Binance was founded in July 2017 by Changpeng Zhao and Yi He. It quickly gained traction in the cryptocurrency space due to its wide selection of altcoins, user-friendly interface, and low trading fees. Hereâs a brief overview of its history:
1. Launch (2017): Binance launched in July 2017 and conducted an initial coin offering (ICO) for its native token, BNB, raising around $15 million.
2. Rapid Growth: The exchange quickly became one of the largest in the world by trading volume, thanks to its wide range of available cryptocurrencies and innovative features.
3. Regulatory Challenges: As Binance expanded, it faced regulatory scrutiny in various countries. In 2020, it started implementing KYC (Know Your Customer) measures and began working with regulators.
4. Global Expansion: Binance established numerous international subsidiaries and launched localized versions of its platform, including Binance US in 2019, to comply with local regulations.
5. Security Incidents: In May 2019, Binance suffered a major hack, losing over $40 million worth of Bitcoin. The exchange quickly reimbursed affected users using its Secure Asset Fund for Users (SAFU).
6. Innovations: Binance introduced various features, such as futures trading, staking, and savings products, to enhance its ecosystem. They also launched Binance Smart Chain in 2020, promoting DeFi projects and smart contracts.
7. Ongoing Developments: Binance continues to adapt to changing regulatory landscapes, expanding its offerings, and maintaining its position as a leading global cryptocurrency exchange.
Throughout its history, Binance has significantly influenced the cryptocurrency market and remains a key player in the industry.
