View source for Binance

{| class="infobox" style="width:260px; font-size:90%; line-height:1.3; background:#f9f9f9; border:1px solid #aaa; float:right; margin:0 0 1em 1em;"
|-
! colspan="2" style="text-align:center; font-size:130%; padding:6px; background:#f2f2f2;" | '''Binance Holdings Ltd.'''
|-
| colspan="2" style="text-align:center; padding:8px;" |
[[File:Binance_logo.png|200px|alt=Binance logo]]
|-
! Company type
| Private
|-
! Industry
| Cryptocurrency
|-
! Founded
| July 2017
|-
! Founders
| [[Changpeng Zhao]]<br>[[Yi He]]
|-
! Headquarters
| Unknown
|-
! Area served
| Worldwide
|-
! Key people
| Richard Teng<br>Yi He<br><small>(Co-CEOs)</small>
|-
! Products
| Cryptocurrency exchange<br>Cryptocurrencies
|-
! Revenue
| US$12 billion (2022)
|-
! Number of employees
| 7,000 (2023)
|-
! Subsidiaries
| Sakura Exchange<br>Trust Wallet<br>Binance Charity
|-
! Website
| [https://www.binance.com binance.com]<br>[https://www.binance.us binance.us] <small>(United States)</small>
|}
'''Binance''' is a global [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/what-is-a-cryptocurrency-exchange-and-how-does-it-work cryptocurrency exchange] platform and is among the largest digital asset exchanges by trading volume. The platform offers a wide range of services, including spot and derivatives trading, non-fungible tokens [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/top-blockchain-books-to-master-crypto-defi-nfts-web3 (NFTs),] educational resources, research initiatives, charitable programs, and user-oriented [https://www.analyticsinsight.net/artificial-intelligence/why-llms-alone-cant-maximize-roi-in-financial-services financial products.] These offerings support a broad [https://stripe.com/in/resources/more/blockchain-ecosystem-explained blockchain ecosystem] serving millions of users <sup>[https://www.binance.com/en/about 1]</sup>worldwide. 

Binance was founded in 2017 by [https://www.binance.com/en-IN/square/post/23049593563474 Changpeng Zhao], a software developer who previously worked on [[wikipedia:High-frequency_trading|high-frequency trading]] systems. The exchange was initially based in [https://www.britannica.com/place/China China] and later relocated to [https://www.britannica.com/place/Japan Japan] before moving operations to [https://www.britannica.com/place/Malta Malta]. As of the mid-2020s, Binance does not maintain an officially declared corporate headquarters.<sup>[https://www.binance.com/en-IN/square/post/12865055048946 2]</sup>

In 2025, [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/10-new-binance-coins-to-watch-for-november-2025 Binance] strengthened its leadership in [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/best-cryptocurrencies-by-market-cap-in-2025-top-digital-assets-you-should-know cryptocurrency] markets, capturing 41.1% of global spot volume and $2.55 trillion in futures. With 39.8% market share among [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/centralized-vs-decentralized-exchanges-whats-the-difference centralized exchanges,] the platform expanded regulatory licenses, launched new products, and increased engagement among advanced traders worldwide.<sup>[https://coinlaw.io/binance-exchange-statistics/ 3]</sup>

Binance has been the subject of lawsuits and challenges from [https://www.britannica.com/topic/regulatory-agency regulatory authorities] throughout its history, in particular over its involvement in [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/crypto-and-casinos-money-laundering-hotspots money laundering.] <sup>[https://www.techtarget.com/whatis/feature/Binance-money-laundering-scandal-explained-What-to-know 4]</sup>Binance is restricted or banned in at least 10 countries due to regulatory challenges, government sanctions, and compliance issues. Some nations have outright banned Binance, while others have imposed regulations that make it legally or practically impossible for the [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/why-xrp-supply-is-falling-sharply-on-exchanges-heres-the-reason exchange] to operate.<sup>[https://www.datawallet.com/crypto/binance-restricted-countries#:~:text=Other%20restricted%20locations%3A%20Binance%20is,to%20sanctions%20and%20compliance%20risks. 5]</sup>

On May 13, 2021, the [https://www.justice.gov/ U.S. Justice Department] and [https://www.irs.gov/ IRS] launched an investigation into Binance, the world’s [https://www.forbes.com/digital-assets/crypto-prices/ largest cryptocurrency] exchange, over potential money-laundering and [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/best-tax-free-countries-for-crypto-investors-in-2025 tax] concerns. No wrongdoing was alleged. Led by Changpeng Zhao, Binance emphasized 

cooperation with authorities, maintaining robust compliance programs and [https://www.finra.org/rules-guidance/key-topics/aml anti-money-laundering] measures while continuing global operations.[https://www.bloomberg.com/news/articles/2021-05-13/binance-probed-by-u-s-as-money-laundering-tax-sleuths-bore-in?srnd=premium-asia&sref=V7uxlNge 6]

[https://www.binance.com/en/support/announcement/detail/1e89bf44e2e041358e6b46dc9bad0b48 Binance Markets Limited (BML)] is not authorized to conduct regulated activities in the [https://www.britannica.com/place/United-Kingdom UK.] As of May 30, 2023, BML voluntarily cancelled its [https://www.fca.org.uk/firms/authorisation FCA permissions.] No other Binance Group entity holds UK authorization, so UK customers should exercise caution when using [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/crypto-exchange-binance-expanding-services-in-inflation-hit-argentina Binance services].<sup>[https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group 7]</sup>

In December 2025, [https://www.reuters.com/ Reuters] reported that Binance allegedly shared customer [https://www.analyticsinsight.net/cloud-security/why-data-privacy-matters-a-guide-to-implementing-secure-cloud-architectures data] with Russia’s financial watchdog, [https://www.fedsfm.ru/en Rosfinmonitoring], potentially linked to opposition leader [https://www.britannica.com/biography/Aleksey-Navalny Alexei Navalny.] Binance denied the claims, calling them “categorically false,” emphasized it stopped operating in [https://www.britannica.com/place/Russia Russia], complies with Western sanctions, and stated it never assisted Russian authorities.<sup>[https://news.bitcoin.com/report-says-binance-shared-client-data-with-russia-crypto-exchange-denies-allegations/ 8]</sup>

On November 21, 2023, Binance and CEO Changpeng Zhao pleaded guilty to [https://www.guywomack.com/federal-criminal-defense/federal-v-state-charges/ federal charges], including [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/india-mandates-anti-money-laundering-rules-for-the-crypto-industry anti-money laundering] violations, [https://www.singsaver.com.sg/credit-card/blog/what-is-unlicensed-money-lending unlicensed money] transmission, and sanctions breaches. Binance agreed to pay over $4.3 billion, forfeit $2.51 billion, implement enhanced compliance, and Zhao resigned. It became the largest U.S. cryptocurrency corporate criminal settlement.<sup>[https://www.justice.gov/archives/opa/pr/binance-and-ceo-plead-guilty-federal-charges-4b-resolution 9]</sup>

On 24 October 2025, U.S. President [https://www.analyticsinsight.net/biography/donald-trump Donald Trump pardoned] Changpeng Zhao, Binance’s founder, who served four months in prison in 2024 for violating [https://iclg.com/practice-areas/anti-money-laundering-laws-and-regulations/usa U.S. money-laundering laws.] Binance had also pleaded guilty, paying $4.3 billion in [https://www.vocabulary.com/dictionary/penalty penalties]. The pardon reignited debate over Trump’s cryptocurrency stance, as his administration has eased regulations, promoted [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/the-crypto-adoption-boom-in-mexico crypto adoption], and the Trump family deepened investments in the sector. Zhao expressed gratitude, while Binance called the pardon “incredible news.”<sup>10</sup>

1<small>Binance, “Welcome to Binance” [https://www.binance.com/en/about Achieved]</small>

<small>2Binance Square, “Article” [https://www.binance.com/en-IN/square/post/12865055048946 Achieved]</small> 

<small>3Coin Law, “Binance Exchange Statistics 2025: Uncover Growth, Volume, and Users” [https://coinlaw.io/binance-exchange-statistics/ Achieved], Retrieved October 2023</small>

<small>4Tech Target, “Binance money laundering scandal explained: What to know” [https://www.techtarget.com/whatis/feature/Binance-money-laundering-scandal-explained-What-to-know Achieved], Retrieved October 2025</small>

<small>5Datawallet, “Binance Supported and Restricted Countries” [https://www.datawallet.com/crypto/binance-restricted-countries#:~:text=Other%20restricted%20locations%3A%20Binance%20is,to%20sanctions%20and%20compliance%20risks. Achieved], Retrieved February 2025</small>

<small>6Bloomberg, “Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths” [https://www.bloomberg.com/news/articles/2021-05-13/binance-probed-by-u-s-as-money-laundering-tax-sleuths-bore-in?srnd=premium-asia&sref=V7uxlNge Achieved], Retrieved May 2021</small>

<small>7Financial Conduct Authority, “Consumer warning on Binance Markets Limited and the Binance Group” [https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group Achieved], Retrieved June 2021</small>

<small>8Bitcoin.com News, “Report Says Binance Shared Client Data With Russia, Crypto Exchange Denies Allegations” [https://news.bitcoin.com/report-says-binance-shared-client-data-with-russia-crypto-exchange-denies-allegations/ Achieved], Retrieved April 2022</small>

<small>9US Department of Justice, “Binance and CEO Plead Guilty to Federal Charges in $4B Resolution”  [https://www.justice.gov/archives/opa/pr/binance-and-ceo-plead-guilty-federal-charges-4b-resolution Achieved], Retrieved November 2023</small>

<small>10BBC News, “Trump pardons Binance founder Changpeng Zhao” [https://www.bbc.com/news/articles/cly1qrl9l1qo Achieved], Retrieved October 2025</small>

= History =

=== Background ===
Changpeng Zhao (CZ), born in 1977 in Jiangsu, China, is a Chinese-Canadian entrepreneur and founder and CEO of Binance, one of the world’s largest cryptocurrency exchanges. He moved to Canada at age 11, studied computer science at McGill University, and worked at Bloomberg Tradebook, Fusion Systems, and OKCoin. Introduced to Bitcoin in 2013, he invested nearly $1 million, losing $700,000 in a crash. Undeterred, he focused on blockchain technology, founded Binance in 2017, raised $15 million, and launched trading within just 11 days. 

Binance, originally headquartered in China, relocated its servers and offices due to tightening cryptocurrency regulations. By 2018, it expanded internationally to Japan and Taiwan, reaching a $1.3 billion market capitalization. Despite strong competition from Coinbase and other global exchanges, Binance has maintained its leading position in the cryptocurrency market.

=== 2013 - 2017: company beginnings and move out of China ===
After graduating, CZ worked at the Tokyo Stock Exchange, then Bloomberg Tradebook in 2001 as a futures trading developer. In 2005, he moved to Shanghai and founded Fusion Systems, specializing in high-frequency trading technology for brokerage firms.His interest in crypto began in 2013 after hearing a discussion about Bitcoin while playing poker. He then studied blockchain technology and worked at Blockchain.info and became the CTO of OKCoin.

In 2014, Yi He joined OKCoin, co-founding the exchange and leading its branding and marketing strategy. She recruited Changpeng Zhao (CZ) as Chief Technology Officer, shaping China’s early digital asset sector. Collaborating closely with CZ and founder Mingxing Xu, her strategic vision and marketing expertise fueled OKCoin’s growth. In July 2017, Yi He agreed to build a global exchange with CZ, helping craft Binance’s ICO white paper. Within six months, Binance became the world’s largest cryptocurrency exchange by trading volume, a position it continues to hold.
In April 2018, Binance launched the Binance Charity Foundation to promote blockchain-enabled philanthropy, focusing on supporting third-world countries. In June, it joined three firms to raise $65 million for sports blockchain company Chiliz, powering Socios.com for fan engagement. In July, Binance acquired Trust Wallet, a decentralized cryptocurrency wallet, through cash, Binance stock, and BNB tokens. In August, Binance and three major exchanges raised $32 million for a stablecoin project, aiming to create a cryptocurrency with lower volatility than Bitcoin, expanding its influence in the blockchain space.
In July 2020, Binance began blocking U.S. users from accessing its platform, following its initial announcement in 2019. Users received emails warning them to withdraw their funds within 90 days, citing regulatory requirements. and set up a new entity binance.us to support 
those customers. Later in 2023, Forbes leaked a document allegedly from Binance titled "TaiChi" that proposed this regulatory solution to reduce US regulatory risk.
On February 4, 2021, Binance voluntarily dismissed its defamation lawsuit against Forbes over the “Tai Chi” document, which allegedly outlined plans to bypass U.S. regulations. Filed in November 2020, the case sought damages and article removal, but Binance gave no reason for the withdrawal, and a judge approved the dismissal the same day.

Binance initially offered up to 125× leverage in 2019, later reduced to 20× in 2021. High leverage increases both potential profits and losses. Trade size depends on margin, the minimum collateral required to execute a position, which rises with larger trades. In November 2019, Binance announced it was acquiring Indian bitcoin exchange WazirX, which became disputed in August 2022 when Binance founder Zhao claimed the deal was never signed.

=== 2020 - 2023: From Global Ambitions to Regulatory Showdowns ===
On 21 February 2020, the Malta Financial Services Authority (MFSA) clarified in a public statement that Binance is not licensed to operate as a cryptocurrency company in Malta and is therefore not under MFSA regulatory supervision. The authority also stated it was reviewing whether Binance has any activities in Malta that might fall outside its regulatory scope.

On July 3, 2020, Binance’s China Blockchain Research Institute announced a strategic partnership with Zhongshang Beidou, a state-level supply-chain innovation enterprise under China’s SASAC. The collaboration aims to use blockchain technology to enhance supply-chain infrastructure, support SMEs, and promote industrial innovation within China’s digital economy. 

In 2020, Forbes obtained a leaked “Tai Chi” document from a senior Binance executive outlining strategies to reduce U.S. regulatory scrutiny. The plan included using Binance.US as a compliant subsidiary, funneling revenue to the parent company, guiding users to bypass restrictions, engaging regulators selectively, and using VPNs. Binance denied wrongdoing, asserting it always operated legally, though Forbes claimed it taught users to evade U.S. geographic restrictions.

In May 2021, Bloomberg reported that Binance, the world’s largest cryptocurrency exchange, was under investigation by the U.S. Department of Justice and IRS for potential money laundering and tax violations. Chainalysis noted that more funds linked to criminal activity flowed through Binance than any other exchange. Binance.US was created to serve American clients compliantly, while Binance denied wrongdoing.

In January 2022, Binance became an official sponsor of the 2021 TotalEnergies Africa Cup of Nations (AFCON), marking its first major football sponsorship. The partnership made Binance the exclusive cryptocurrency and blockchain platform for the tournament, promoting initiatives like “Assist of the Day” across CAF’s social media and event venues.

Binance launched a tour across francophone Africa to promote crypto education, hosting community meetups, distributing NFTs, and establishing a crypto hub in Cameroon to increase blockchain awareness and financial accessibility.

In February 2022, Forbes announced a $200 million strategic investment from Binance as part of a $400 million PIPE linked to Forbes’ planned SPAC merger with Magnum Opus Acquisition Limited. Binance’s investment aimed to support Forbes’ digital assets and Web3 strategy. However, the SPAC transaction was later terminated, and Binance’s proposed PIPE investment did not close. 

In June 2022, Forbes terminated its SPAC merger with Magnum Opus, citing strong revenue, digital growth, and brand performance, despite exceeding 2022 forecasts and maintaining global media and licensing influence. In February 2023, Zhao tweeted his disappointment that Forbes "I am deeply disappointed that Forbes continues to write baseless articles, losing their own credibility," about Binance.

During the 2022 Ukraine crisis, Binance CEO Changpeng Zhao rejected calls to ban ordinary Russian users, stating, ''“''Many normal Russians do not agree with war.” Ukrainian authorities requested major crypto exchanges block Russian addresses, while experts warned the conflict could escalate into a “crypto conflict.” Binance later softened the tone of their opposition but not their policy, and also pointed to their donation of $10 million for humanitarian needs in Ukraine.

In 2022, Reuters published several investigative reports on Binance. In January, the outlet detailed instances in which Binance allegedly withheld information from government investigators and business partners, and overlooked internal compliance warnings concerning money laundering risks and inadequate KYC procedures. Binance contested the report’s accuracy. 

In June 2022, Reuters reported that Binance had allegedly facilitated the laundering of at least $2.35 billion from hacks, $780 million from the Russian darknet market Hydra, and €800 million from investment scams. The report also claimed Binance was used by the Lazarus Group to launder North Korean stolen funds. Binance denied these allegations. 

In April 2022, Reuters reported that Binance had shared information in 2021 with Rosfinmonitoring regarding funds raised by the network of the late Russian opposition leader Alexei Navalny.

In May 2022, Binance registered its Italian entity with the national regulator, OAM, to expand across Europe, improve compliance, mitigate money-laundering risks, and reopen offices with a local team, following previous regulatory scrutiny of its European operations.

In July 2022, the Bank of Spain registered Binance’s local unit as a virtual currency platform with anti-money laundering and terrorism financing procedures, though the registration does not imply the central bank supervises its financial or operational activities. In January 2023, Sweden’s financial watchdog officially registered Binance as a financial institution, allowing the crypto exchange to operate legally under the country’s regulatory framework.

In June 2022, amid a major crypto market downturn, Binance temporarily blocked Bitcoin withdrawals due to a transaction backlog. CEO Changpeng Zhao reassured users that their funds were secure, initially estimating a 30-minute resolution, but later acknowledged the issue would take longer to fully fix. Bitcoin withdrawals were allowed to resume later the same day.

In October 2022, Binance invested $500 million in Elon Musk’s acquisition of Twitter. Following the deal, the company announced the formation of a dedicated team to explore ways blockchain and cryptocurrencies could be integrated into the platform. On 8 November 2022, Binance proposed acquiring FTX’s non-US operations (FTX.com) to address the rival exchange’s severe liquidity issues, aiming to stabilize its business and protect customers amid the growing financial crisis facing FTX globally. 

On November 30, 2022, Binance acquired Japan-registered Sakura Exchange BitCoin (SEBC) to enter the Japanese market, marking a strategic move to expand its presence in Asia’s cryptocurrency sector.

In March 2023, Binance restricted Russian residents from purchasing euros and dollars via its peer-to-peer service, while European users were simultaneously blocked from buying Russian rubles. In September 2023, Binance announced the sale of its Russia business to newly-launched CommEX, citing compliance strategy, with no financial details disclosed and assets of Russian users safeguarded. In March 2024, CommEX, which acquired Binance’s Russia business in September 2023, announced it will shut down on May 10, suspending registrations, deposits, and asset transfers for users. 

On July 6, 2023, Binance faced an executive exodus, with several top executives resigning amid the company’s ongoing legal and regulatory challenges, marking a significant setback for the world’s largest crypto exchange. On July 17, 2023, Wall Street published, “Binance cut employee benefits, including mobile, fitness, and work-from-home reimbursements, citing declining profits, though CEO Changpeng Zhao reassured staff the company remains profitable despite SEC scrutiny”. 

CNBC reported that the number of staff cuts could total 3,000 by the end of 2023. Zhao did not deny layoffs were occurring but claimed both the reported numbers and the reasons for the senior executive departures were not accurate. In June 2023, after the SEC filed a lawsuit against Binance, the exchange faced $790 million in outflows, even as Forbes reported that the platform maintained a substantial global user base of 120 million. 

On November 21, 2023, Binance and CEO Changpeng Zhao pleaded guilty to federal charges, admitting violations of anti-money laundering, unlicensed money transmission, and U.S. sanctions laws. The company agreed to pay over $4 billion, implement enhanced compliance programs, appoint an independent monitor for three years, and Zhao resigned as CEO.

=== 2024 -  Present: Binance Legal, Regulatory, and Strategic ===
On May 9, 2024, the Wall Street Journal reported that Binance fired a market-surveillance investigator who had uncovered alleged market manipulation by client DWF Labs, including wash trading and pump-and-dump schemes. Binance stated the evidence was “insufficient” and emphasized that it does not tolerate market abuse, noting it had offboarded over 355,000 users for violating its terms over three years.

On February 29, 2024, John Griffin, finance professor at the University of Texas at Austin, and graduate student Kevin Mei reported that “pig-butchering” crypto scams defrauded over $75 billion from 4,000+ victims since January 2020. “These are large criminal organized networks, and they’re operating largely unscathed,” Griffin said. Most funds were converted into Tether. Binance has occasionally cooperated with US law enforcement to return money lost in such scams.

On November 12, 2024, FTX sued Binance and former CEO Changpeng Zhao, seeking nearly $1.8 billion allegedly fraudulently transferred by Sam Bankman-Fried, claiming the July 2021 share repurchase was made while FTX was insolvent, and accusing Zhao of posting “false, misleading, and fraudulent tweets” to damage FTX. On February 19, 2025, Nigeria filed a lawsuit against Binance, seeking $79.5 billion for alleged economic losses caused by the exchange’s operations in the country, in addition to $2 billion in unpaid back taxes, as revealed in official court documents.

On December 3, 2025, Reuters reported that Binance co-founder Yi He joined Richard Teng in a dual leadership structure, marking executive restructuring to enhance strategic management, operational oversight, and support Binance’s growth in the global cryptocurrency market. 

On November 26, 2025, Bloomberg reported that Binance and its co-founder Changpeng Zhao face a US lawsuit accusing the firm of facilitating over $1 billion to US-designated terrorist groups, including Hamas and Hezbollah, following the October 7, 2023 attacks in Israel. Families of victims seek damages in federal court.

On October 23, 2025, the Wall Street Journal reported that President Donald Trump pardoned Changpeng Zhao, the convicted founder of Binance, after months of Zhao’s efforts to support the Trump family’s cryptocurrency business. Trump cited sympathy for claims of political persecution. 

On March 12, 2025, Reuters reported that an Abu Dhabi-backed investor purchased $2 billion worth of cryptocurrency in Binance, marking a significant investment in the exchange. The acquisition reflects continued global interest and confidence in Binance’s operations despite regulatory challenges.

In March 2025, the Wall Street Journal revealed that Donald Trump’s family, through World Liberty Financial, explored buying a stake in Binance.US. The talks unfolded as founder Changpeng Zhao sought a presidential pardon, with Trump aide Steve Witkoff reportedly playing a role, though his office denied involvement, potentially paving the way for Binance’s US resurgence.

<small>11Metaschool, “Who is Changpeng Zhao? Binance CEO & Founder” Achieved, Retrieved June 2022</small>

<small>12Binance Square, Article, Achieved</small>

<small>13PT Indodax Nasional Indonesia, “Changpeng Zhao: From Programmer to Crypto King” Achieved, Retrieved March 2025</small>

<small>14Your Story, “Meet Yi He: The woman who helped build the world's largest digital asset exchange” Achieved, Retrieved December 2025</small>

<small>15Stealth Ex, “Binance Exchange Review: What Is Binance?” Achieved, Retrieved September 2022</small>

<small>16Binance Square, Article,Achieved</small>

<small>17Stealth Ex, “Binance Exchange Review: What Is Binance?” Achieved, Retrieved September 2022</small>

<small>18Simplex, “Binance enables credit card payments through Simplex partnership” Achieved, Retrieved January 2019</small>

<small>19Hindustan Times, “Hackers steal 7,000 Bitcoin worth USD 40 million from Binance Exchange” Achieved, Retrieved May 2019</small>

<small>20Asia Times, “Binance offers full refund after $40m hack” Achieved, Retrieved May 2019</small>

<small>21The Block, “Binance has begun to block U.S. users from accessing its exchange platform”  Achieved, Retrieved November 2020</small>

<small><sup>22</sup> Forbes, “Leaked ‘Tai Chi’ Document Reveals Binance’s Elaborate Scheme To Evade Bitcoin Regulators” Achieved, Retrieved October 2020</small>

<small><sup>23</sup> Coin Desk, “Binance Drops Defamation Lawsuit Against Forbes Over ‘Tai Chi’ Document” Achieved, Retrieved September 2021</small>

<small><sup>24</sup> Investopedia, “Understanding Cryptocurrency Futures: How They Work on Exchanges”  Achieved, Retrieved November 2025</small>

<small><sup>25</sup> Tech Crunch, “Binance and WazirX disagree over ownership two years after announcing deal” Achieved, Retrieved August 2022</small>

<small><sup>26</sup> Malta Financial Service Authority, Official Statement, Achieved</small>

<small><sup>27</sup> Asia Times, “Binance forges China supply-chain partnership, Achieved, Retrieved July 2020</small>

<small><sup>28</sup> Forbes, “Leaked ‘Tai Chi’ Document Reveals Binance’s Elaborate Scheme To Evade Bitcoin Regulators” Achieved, Retrieved October 2020</small>

<small><sup>29</sup> Bitcoin Magazine, “Report: Major Bitcoin Exchange Binance Investigated By U.S. Authorities” Achieved, Retrieved May 2021</small>

<small><sup>30</sup> Business Day, “Binance becomes official sponsor of 2021 TotalEnergies Africa Cup of Nations” Achieved, Retrieved January 2022</small>

<small><sup>31</sup> TechCabal, “Binance goes on francophone Africa tour to drive crypto education” Achieved, Retrieved September 2022</small>

<small><sup>32</sup> Forbes, “Forbes Announces $200 Million Strategic Investment From Binance” Achieved, Retrieved February 2022</small>

<small><sup>33</sup> Forbes, “Forbes Announces Termination Of SPAC Transaction” Achieved, Retrieved June 2022</small>

<small><sup>34</sup> Binance Square, “CZ Hits Back at Forbes for Writing Baseless Report on Binance” Archived, Retrieved February 2023</small>

<small><sup>35</sup> BBC, “Ukraine crisis: Crypto exchange boss rejects Russian user ban” Achieved, Retrieved March 2022</small>

<small><sup>36</sup> NBC News, “How the Ukraine conflict became a turning point for cryptocurrency” Achieved, Retrieved March 2022</small>

<small><sup>37</sup> Reuters, “Crypto giant Binance kept weak money-laundering checks even as it promised tougher compliance, documents show”  Achieved, Retrieved January 2022</small>

<small><sup>38</sup> Reuters, “How crypto giant Binance became a hub for hackers, fraudsters and drug traffickers” Achieved, Retrieved June 2022</small>

<small><sup>39</sup> Reuters, “How crypto giant Binance built ties to a Russian FSB-linked agency” Achieved, Retrieved April 2022</small>

<small><sup>40</sup> Reuters, “Binance registers with Italy's regulator amid plans to expand in Europe” Achieved, Retrieved March 2022</small>

<small><sup>41</sup> Reuters, “Bank of Spain includes Binance in its crypto registry” Achieved, Retrieved July 2022</small>

<small><sup>42</sup> Reuters, “Crypto exchange Binance registers in Sweden” Achieved, Retrieved January 2023</small>

<small><sup>43</sup> Independent, “Crypto exchange Binance blocks bitcoin withdrawals amid market collapse” Achieved, Retrieved June 2022</small>

<small><sup>44</sup> CBS, “Cryptocurrency prices plunge as major exchanges halt trading” Achieved, Retrieved June 2022</small>

<small><sup>45</sup> Reuters “Crypto exchange Binance, Musk's co-investor, to help Twitter with blockchain” Achieved, Retrieved October 2022</small>

<small><sup>46</sup> CNBC, “Binance offers to buy FTX’s non-U.S. operations to fix ‘liquidity crunch’” Achieved, Retrieved November 2022</small>

<small><sup>47</sup> Reuters, “Binance enters Japanese market with Sakura Exchange BitCoin deal” Achieved, Retrieved November 2022</small>

<small><sup>48</sup> Financefeeds Limited, “Binance restricts P2P trading for Russian” Achieved, Retrieved, March 2023</small>

<small><sup>49</sup> Reuters, “Binance to sell Russia business for undisclosed amount” Achieved, Retrieved September 2023</small>

<small><sup>50</sup> Bloomberg, “Binance Russian Successor Exchange CommEX Plans to Shut Down” Achieved, Retrieved March 2024</small>

<small><sup>51</sup> Reuters, “Crypto exchange Binance hit by executive exodus” Achieved, Retrieved July 2023</small>

<small><sup>52</sup> Wall Street Journal, “Binance Cuts Back Employee Benefits, Citing Decline in Profit” Achieved, Retrieved July 2023</small>

<small><sup>53</sup> CNBC, “Binance could lay off thousands as company buckles down for DOJ probe, source says” Achieved, Retrieved July 2023</small>

<small><sup>54</sup> Forbes, “Binance Out $790 Million As Investors Move Assets After SEC Lawsuit, Research Firm Reports” Achieved, Retrieved June 2023</small>

<small><sup>55</sup> US Department of Justice, “Binance and CEO Plead Guilty to Federal Charges in $4B Resolution” Achieved, Retrieved November 2023</small>

<small><sup>56</sup> Yahoo Finance, “Silvercorp Metals Inc (SVM) Q2 2026 Earnings Call Highlights: Revenue Surge and Strategic” Achieved, Retrieved November 2025</small>

<small><sup>57</sup> Fortune, “‘Pig-butchering’ crypto scams have tricked investors out of more than $75 billion, according to a new study” Achieved, Retrieved February 2024</small>

<small><sup>58</sup> Binance Square, “US Returns $7M Lost in Crypto Investment Scam” Achieved, Retrieved March 2024</small>

<small><sup>59</sup> Claims Journal, “FTX Sues Binance, Ex-CEO Zhao Seeking $1.8 Billion Clawback”, Achieved, Retrieved November 2024</small>

<small><sup>60</sup> Reuters, “Nigeria suing Binance for $81.5 billion in economic losses and back tax” Achieved, Retrieved February 2025</small>

<small><sup>61</sup> Reuters, “Binance co-founder Yi He joins Richard Teng in dual leadership structure” Achieved, Retrieved December 2025</small>

<small><sup>62</sup> BBC, “Binance accused of aiding terrorists in new lawsuit”,  Archived, Retrieved November 2025</small>

= Tokens =

=== BNB ===
BNB (Build'N'Build) is a cryptocurrency token operating on the BNB Smart Chain. Initially launched in July 2017 under the name Binance Coin, it has since evolved to support a wider ecosystem of decentralized applications and blockchain projects. 

BNB surged 80% in three months to overtake XRP as the third-largest cryptocurrency by market cap. Rising on-chain activity, token burns, and increased transactions on BNB Chain, alongside Binance Alpha and DeFi launches like PancakeSwap, have tightened supply and fueled the token’s impressive rally as of October 7, 2025.

In Q1 2025, BNB Chain revenue rose 58.1% to $70.8 million, driven by a 122.6% increase in wallet-to-wallet transaction fees. Market cap fell 14.8% to $86.2 billion. DeFi TVL grew 14.7% in BNB terms, DEX volume surged 79.3% with PancakeSwap dominating 91.8%. Validator growth enhanced network security, while the Pascal hard fork introduced EIP-7702 wallets, BLS12-381 cryptography, gas abstraction, and batch transactions, boosting scalability and EVM compatibility.

Binance Coin (BNB), originally launched in 2017 as an ERC-20 token, migrated to Binance Chain in 2019. It is used for transaction fees, payments, and Binance Launchpad token sales. Binance Smart Chain, released in 2020, supports millions of daily transactions and a growing developer ecosystem fueled by a $100 million Accelerator Fund. 

On February 16, 2022, Binance Smart Chain was rebranded as BNB Chain to highlight its independence from Binance. Its native token, BNB, now stands for “Build and Build.” The change aims to increase decentralization, expand multichain capabilities, and support large-scale applications across SocialFi, GameFi, and the Metaverse.

== Binance USD ==
BUSD (Binance USD) is a fiat-backed stablecoin pegged 1:1 to the US dollar, issued by Paxos in partnership with Binance. Launched in 2019, it operates on Ethereum (ERC-20) and Binance Smart Chain (BEP-20). BUSD enables stable transactions, arbitrage, and profit locking, and is regulated by the New York Department of Financial Services with monthly audits confirming full USD reserves. 

Between 2020 and 2021, Binance-peg BUSD was reportedly undercollateralized, with reserves falling short of supply by over $1 billion on three occasions, according to Bloomberg and Reiter. Unlike algorithmic stablecoins, BUSD is fiat-backed, but the TerraUSD collapse in 2022 highlighted risks in reserve management and the importance of transparent collateralization for stablecoins. 

On three occasions, Binance-peg BUSD’s reserves fell short of its circulating supply by over $1 billion. A Binance spokesperson acknowledged that maintaining full backing “has not always been flawless” but emphasized that the process has “significantly improved with enhanced discrepancy checks.”

As of December 10, 2025, BUSD trades at $0.9945 with a 24-hour volume of $388.37 million and a circulating supply of 55.03 million, ranking 613 by market capitalization. Its all-time high is $2.58, recorded on November 10, 2024, and its all-time low is $0.1122.

On February 13, 2023, the New York Department of Financial Services (NYDFS) directed Paxos Trust Company to halt the minting of its Binance USD (BUSD) stablecoin. The order stemmed from unresolved oversight issues in Paxos’ management of its relationship with Binance, the world’s largest cryptocurrency exchange, under NYDFS supervision.

On August 31, 2023, Binance announced it will phase out BUSD, ending withdrawals on multiple chains by September 7 and delisting it as a loanable asset September 6, replacing it with FDUSD.

== BEP-20 Token Standard ==
BEP-20 is a token standard on BNB Smart Chain, analogous to Ethereum’s ERC-20. It provides a blueprint for creating diverse tokens, including native assets, stablecoins, or pegged tokens from other blockchains. Transactions require BNB fees, incentivizing validators to process and secure transfers on the network.

<small><br /><sup>63</sup> Wall Street Journal, “Trump Pardons Convicted Binance Founder” Achieved, Retrieved October 2025</small>

<small><sup>64</sup> Reuters, “Abu Dhabi-backed investor buys into Binance with $2 bln of crypto” Achieved, Retrieved March 2025</small>

<small><sup>65</sup> MSN, “Trump Crypto Venture Has Talked to Binance About Doing Business” Achieved, Retrieved March 2025</small>

<small><sup>66</sup> Binance, “Binance and BNB Chain: What’s the Difference?” Achieved, Retrieved October 2022</small>

<small><sup>67</sup> The Block, “BNB rallies 80% to become third-largest cryptocurrency as chain activity surges, supply tightens” Achieved, Retrieved October 2025</small>

<small><sup>68</sup> Messari, “State of BNB Chain Q1 2025” Achieved, Retrieved April 2025</small>

<small><sup>69</sup> Rejolut, “Binance Smart chain Development company - BSC Development” Achieved</small>

<small><sup>70</sup> Yahoo Finance, “Binance Smart Chain Rebrands to BNB Chain, Reveals Multi-chain Goal” Achieved, Retrieved February 2022</small>

<small><sup>71</sup> Binance “What is BUSD? How Does it Work?” Achieved, Retrieved January 2023</small>

<small>72 Binance, “Binance Receives Failure To Maintain “Flawless” Its Stablecoin’s Reserves In The Past” Achieved, Retrieved January 2023</small>

<small><sup>73</sup> Bloomberg, “Binance Acknowledges Past Flaws in Maintaining Stablecoin Backing” Achieved, Retrieved January 2023</small>

<small><sup>74</sup> UK Practical Law, “NYDFS and SEC Take Action Against Paxos for Issuance of Binance Stablecoin” Achieved, Retrieved February 2023</small>

<small><sup>75</sup> Finance Magnates, “Binance Shifts Gears: Phases Out BUSD Support, Introduces New Alternative Stablecoin” Achieved, Retrieved August 2023</small>

<small><sup>76</sup> Binance, “BEP-20” Achieved</small>

= Legal status =

=== United States ===
On November 25, 2025, Hamas attack victims filed a lawsuit against Binance, alleging the cryptocurrency platform enabled payments to the militant group, intensifying legal and regulatory concerns over crypto’s role in funding terrorism.

On October 24, 2025, Trump pardoned Binance CEO Changpeng Zhao, who was released in September 2024 after serving four months for violating the US Bank Secrecy Act, raising conflict-of-interest concerns due to ties with Trump family crypto ventures. 

In April 2024, Changpeng Zhao was sentenced to four months in prison after pleading guilty to violating U.S. money laundering laws, marking the first prison term under the Bank Secrecy Act for such offenses. 

On February 1, 2024, Bloomberg News reported that an American mother taken hostage by Hamas, along with relatives of two men killed in the October 7 attack, filed a federal lawsuit in Manhattan against Binance, Iran, and Syria, alleging the crypto exchange facilitated the violence.

On November 21, 2023, Binance CEO Changpeng Zhao pleaded guilty to money laundering, agreeing to resign and pay a $50 million fine. Binance himself pleaded guilty, accepting a monitor and paying $4.3 billion in combined fines and forfeitures to settle criminal charges with the U.S. Justice Department.

In October 2023, amid the Gaza conflict, U.S. Senator Cynthia Lummis and Representative French Hill identified Binance and Tether as potential sources of terrorist financing, urging the Department of Justice to take action against the exchange. 

In September 2023, Binance.US CEO Brian Shroder departed amid a major workforce reduction, cutting roughly one-third of employees. Chief Legal Officer Norman Reed was appointed interim CEO. Shroder had joined in 2021, becoming CEO a month later, as the company refocused as a crypto-only exchange.

On June 5, 2023, the U.S. Securities and Exchange Commission (SEC) filed 13 charges against Binance Holdings Ltd., its U.S. affiliate BAM Trading, and founder Changpeng Zhao. Allegations included operating unregistered exchanges, broker-dealers, and clearing agencies, misleading investors, secretly controlling Binance.US, and offering unregistered crypto assets including BNB and BUSD.

Jane Street, Tower Research Capital and Radix Trading were revealed in April 2023 as the anonymous “VIP” clients named in the CFTC lawsuit against Binance, firms reportedly given preferential fees and access despite U.S. regulatory rules. On March 27, 2023, U.S. regulators filed a lawsuit against Binance and its CEO, Changpeng Zhao, accusing them of “wilful evasion of U.S. law” by expanding Binance’s U.S. operations despite publicly claiming to restrict American customers.

On March 1, 2023, U.S. Senators Elizabeth Warren, Chris Van Hollen, and Roger Marshall sent a letter to Binance, calling the exchange “a hub of illegal financial activity” allegedly facilitating over $10 billion in payments to criminals and sanctions evaders, and requested documents on regulatory compliance.

On February 17, 2023, reports revealed that Binance CEO Changpeng Zhao secretly accessed Binance.US’s Silvergate Bank account, transferring over $400 million to his own trading firm, Merit Peak Ltd, during early 2021. The transfers occurred without Binance.US executives’ knowledge, raising concerns about oversight and customer fund security.

In January 2023, Arkham Intelligence reported that millions of dollars from the allegedly illicit exchange Bitzlato flowed through intermediate wallets into Binance, raising questions about Binance’s anti-money laundering compliance. Federal authorities are reportedly scrutinizing CEO Changpeng Zhao and the exchange’s AML practices.

In December 2022, Binance.US terminated its $1.3 billion deal to acquire Voyager Digital’s assets, citing a “hostile and uncertain regulatory climate.” Voyager, which filed for bankruptcy in 2022, plans to return cryptocurrency and cash directly to customers. 

In June 2022, U.S. regulators began investigating Binance Holdings Ltd. over its 2017 BNB token sale, probing whether the initial coin offering violated securities laws by selling unregistered securities. BNB is now the world’s fifth-largest cryptocurrency. In May 2021, Binance came under investigation by the U.S. Justice Department and IRS, examining potential money-laundering and tax issues, though no wrongdoing has been formally alleged. 

Binance US, founded in 2019 and headquartered in Miami, Florida, is the U.S. segment of Binance. FinCEN-registered, it complies with local regulations, offers fewer assets, and provides features tailored specifically for the American market.

<small><sup>78</sup> Reuters, “Hamas attack victims sue Binance for allegedly allowing payments to militant group” Achieved, Retrieved November 2025</small>

<small><sup>79</sup> Al Jazeera, “Is Trump’s pardon of Binance boss Changpeng Zhao a conflict of interest?” Achieved, Retrieved October 2025</small>

<small><sup>80</sup> Reuters, “Binance crypto founder Zhao sentenced to four months in prison”, Achieved, Retrieved May 2024</small>

<small><sup>81</sup> Bloomberg Law, “Binance Sued by Hamas Hostage, Families of Victims in Attack (1)”, Achieved, Retrieved February 2024</small>

<small><sup>82</sup> The Guardian, “Crypto giant Binance admits to money laundering and agrees to pay $4.3bn” Achieved, Retrieved November 2023</small>

<small><sup>83</sup> Congress of the  United States, “Official Document”, Achieved, Retrieved October 2023</small>

<small><sup>84</sup> The Associated Press, “Binance.US CEO departs as crypto company cuts a third of its workforce” Achieved, Retrieved September 2023</small>

<small><sup>85</sup> US. Securities and Exchange Commission, “SEC Files 13 Charges Against Binance Entities and Founder Changpeng Zhao” Achieved, Retrieved June 2023</small>

<small><sup>86</sup> IHODL, “Jane Street and Tower Revealed as VIP Clients of Binance” Achieved, Retrieved April 2023</small>

<small><sup>87</sup> The Guardian, “US regulator sues crypto exchange Binance and boss Changpeng Zhao” Achieved, Retrieved March 2023</small>

<small><sup>88</sup> United State Senate, Washington DC,“Official Document” Achieved, Retrieved March 2023</small>

<small><sup>89</sup> TradeALgo, “Binance Transferred $400 Million From A U.S. Partner To CEO’s Firm” Achieved, Retrieved February 2023</small>

<small><sup>90</sup> CNBC, “Binance was final destination for millions in funds from Bitzlato, exchange shut down for alleged money laundering” Achieved, Retrieved January 2023</small>

<small><sup>91</sup> Tech Crunch, “Binance.US sailed away from its $1.3B deal with Voyager, now what?” Achieved, Retrieved April 2023</small>

<small><sup>92</sup> Bloomberg, “US Probes Binance Over Token That Is Now World’s Fifth Largest” Achieved, Retrieved June 2022</small>

<small><sup>93</sup> Bloomberg, “Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths” Achieved, Retrieved May 2021</small>

=== United Kingdom ===
As of 2025, Binance is unauthorized in the UK after an FCA notice. It halted new customer onboarding and restricted certain services, while existing users retained limited access. Binance aims to re-enter the UK, collaborating with regulators.

In June 2021, Binance was ordered by the FCA to stop all regulated activity in the United Kingdom.

In January 2021, the UK's Financial Conduct Authority began requiring firms dealing with cryptoassets to register in order to comply with anti-money laundering rules.

=== Thailand ===
Thailand’s digital asset framework is overseen by multiple regulators: the Securities and Exchange Commission (SEC) licenses and monitors exchanges, the Bank of Thailand (BOT) governs financial institution involvement, the Anti-Money Laundering Office (AMLO) enforces anti-money laundering rules, the Ministry of Finance (MOF) manages cryptocurrency taxation, and the Ministry of Digital Economy and Society (MDES) blocks unlicensed platforms, ensuring investor protection and market integrity.

On November 10, 2025, Binance was honored by the Royal Thai Police as a key partner in Thailand’s national anti-cybercrime agenda. The exchange’s Investigations team aided Operation 293, successfully recovering over 430,000 USDT from a hacking incident, highlighting effective collaboration between law enforcement and the crypto industry.

On May 26, 2023, Thailand’s Securities and Exchange Commission approved a joint venture between Binance and Gulf Energy Development, granting Binance its first Southeast Asian license to operate a digital asset exchange and brokerage. Operations are set to begin in Q4 2023.

Thailand’s Securities and Exchange Commission filed a criminal complaint against Binance on 2 July 2021 for violating the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). The SEC stated that Binance operated a digital asset platform without the required license, breaching Section 26 of the decree.

<small><sup>94</sup> Webopedia, “Binance US Review 2025”, Achieved, Retrieved July 2025</small>

<small><sup>95</sup> Koinly, “Does Binance Report to HMRC?”, Achieved</small>

<small><sup>96</sup> Reuters, “Britain bans Binance's UK ops in latest cryptocurrency crackdown”, Achieved, Retrieved June 2021</small>

<small><sup>97</sup> Financial Conduct Authority, “FCA warns consumers of the risks of investments advertising high returns based on cryptoassets”, Achieved, Retrieved January 2021</small>

<small><sup>98</sup> Light Spark, “Is Crypto Legal in Thailand : Regulations & Compliance for Cross-Border Payments” Achieved, Retrieved August 2025</small>

== India ==
Binance remains legal and operational in India in 2025, registered with FIU-IND and compliant with AML rules, though not licensed by RBI or SEBI. Indian users can trade via UPI, IMPS, bank transfers, and P2P, while following crypto tax rules, including 30% gains tax and 1% TDS. 

In June 2024, India’s Financial Intelligence Unit fined Binance $2.25 million for operating without complying with local AML rules. The exchange later registered with FIU, following earlier notices and access blocks issued to offshore platforms. 

In January 2024, India blocked access to major foreign crypto exchanges like Binance and KuCoin for failing to comply with AML and FIU registration rules, prompting users to shift funds to compliant domestic platforms.

In 2022, Binance and WazirX became embroiled in a public dispute over the ownership of WazirX. Despite a 2019 announcement stating Binance had acquired the Indian exchange, Binance later denied completing the deal. WazirX maintained the acquisition occurred, creating confusion and concern across India’s crypto industry.

<small><sup>99</sup> Binance, “Binance Recognized as Key Partner in Thailand’s National Anti-Cybercrime Agenda as Royal Thai Police Announces Successful Operation”, Archived, Retrieved November 2025</small>

<small><sup>1</sup><sup>00</sup> Nikkei Asia, “Binance gains first Southeast Asian license from Thailand”, Achieved, Retrieved May 2023</small>

<small><sup>1</sup><sup>01</sup> The Security and Exchange Commission Thailand, “SEC files a criminal complaint against {X1} for operating digital asset business without license”, Achieved, Retrieved July 2021</small>

<small><sup>1</sup><sup>02</sup> Binance, “Is Binance Legal in India?” Achieved, Retrieved</small> 

<small><sup>1</sup><sup>03</sup> Dawn, “Indian financial watchdog imposes $2.25m penalty on crypto exchange Binance” Achieved, Retrieved June 2024</small>

=== Nigeria ===
As of 2025, cryptocurrency is legal in Nigeria but strictly regulated. The Investments and Securities Act (ISA) 2025 recognizes digital assets like Bitcoin as securities under the Securities and Exchange Commission (SEC), while enforcement against unlicensed exchanges remains active.

In February 2025, Nigeria sued Binance, seeking USD 79.5 billion in economic damages and USD 2 billion in back taxes. The case follows a broader crackdown involving tax-evasion charges, currency-manipulation allegations, executive detentions, and a separate money-laundering probe that Binance denies while cooperating with authorities. 

In May 2024, Binance CEO Richard Teng alleged that officials demanded a cryptocurrency bribe to settle the matters. However, Nigeria's House of Representatives rejected this claim, asserting that Binance was attempting to deflect attention from serious criminal allegations. On April 4, 2024, Binance executive Tigran Gambaryan appeared in an Abuja court, Nigeria, facing prosecution for tax evasion and money laundering, amid ongoing legal scrutiny of the cryptocurrency exchange.

On June 10, 2023, Nigeria’s market regulator ruled Binance’s local operations illegal, ordering the world’s largest cryptocurrency exchange to stop all activities aimed at Nigerian investors through its website, citing non-compliance with local regulations and unauthorized operations in the country.

=== Philippines ===
On August 1, 2025, the Philippine Securities and Exchange Commission (SEC) banned ten global cryptocurrency exchanges, including OKX, Bybit, KuCoin, and Kraken, for operating without official licenses under the country’s Crypto Asset Service Provider (CASP) framework, marking the largest enforcement action since Binance’s 2024 block.

On March 25, 2024, the Philippine Securities and Exchange Commission (SEC) announced plans to block Binance’s website, citing threats to the security of Filipino investors’ funds, following formal approval to seek assistance from the National Telecommunications Commission (NTC). SEC Chair Emilio Aquino warned Binance threatens investor security, urging transitions to authorized platforms, while coordinating with Google and Meta to block Binance’s digital ads in the Philippines.

<small><sup>1</sup><sup>04</sup> Economic Times, “India bans foreign crypto platforms like Binance, Kucoin. What should investors do now?”, Achieved, Retrieved January 2024</small> 

<small><sup>1</sup><sup>05</sup> Tech Crunch, “Binance and WazirX disagree over ownership two years after announcing deal”, Achieved, Retrieved August 2022</small> 

<small><sup>1</sup><sup>06</sup> Breet, “Is Cryptocurrency Legal in Nigeria? 2025 Crypto Ban Update”, Achieved, Retrieved October 2025</small> 

<small><sup>1</sup><sup>07</sup> Chambers and Partners, “Tax Controversy 2025”, Achieved, Retrieved May 2025</small> 

<small><sup>1</sup><sup>08</sup> Bloomberg, “Binance Says It was Asked for ‘Secret’ Payment Over Nigeria Woes”, Achieved, Retrieved May 2024</small>

<sup>109</sup> Reuters, “Detained Binance executive in court on Nigerian tax, money laundry charges” Achieved Retrieved April 2024

<sup>110</sup> Reuters, “Nigeria regulator says local Binance operations 'illegal'”, Achieved, Retrieved June 2023

=== Netherlands ===
In 2025, the Netherlands treats cryptocurrency as a regulated digital asset, not legal tender, enabling trading while enforcing strict Anti-Money Laundering (AML) standards through De Nederlandsche Bank (DNB), Authority for the Financial Markets (AFM), Financial Intelligence Unit Netherlands (FIU-NL), and the Ministry of Finance (MoF). 

In 2023, Binance exited the Netherlands after failing to secure approval as a Virtual Asset Service Provider (VASP). New Dutch users were barred, and existing users could only withdraw assets, with trading and deposits prohibited. 

In April 2022, the De Nederlandsche Bank (DNB) fined Binance €3.3 million ($3.35 million) for operating in the Netherlands without registration. This followed a public warning in August 2021, and Binance announced in June 2022 its intention to appeal.

=== Japan ===
In Japan, cryptocurrency is legal and strictly regulated under the Payment Services Act (PSA). Exchanges must register with the Financial Services Agency (FSA), follow anti-money laundering rules, protect consumer funds, and comply with additional oversight from self-regulatory organizations like JVCEA and JSTOA, while tax obligations fall under the National Tax Agency (NTA). 

=== Italy ===
As of 2025, cryptocurrency is legal in Italy for holding, trading, and ownership, though not as legal tender. Regulated under the OAM, Bank of Italy, CONSOB, and UIF, Virtual Asset Service Providers (VASPs) must register, follow AML/KYC rules, and report suspicious transactions. Italy is transitioning to the EU’s MiCA framework, offering investor protection and cross-border operational rights. 

On 27 May 2022, Binance Italy received regulatory approval from OAM, enabling legal crypto operations, local expansion, and strengthening compliance, following similar registrations in France, Bahrain, and Dubai.  On 15 July 2021, Italian regulators warned that Binance was operating without authorization, part of a broader crackdown on unregistered cryptocurrency exchanges in Italy, highlighting regulatory concerns and investor protection issues.

=== Germany ===
As of 21 October 2025, Germany regulates crypto under MiCAR (Markets in Crypto-Assets Regulation) and KMAG (Kryptomärkteaufsichtsgesetz), requiring CASPs (Crypto-Asset Service Providers) to obtain BaFin (Federal Financial Supervisory Authority) authorization. 

On April 28, 2021, Germany’s BaFin (Federal Financial Supervisory Authority) warned Binance for offering stock tokens without EU-required investor prospectuses, risking fines up to €5 million or 3% of last year’s turnover.

=== Canada ===
The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) oversee crypto platforms, requiring registration, investor protection measures, and compliance; unregistered or banned platforms pose high risks to Canadians’ assets and investments. 

On May 10, 2024, Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) fined Binance $4.38 million for failing to register as a foreign money services business and not reporting over 5,900 cryptocurrency transactions. On May 30, 2023, reports indicated that the Ontario Securities Commission launched an investigation to determine if Binance attempted to bypass Ontario securities laws and compliance requirements before exiting the Canadian market.

On May 13, 2023, Binance announced its exit from Canada, citing stricter crypto rules, including stablecoin limits and mandatory registration, making continued operations in the country "no longer tenable." 

On March 16, 2022, Binance submitted an Undertaking to the Ontario Securities Commission, agreeing to cease new Ontario accounts, restrict trading, provide fee waivers, report quarterly, and retain an independent auditor. Previously, on June 25, 2021, Binance decided to withdraw services from Ontario, instructing users to close positions by December 31, 2021. Despite this, trading continued, which Binance later acknowledged was incorrect.

=== Belgium ===
Cryptocurrency is legal but largely unregulated in Belgium. Not legal tender, gains are taxed, and authorities like Financial Services and Markets Authority (FSMA), National Bank of Belgium (NBB), Belgian Financial Intelligence Unit (CTIF-CFI), and Belgian Tax Authorities oversee compliance, anti-money laundering, and investor protection.

On June 23, 2023, Belgium’s Financial Services and Markets Authority (FSMA) ordered Binance to immediately stop offering digital currency exchange and custody wallet services, citing non-compliance with European Economic Area regulations.

=== Australia ===
Cryptocurrency is legal in Australia but not legal tender. Digital currency exchanges must register with the Australian Transaction Reports and Analysis Centre (AUSTRAC) under the Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF Act) and comply with Australian Financial Services Licence (AFSL) requirements.

On 18 May 2023, Westpac began trialling new cryptocurrency payment protections to reduce scam losses, especially from investment scams, potentially saving customers millions and enhancing security with phased anti-fraud measures. 

On 18 May 2023, Binance announced PayID AUD deposits were suspended due to a third-party provider decision, affecting withdrawals. Credit/debit card and P2P trading remain available, with funds protected by the Secure Asset Fund for Users (SAFU).

On 6 April 2023, ASIC cancelled Oztures Trading Pty Ltd’s Australian Financial Services (AFS) licence for Binance Australia Derivatives. Clients must close positions by 21 April 2023, while consumer protections through the Australian Financial Complaints Authority continue until 8 April 2024.

<small><sup>1</sup><sup>11</sup> IDN, “Philippines blocks 10 crypto exchanges, Bybit and Bitget blacklisted”, Achieved, Retrieved August 2025</small>

<small><sup>1</sup><sup>12</sup> Business Insider, “SEC pushes forward efforts to ban Binance in PH”, Achieved, Retrieved March 2024</small>

<small><sup>1</sup><sup>13</sup> Sanction Scanner, “Cryptocurrency Regulations in the Netherlands”, Achieved, Retrieved June 2025</small>

<small><sup>1</sup><sup>14</sup> The Block, “Binance exits the Netherlands after failing to acquire regulatory approval”, Achieved, Retrieved June 2023</small>

<small><sup>1</sup><sup>15</sup> The Hindu, “Dutch central bank fines Binance 3.3 million euros”, Achieved, Retrieved July 2022</small>

<small><sup>116</sup> Light Spark, “Is Crypto Legal in Japan : Regulations & Compliance for Cross-Border Payments”, Achieved, Retrieved August 2025</small>

<small><sup>117</sup> Binance, “Japan FSA Cracks Down on Unregistered Crypto Exchanges”, Achieved, Retrieved December 2024</small> 

<small><sup>118</sup> Reuters, “Japan regulator warns cryptocurrency exchange Binance over unregistered ops”, Achieved, Retrieved March 2018</small>

<small><sup>1</sup></small><small><sup>19</sup> Sanction Scanner, “Cryptocurrency Regulations in Italy”, Achieved, Retrieved July 2025</small>

<small><sup>1</sup></small><small><sup>20</sup> Binance, “Binance Obtains Regulatory Approval in Italy”, Achieved, Retrieved May 2022</small>

<small><sup>1</sup></small><small><sup>21</sup> Reuters, “Crypto exchange Binance unauthorised, says Italian regulator, as crackdown widens” Achieved, Retrieved July 2021</small>

<small><sup>1</sup><sup>22</sup> Financial Post, “OSC investigating crypto exchange Binance despite Canadian exit”, Achieved, Retrieved May 2023</small>

<small><sup>1</sup><sup>23</sup> Engadget, “Binance leaves Canada due to stricter crypto rules”, Achieved, Retrieved May 2013</small>

<small><sup>1</sup><sup>24</sup> Ontario Securities Commission, “Undertaking and Acknowledge Statement”, Achieved, Retrieved June 2021</small>

<small><sup>1</sup><sup>25</sup> Light Spark, “Is Crypto Legal in Belgium : Regulations & Compliance for Cross-Border Payments”, Achieved, Retrieved September 2025</small>

<small><sup>1</sup><sup>26</sup> Financial Services and Markets Authority, “FSMA orders Binance to cease immediately all offers of virtual currency services in Belgium”, Achieved, Retrieved June 2023</small>

<small><sup>1</sup><sup>27</sup> The Sumsuber, “Is Crypto Legal in Australia? Your 2025 Guide to Regulations”, Achieved, Retrieved June 2025</small>

<small><sup>1</sup><sup>28</sup> Westpac, “Westpac trials new cryptocurrency blocks to prevent scam losses”Achieved, Retrieved May 2023</small>

<small><sup>1</sup><sup>29</sup> Twitter, “Twitter Post”, Achieved, Retrieved May 2023</small>

<small><sup>1</sup><sup>30</sup> ASIC Newsroom, “Binance Australia Derivatives – AFS licence cancelled”, Achieved, Retrieved April 2023</small>

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