China by Changpeng Zhao, who had previously founded Fusion Systems in Shanghai in 2005. The company developed trading systems for brokers. In 2013, Zhao joined Blockchain.info's cryptocurrency wallet team. He also worked at OKCoin as CTO, a platform for spot trading between digital assets and fiat.
In 2017, Binance moved its servers and headquarters from China to Japan ahead of the Chinese government's ban on cryptocurrency trading. A year later, in March 2018, the company had established offices in Taiwan. It is currently headquartered in the Cayman Islands, on Mahé Island, Seychelles.
Over the years, Binance has faced legal challenges in various countries. In 2021, Binance came under investigation by the United States Department of Justice and the Internal Revenue Service for allegations of money laundering and tax crimes. Additionally, in June 2021, in the United Kingdom, the Financial Conduct Authority ordered Binance to halt all regulated activities in the territory.
Binance announced that it would cease support for its BUSD stablecoin starting on December 15, 2023. The New York Department of Financial Services (NYDFS) ordered Paxos, the issuer of BUSD, to stop minting new BUSD tokens due to regulatory concerns. It follows allegations by the U.S. Securities and Exchange Commission (SEC) that BUSD might be an unregistered security.[1]