Binance
| Binance Holdings Ltd. | |
|---|---|
| Company type | Private |
| Industry | Cryptocurrency |
| Founded | July 2017 |
| Founders | Changpeng Zhao Yi He |
| Headquarters | Unknown |
| Area served | Worldwide |
| Key people | Richard Teng Yi He (Co-CEOs) |
| Products | Cryptocurrency exchange Cryptocurrencies |
| Revenue | US$12 billion (2022) |
| Number of employees | 7,000 (2023) |
| Subsidiaries | Sakura Exchange Trust Wallet Binance Charity |
| Website | binance.com binance.us (United States) |
Binance is a global 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 (NFTs), educational resources, research initiatives, charitable programs, and user-oriented financial products. These offerings support a broad blockchain ecosystem serving millions of users worldwide.
Binance was founded in 2017 by Changpeng Zhao, a software developer who previously worked on high-frequency trading systems. The exchange was initially based in China and later relocated to Japan before moving operations to Malta. As of the mid-2020s, Binance does not maintain an officially declared corporate headquarters.
By 2025, Binance had reinforced its position in global cryptocurrency markets, accounting for approximately 41.1% of global spot trading volume and facilitating around US$2.55 trillion in cryptocurrency futures trading. The exchange held an estimated 39.8% market share among centralized cryptocurrency exchanges during this period.
Throughout its history, Binance has faced legal scrutiny and regulatory challenges in multiple jurisdictions, particularly related to anti-money laundering compliance. The platform is restricted or banned in at least ten countries due to regulatory actions, government sanctions, or compliance concerns.
On 13 May 2021, the United States Department of Justice and the Internal Revenue Service initiated investigations into Binance over potential money laundering and tax-related issues. No formal allegations of wrongdoing were announced at the time. Binance stated that it was cooperating with authorities and emphasized efforts to improve compliance standards. Binance has stated that it cooperates with authorities worldwide while maintaining compliance programs and implementing [anti-money-laundering] measures, alongside continuing its global operations.
[Binance Markets Limited] (BML) is not authorized to conduct regulated activities in the [United Kingdom]. As of 30 May 2023, BML voluntarily cancelled its permissions with the [Financial Conduct Authority] (FCA). No other Binance Group entity holds authorization in the UK, and UK customers have been advised to exercise caution when accessing Binance services.
In December 2025, [Reuters] reported allegations that Binance had shared customer data with Russia’s financial watchdog, [Rosfinmonitoring], potentially in connection with figures associated with opposition leader [Alexei Navalny]. Binance denied the allegations, describing them as “categorically false,” and stated that it had ceased operations in Russia, complied with Western sanctions, and never assisted Russian authorities.
On 21 November 2023, Binance and its chief executive officer, [Changpeng Zhao], pleaded guilty in the United States to federal charges including violations of anti-money-laundering regulations, unlicensed money transmission, and sanctions breaches. As part of the settlement, Binance agreed to pay more than US$4.3 billion in penalties, forfeit approximately US$2.51 billion, and implement enhanced compliance measures. Zhao resigned from his executive role, and the case became the largest corporate criminal settlement involving a cryptocurrency company in U.S. history.
On 24 October 2025, [Donald Trump], then President of the United States, issued a pardon to Changpeng Zhao, who had served a four-month prison sentence in 2024 related to violations of U.S. money-laundering laws. Binance had previously pleaded guilty and paid more than US$4.3 billion in penalties. The pardon renewed debate over the Trump administration’s stance on cryptocurrency regulation, as policies during this period eased regulatory oversight, encouraged digital asset adoption, and coincided with increased investment activity by members of the Trump family in the cryptocurrency sector. Zhao publicly expressed gratitude for the pardon, while Binance described the decision as “incredible news.”