The name Binance is a combination of the words "binary" and "finance". The name reflects the platform's commitment to innovation, efficiency, and accessibility, and its use of technology to revolutionize traditional financial systems. The name also reflects the underlying technology of cryptocurrencies, the blockchain, which operates on a binary system. 

Binance is a cryptocurrency exchange that allows users to trade Bitcoin, Altcoins, and other virtual assets. It was founded in 2017 by Changpeng Zhao, also known as CZ, who is the founder and CEO of the company.