Months later, a similar memorandum was signed with the Malta Stock Exchange to develop a platform for trading security tokens. In April 2018, Binance signed a memorandum of understanding with the government of Bermuda. In March 2018, Binance announced its intentions to open an office in Malta after stricter regulations in Japan and China. In January 2018 it was the largest cryptocurrency exchange with a market capitalization of $1.3 billion, a title it had retained as late as April 2021, despite competition from Coinbase, among others. 2018–2019: launch of stablecoin and security breach Zhao asked He to join Binance, and she helped rewrite parts of the white paper for Binance's $15 million initial coin offering. The company was founded in 2017 in China but moved its servers and headquarters out of the country in advance of the Chinese government's ban on cryptocurrency trading in September 2017. He was hired at this position in 2014 by Yi He, with whom he co-founded Binance several years later. He also worked at OKCoin as CTO for less than a year, a platform for spot trading between fiat and digital assets. In 2013, he joined as the third member of the cryptocurrency wallet's team. 2013–2017: company beginnings and move out of ChinaĬEO Changpeng Zhao founded Fusion Systems in 2005 in Shanghai the company built high-frequency trading systems for stockbrokers. History 5 years birthday Binance cake in Paris in July 2022. On November 21, 2023, Binance pleaded guilty to federal charges, admitting that it engaged in money laundering, unlicensed money transmitting, and sanctions violations and has agreed to pay over $4 billion in fines. That same year, Binance shared client data, including names and addresses, with the Russian government. The UK's Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021. 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. Binance subsequently left Japan for Malta and currently has no official company headquarters. Binance was initially based in China, then moved to Japan shortly before the Chinese government restricted cryptocurrency companies. Binance was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading software. Binance Holdings Ltd., branded Binance, is a global company that operates the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies.

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