Binance is a global cryptocurrency exchange that offers trading services for over 100 types of cryptocurrencies, including options, spot, coin-margined contracts, and other trading products. Since the beginning of 2018, Binance has been considered the world's largest cryptocurrency exchange by trade volume.
Binance History
Binance was founded in China by Zhao Changpeng in 2017. Its name derives from a combination of "binary" and "finance". From its inception, Binance was capable of processing approximately 1.4 million orders per second and offered trading for over 150 cryptocurrencies. Due to China's ban on cryptocurrency trading in September 2017, Binance relocated to Japan and established an office in Taiwan in 2018. That same year, due to the strict regulation of cryptocurrencies in China and Japan, Binance announced the establishment of a new office in Malta. In 2018, Binance signed a Memorandum of Understanding with the Bermuda government and the Malta Stock Exchange to develop a platform for cryptocurrency trading. In 2018, Binance participated in a $32 million stablecoin project fundraiser. In early 2019, as the United States began to crack down on cryptocurrencies, Binance established the US exchange Binance.US.
Binance Executive Team
The Binance executive team is composed of several experienced professionals:
- Zhao Changpeng: Founder and former CEO, responsible for managing all business aspects, focusing on products, technology, and internal affairs.
- He Yi: Binance CMO, managing brand marketing, user growth, and key customer work.
- Richard Teng: Current CEO of Binance, successor to CZ.
- Ted Lin: Chief Growth Officer, responsible for internationalization.
- Wei Zhou: Chief Financial Officer (CFO), formerly worked in the investment banking division of Goldman Sachs in Hong Kong.
- GIN CHAO: Chief Strategy Officer (CSO), responsible for investment and legal departments.
- Samuel Lim: Chief Compliance Officer, responsible for stablecoins, security, anti-money laundering, etc.
- Helen Hai: Head of Binance Charity and also the Executive Dean of the Binance China Blockchain Research Institute.
Binance's public sentiment
Recently, Binance has faced challenges in public opinion. The U.S. Commodity Futures Trading Commission (CFTC) has sued Binance and its CEO Zhao Changpeng, accusing them of operating an illegal exchange and implementing false compliance programs. This incident led to a low morale within Binance, with several executives such as the general legal advisor, chief strategy officer, and head of investigations resigning successively.
The U.S. SEC has also filed lawsuits against Binance and its US exchange, accusing them of operating an illegal trading platform in the United States and misusing customer funds. These regulatory pressures have led Binance to make a series of layoffs in the United States to reduce the risk to its US operations. Despite facing challenges, Binance remains the world's largest cryptocurrency platform. In the face of these challenges, Zhao Changpeng has stated that personnel turnover is a natural result of company development and individual circumstance changes. Overall, since its establishment, Binance has achieved significant success in the field of cryptocurrency trading but also faces significant challenges from regulatory authorities and public opinion pressure. Currently, Binance is listed as "Active" on TraderKnows.
