Binance: Simply Explained

Binance is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands.

Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software. Binance was initially based in China, but later moved its headquarters out of China following the Chinese government’s increasing regulation of cryptocurrency.

In 2021, Binance was put under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses. The UK’s Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021.

In February 2022, Binance donated $10 million for humanitarian needs in Ukraine amid the 2022 Russian invasion of Ukraine.

What’s your opinion on the Binance Smart Chain?

Join the discussion on reddit, r/CryptoCraversLLC

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