The world's largest centralized crypto exchange. Binance also has a decentralized exchange (DeX) and its own blockchain. Launched in 2017 by Changpeng Zhao, one of the first crypto billionaires and commonly known as "CZ," the company was originally based in China. Binance later moved to the Cayman Islands due to government restrictions. U.S. customers use Binance.us, the American subsidiary.
Decentralized Exchange and Binance Blockchain
Binance DEX is Binance's decentralized exchange, which is the company's DeFi platform, and BNB Chain is the blockchain. Originally running on Ethereum, Binance switched to its own Binance Chain and Binance Smart Chain, which in 2022 were consolidated into BNB Chain. BNB Chain uses the proof-of-stake consensus mechanism, and BNB (Build and Build) is its native crypto. See
decentralized exchange.
NFTs and Japan
In 2021, Binance announced NFT Marketplace, a new platform for trading NFTs (non-fungible tokens), and at the end of 2022, it entered the Japanese market by acquiring Sakura Exchange Bitcoin (SEBC). See
NFT.
Binance Sued by the SEC
In 2023, the U.S. Securities and Exchange Commission sued Binance for inflating trading volumes, commingling assets, diverting customer funds and failing to restrict U.S. customers. However, Binance has been allowed to operate as it fights the charges.