25 Facts About Binance

Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies.

Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.

Binance was initially based in China, but later moved its headquarters out of China following the Chinese government's increasing regulation of cryptocurrency.

In 2021, Binance was put under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses.

The UK's Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021.

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In 2021, Binance shared client data, including names and addresses, with the Russian government.

Binance worked at OKCoin as CTO for less than a year, a platform for spot trading between fiat and digital assets.

In March 2018, Binance announced its intentions to open an office in Malta after stricter regulations in Japan and China.

In January 2019, Binance announced that it had partnered with Israel-based payment processor Simplex to enable cryptocurrency purchases with debit and credit cards, including Visa and Mastercard.

On 7 May 2019, Binance revealed that it had been the victim of a "large scale security breach" in which hackers had stolen 7,000 Bitcoin worth around US $40 million at the time.

In November 2019, Binance announced it was acquiring Indian bitcoin exchange WazirX, which became disputed in August 2022 when Binance founder Zhao claimed the deal was never signed.

In May 2021 it was reported that Binance was under investigation by both the Internal Revenue Service and the United States Department of Justice on allegations of money laundering and tax offenses.

Binance later softened their opposition to this measure, and pointed to their donation of $10 million for humanitarian needs in Ukraine.

On 27 May 2022, Binance announced the registration of its legal entity in Italy, and has plans of opening offices and expanding the local team in the area.

Binance is seeking registration in more European countries, such as Switzerland, Sweden, Spain, Netherlands, Portugal and Austria.

On 13 June 2022 Binance announced that users would be unable to withdraw their funds held in Bitcoin, amid the background of major falls in the value of cryptocurrencies.

Binance allows its users to pay fees on its exchange with BNB.

In 2019, Binance was banned in the United States on regulatory grounds.

In May 2021, Bloomberg News reported that Binance was under investigation by the United States Department of Justice and Internal Revenue Service for money-laundering and tax evasion.

In June 2022, the US Securities and Exchange commission launched an enquiry into Binance to determine if the company's 2017 ICO of BNB tokens amounted to an illegal sale of a security.

In June 2021, Binance was ordered by the UK's Financial Conduct Authority to stop all regulated activity in the United Kingdom.

In May 2022, Binance gained regulatory approval in Italy, allowing the company to provide digital asset services in the country.

In May 2022, Binance gained regulatory approval in France, allowing the company to provide digital asset services in the country.

Additionally, Thailand's SEC cited Binance for operating without a license, a violation of Section 26 of the Digital Asset Businesses Emergency Decree.

On March 17,2022, Binance has confirmed in an undertaking to the Ontario Securities Commission that it would stop opening new accounts and halting trading in existing accounts for users in Ontario.

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