Binance

Binance launched in July 2017 after raising $15 million through an initial coin offering. Founders Changpeng Zhao and Yi He built the platform from scratch in Shanghai, but within months China banned cryptocurrency trading, forcing the company to relocate. Binance moved operations to Japan, then Malta, and eventually settled in the United Arab Emirates with no official headquarters. The exchange went live on September 3, 2017, offering spot trading on a handful of coins. Within a year it had become the largest crypto exchange by volume, a position it still holds.

The platform now supports hundreds of cryptocurrencies for spot and margin trading, along with futures, options, staking, lending, and a native blockchain called Binance Smart Chain. Its own token, BNB, started as a discount tool for trading fees and evolved into a core asset powering the Binance ecosystem. More than 320 million registered users across 100-plus countries trade on the exchange. Binance also owns Trust Wallet, runs a charity arm, and operates Binance.US, a separate entity for American customers with a limited token selection.

Revenue hit $16.8 billion in 2024, up from $7.9 billion the year before. The company employs roughly 5,000 people. Binance has faced heavy regulatory pushback worldwide. In November 2023 it settled with U.S. authorities for violating anti-money-laundering rules and sanctions, paying billions in penalties. Zhao stepped down as CEO and later served four months in prison. He received a presidential pardon from Donald Trump in 2025. Today Richard Teng and Yi He serve as co-CEOs, steering the company through a new era of compliance while maintaining its dominance in digital asset trading. [edit]