History of Binance in Timeline

Binance is the world's largest cryptocurrency exchange, measured by daily trading volume. Founded in 2017 by Changpeng Zhao, a high-frequency trading software developer, Binance initially operated from China. Due to regulatory restrictions on cryptocurrency companies, it relocated to Japan, then Malta, and currently lacks a formal headquarters. Binance facilitates the trading of various cryptocurrencies and has become a prominent player in the global cryptocurrency market.

2002: Prevention of Money Laundering Act

On December 28, Financial Intelligence Unit (India) recommended blocking the URLs of nine crypto entities, including Binance on the grounds of non compliance to the provisions of the Prevention of Money Laundering Act, 2002 (PMLA).

2005: Changpeng Zhao founded Fusion Systems

In 2005, Changpeng Zhao founded Fusion Systems in Shanghai, a company focused on building high-frequency trading systems for stockbrokers.

2013: Zhao joined Blockchain.info

In 2013, Changpeng Zhao became the third member of the cryptocurrency wallet Blockchain.info's team.

2014: Zhao joined OKCoin as CTO

In 2014, Changpeng Zhao was hired by Yi He as CTO of OKCoin, a platform for spot trading between fiat and digital assets.

July 2017: Launch of Binance Coin (BNB)

In July 2017, Binance launched Binance Coin (BNB) on the Ethereum network to allow users to pay fees on its platform.

September 2017: China ban on cryptocurrency trading

In September 2017, Binance moved its servers and headquarters out of China in advance of the Chinese government's ban on cryptocurrency trading.

2017: Initial Coin Offering (ICO) of BNB Tokens

In June 2022, the U.S. 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.

January 2018: Binance becomes largest cryptocurrency exchange

In January 2018, Binance became the largest cryptocurrency exchange with a market capitalization of $1.3 billion.

March 2018: Binance announced intentions to open office in Malta

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

March 2018: First Warning from Japan's FSA

On 23 March 2018, Japan's Financial Services Agency (FSA) issued its first warning to Binance, stating it was not registered to do business in Japan.

April 2018: Binance Charity Foundation launched

In April 2018, Binance launched the Binance Charity Foundation, with the goal to support the advancement of blockchain-enabled philanthropy with a focus on third-world countries.

April 2018: Binance signed MOU with Bermuda

In April 2018, Binance signed a memorandum of understanding with the government of Bermuda.

June 2018: Binance Invests in Chiliz

In June 2018, Binance and three other firms raised $65 million for sports blockchain company Chiliz.

July 2018: Binance acquired Trust Wallet

In July 2018, Binance acquired Trust Wallet, a decentralized cryptocurrency wallet for an undisclosed sum. The compensation included cash, Binance stock, and a portion of its BNB token.

August 2018: Binance invests in "stablecoin" project

In August 2018, Binance along with three other big exchanges raised $32 million for a "stablecoin" project, with the aim to provide a cryptocurrency without the notorious volatility of Bitcoin and other popular digital assets.

2018: Commission of Offence

On 2 July 2021, Thailand's Securities and Exchange Commission filed a criminal complaint against Binance for commission of offence under the Emergency Decree on Digital Asset Business B.E. 2561 (2018).

January 2019: Binance partners with Simplex

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.

May 2019: Large Scale Security Breach

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 $40 million at the time.

June 2019: Binance Prohibits US Passport Holders

In June 2019, Binance announced it would prohibit US passport holders as well as anyone residing in the US, and would set up a new entity binance.us to support those customers.

September 2019: Binance Offers Perpetual Futures Contracts

In September 2019, the Binance exchange began offering perpetual futures contracts, allowing leverage as high as 125 times the value of the contracts.

November 2019: Binance to Acquire WazirX

In November 2019, Binance announced it was acquiring Indian bitcoin exchange WazirX.

2019: Binance Banned in the United States

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

2019: Binance Jersey was announced.

In 2019, the company announced Binance Jersey, an independent entity from its parent Binance.com exchange, with the aim to expand its European influence. Jersey-based exchange offers fiat-to-cryptocurrency pairs, including the Euro and the British pound.

2019: Period of Investigation

In January 2025, French authorities opened a judicial investigation into Binance for potential involvement in money laundering, drug trafficking, and tax fraud within the European Union from 2019 to 2024.

February 2020: MFSA Statement on Binance

On 21 February 2020, the Malta Financial Services Authority (MFSA) issued a public statement noting that Binance "is not authorized by the MFSA to operate in the cryptocurrency sphere and is therefore not subject to regulatory oversight by the MFSA."

July 2020: Binance Strategic Partnership in China

In July 2020, Binance announced a "strategic partnership" with a Chinese state-owned enterprise and joined a group "aiming to facilitate" the Belt and Road Initiative.

September 2020: BNB migrates to BNB Smart Chain

In September 2020, the Binance Coin (BNB) token moved from the Ethereum network to the BNB Smart Chain.

October 2020: Forbes releases leaked documents

On 28 October 2020, Forbes staff released leaked documents showing that Binance and Changpeng Zhao created an elaborate corporate structure designed to intentionally deceive United States regulators and secretly profit from cryptocurrency investors located in the country.

2020: BUSD Undercollateralization

Between 2020 and 2021, Binance-Peg BUSD was often undercollateralized.

January 2021: UK Requires Crypto Firms to Register

In January 2021, the UK's Financial Conduct Authority (FCA) began requiring firms dealing with cryptoassets to register for anti-money laundering compliance.

April 2021: Binance retains title as largest cryptocurrency exchange

As of April 2021 Binance had retained its title as largest cryptocurrency exchange, despite competition from Coinbase, among others.

April 2021: German Regulator Warns Binance Over Stock Tokens

In April 2021, the Federal Financial Supervisory Authority in Germany warned Binance that it risked fines for not releasing an investor prospectus for the stock tokens it issued.

May 2021: Binance Under Investigation in the US

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.

June 2021: FCA Orders Binance to Stop Regulated Activity in the UK

In June 2021, the UK's Financial Conduct Authority (FCA) ordered Binance to cease all regulated activity in the United Kingdom.

June 2021: UK's Financial Conduct Authority Order

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

June 2021: Japan's FSA Warns Binance Again

On 25 June 2021, Japan's Financial Services Agency (FSA) warned Binance that it was not registered to do business in Japan. This was the second notice Binance received from the FSA.

July 2021: Stock Repurchase Transaction between FTX and Binance

In July 2021, Binance sold its stakes, approximately 20% of FTX’s international unit and 18.4% of its U.S.-based entity, to FTX co-founder Sam Bankman-Fried in a stock repurchase transaction.

July 2021: Binance Ordered to Cease Operations in Italy

In July 2021, Italy's Commissione Nazionale per le Società e la Borsa ordered Binance to be blocked from operating in the country.

July 2021: Thailand SEC Files Criminal Complaint Against Binance

On 2 July 2021, Thailand's Securities and Exchange Commission filed a criminal complaint against Binance for operating without a license, violating Section 26 of the Digital Asset Businesses Emergency Decree.

August 2021: Official Warning issued to Binance in the Netherlands

During August 2021, an official warning was issued to Binance in the Netherlands before the fine was issued in April 2022.

2021: BUSD Undercollateralization

Between 2020 and 2021, Binance-Peg BUSD was often undercollateralized.

2021: Binance Sponsored Africa Cup of Nations

Binance sponsored the Africa Cup of Nations in 2021 and is taking crypto education to many countries on the continent.

2021: BNB Reaches Third Highest Market Capitalization

By 2021, BNB achieved the third-highest market capitalization among cryptocurrencies.

2021: Binance Transfers to Merit Peak Ltd.

In 2021, Binance transferred over $404 million from a Binance.US account at Silvergate Bank to Merit Peak Ltd., a company managed by Zhao, raising concerns about the independence of Binance.US from Binance.com.

2021: Binance shared data with Rosfinmonitoring

In April, Reuters reported that, in 2021, Binance shared information with Rosfinmonitoring about funds raised by late Russian opposition leader Alexei Navalny's network.

February 2022: BNB Coin Renamed to Build'N'Build

In February 2022, Binance changed the name of Binance Coin to Build'N'Build (BNB). At the same time, Binance Smart Chain was also renamed to BNB Chain.

February 2022: Binance Invested in Forbes

In February 2022, Binance took a $200 million stake in Forbes. It's unclear if this investment was ever completed.

March 2022: Binance Undertakes to Stop Services in Ontario

In March 2022, Binance confirmed to the Ontario Securities Commission that it would stop opening new accounts and halt trading in existing accounts for users in Ontario.

March 2022: Binance Refuses to Ban Russian Users

In March 2022, amidst the 2022 Russian invasion of Ukraine, Binance's CEO Changpeng Zhao, refused to ban users from Russia, citing "financial freedom".

April 2022: Dutch Central Bank Fines Binance

In April 2022, the Dutch central bank fined Binance €3.3 million for operating within the Netherlands without proper registration.

May 2022: Binance Gains Regulatory Approval in Italy

In May 2022, Binance obtained regulatory approval in Italy, allowing it to provide digital asset services.

May 2022: Forbes Global Media Holdings Halts Plans to Go Public

In May 2022, Forbes Global Media Holdings halted plans to go public via a merger with Magnum Opus Acquisition Ltd, a Hong Kong-based special-purpose acquisition company.

May 2022: Binance Registered Legal Entity in Italy

On 27 May 2022, Binance announced the registration of its legal entity in Italy and plans to open offices in the country.

June 2022: SEC Inquiry into BNB Token ICO

In June 2022, the U.S. 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.

June 2022: Binance Suspends Bitcoin Withdrawals

On 13 June 2022 Binance announced that users would, for an unspecified period of time, be unable to withdraw their funds held in bitcoin, as the value of cryptocurrencies suffered serious declines.

July 2022: Binance Registered to Operate in Spain

In July 2022, Binance registered to operate in Spain.

August 2022: WazirX acquisition disputed

In August 2022, Binance founder Zhao claimed that the deal to acquire WazirX was never signed.

August 2022: India's Enforcement Directorate Freezes WazirX Assets

In August 2022, India's Enforcement Directorate froze the assets of WazirX, an exchange owned by Binance, as part of a money laundering investigation. Binance's CEO Zhao claimed they never owned WazirX, a claim disputed by WazirX's co-founder.

October 2022: BNB Validator Count

As of October 2022, BNB had 44 validators.

October 2022: Binance Invests in Twitter Acquisition

Binance invested US$500 million towards the acquisition of Twitter by Elon Musk that completed in October 2022.

November 2022: Binance Purchased Sakura Exchange

On 30 November 2022, Binance purchased Sakura Exchange. The acquisition allowed Binance to re-enter the Japanese cryptocurrency market.

November 2022: Binance offered to buy FTX

On 8 November 2022, Binance offered to buy rival cryptocurrency exchange FTX's non-US operations (FTX.com) to help cover the latter's liquidity crunch. Binance backed out of the deal the next day citing concerns about FTX's business practices and investigations by US financial regulators.

December 2022: Binance.US to Acquire Voyager Digital's Assets

In December 2022, Binance's American entity Binance.US announced it would acquire Voyager Digital's assets in a $1.02 billion deal.

2022: BUSD Becomes Third Largest Stablecoin

In 2022, BUSD became the third-largest stablecoin by market capitalization, following Tether (USDT) and USD Coin (USDC).

2022: Reuters Released Investigative Reports on Binance

Throughout 2022, Reuters released several investigative reports on Binance, alleging instances of withholding information, money laundering, and poor compliance.

January 2023: Arkham Intelligence Identifies Money Laundering Nexus Involving Binance

In January 2023, Arkham Intelligence identified “an alleged nexus of money laundering” from the exchange Bitzlato through intermediate wallets of Binance, where $15 million worth of crypto was deposited over several years.

January 2023: Binance Registered to Operate in Sweden

In January 2023, Binance registered to operate in Sweden.

January 2023: Bloomberg reports Binance-Peg BUSD was undercollateralized

In January 2023, Bloomberg reported that Binance-Peg BUSD was often undercollateralized between 2020 and 2021, with gaps between reserves and supply surpassing $1 billion on multiple occasions.

February 2023: Reuters Report on Binance Transfers

In February 2023, Reuters reported that Binance transferred over $404 million from a Binance.US account to Merit Peak Ltd. in early 2021, raising questions about Binance.US's independence.

February 2023: Zhao Criticizes Forbes

In February 2023, Zhao tweeted his disappointment that Forbes "continues to write baseless articles" about Binance.

February 2023: New York Department of Financial Services Orders Paxos to stop minting BUSD tokens

In February 2023, the New York Department of Financial Services ordered Paxos to cease minting new BUSD tokens.

March 2023: US Senators' Letter and CFTC Lawsuit

In March 2023, Binance faced scrutiny as US Senators sent a letter describing it as a facilitator of illegal financial activity. Additionally, the Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and Zhao, alleging willful evasion of US law.

March 2023: Binance Banned Russian Residents

In March 2023, the Binance exchange banned Russian residents from buying euros and dollars through its p2p service, while European users lost the ability to buy rubles.

April 2023: Binance.US Calls off Voyager Deal

In April 2023, Binance.US called off its deal to acquire Voyager Digital's assets due to regulatory concerns.

April 2023: Revelation of Binance "VIP" Clients

In April 2023, it was revealed that Radix Trading, Jane Street Capital and Tower Research Capital were "VIP" clients of Binance.

April 2023: Australian Securities & Investments Commission Cancels Binance Australia Derivatives' Licence

In April 2023, the Australian Securities & Investments Commission (ASIC) cancelled the Australian financial services licence held by Oztures Trading Pty Ltd, which operates as Binance Australia Derivatives.

May 2023: Binance Australia Loses Access to PayID and Westpac Ban

In May 2023, Binance Australia announced it lost access to Australia's PayID payment system. On the same day, Westpac bank banned Australian customers from transacting with Binance.

May 2023: Binance Withdraws from Canadian Market

In May 2023, Binance announced its withdrawal from the Canadian market due to stricter regulations.

May 2023: Binance Joint Venture Receives License in Thailand

In May 2023, Thailand's Ministry of Finance issued a cryptocurrency exchange license to Gulf Binance, a joint venture between Binance and Gulf Innova.

May 30, 2023: Ontario Securities Commission Investigates Binance

On May 30, 2023, it was reported that the Ontario Securities Commission initiated an investigation into whether Binance circumvented Ontario securities laws prior to its withdrawal from the Canadian market.

June 2023: Binance Experienced Outflows

In June 2023 Binance had 790 million US dollars in outflows after the SEC announced its lawsuit and Forbes reported that the company had 120 million users globally.

June 2023: Binance Leaves the Netherlands

In June 2023, Binance announced its departure from the Netherlands after failing to secure regulatory approval.

June 2023: Nigeria Declares Binance's Activities Illegal

In June 2023, Nigeria's Securities and Exchange Commission deemed Binance's activities in the country as “illegal” and ordered Binance Nigeria Limited to cease all operations within Nigeria.

June 2023: FCA Cancels Binance's Unused Permissions

In June 2023, the FCA canceled unused permissions granted to Binance Markets Limited, preventing the company from providing regulated activities and products in the UK.

June 2023: Binance Under Preliminary Investigation in France

In June 2023, the Paris prosecutor's office announced a preliminary investigation into Binance for alleged illegal canvassing of clients and money laundering.

June 2023: SEC sues Binance and Zhao

In June 2023, the U.S. Securities and Exchange Commission (SEC) announced that it was suing Binance and Zhao on 13 charges for alleged violations of US securities rules.

June 23, 2023: Belgium's FSMA Orders Binance to Cease Operations

On June 23, 2023, Belgium's Financial Services and Markets Authority (FSMA) ordered Binance to cease offering all virtual currency services in the country, citing that Binance had been offering services from countries outside the European Economic Area.

July 2023: Senior Executives Resigned

In July 2023, several senior executives resigned from Binance, and it was reported that Binance had cut its global workforce.

September 1, 2023: Binance to discontinue support for BUSD

On September 1, 2023, Binance announced it would discontinue support for its proprietary stablecoin, BUSD. Users were advised to migrate to First Digital USD (FDUSD) by February 2024.

September 12, 2023: Binance.US CEO Resignation and Workforce Reduction

On September 12, 2023, Binance.US announced the resignation of CEO Brian Shroder and a reduction of its workforce by around 100 positions, attributing it to the SEC's lawsuit.

September 2023: Binance leaves Russia

In September 2023, Binance announced it was leaving Russia and selling its business to the CommEX platform, which had been launched the previous week.

October 2023: Binance and Tether as a Source of Terrorist Funding Allegations

In October 2023, coinciding with the outbreak of the 2023 Israel–Hamas war, Binance and Tether were described as a source of terrorist funding by US senator Cynthia Lummis and US Representative French Hill.

November 2023: Guilty Plea in U.S. Federal Court

In November 2023, Binance pleaded guilty in a U.S. federal court to money laundering, unlicensed money transmitting, and sanctions violations.

November 21, 2023: Binance convicted on multiple charges

On November 21, 2023, a US judge convicted Binance on multiple charges—including violations of the Bank Secrecy Act, money laundering schemes, unlicensed money transmitting, and sanctions violations.

2023: Binance fires internal investigation team

In 2023, Binance reportedly fired members of its internal investigation team who were examining market manipulation, including pump and dump schemes, and wash trading by VIP clients like DWF Labs. Binance allegedly retained DWF as a client despite findings that it manipulated markets, which led to controversy.

2023: Hamas-led attack on Israel

In 2023, victims of the Hamas-led attack on Israel and their families, sued Binance for allegedly facilitating Hamas's terrorist activities by providing a funding mechanism for Hamas.

2023: Forbes Leaks "TaiChi" Document

Later in 2023 Forbes leaked a document allegedly from Binance titled "TaiChi" that proposed this regulatory solution to reduce US regulatory risk. Binance subsequently denied the document, sued Forbes for defamation, and subsequently dropped the lawsuit.

January 2024: Binance App Removed from App Stores in India

On 12 January 2024, The Binance application was removed from istore and Google Play Store to prevent Indian Crypto investors from using them.

January 31, 2024: Binance sued by victims of 2023 Hamas attack

On January 31, 2024, Binance was sued by the US victims of the 2023 Hamas-led attack on Israel, as well as their families, in Manhattan federal court for allegedly facilitating Hamas's terrorist activities by providing a funding mechanism for Hamas.

February 2024: Planned Conclusion of BUSD transition

Binance set February 2024 as the date for the conclusion of the transition from BUSD to First Digital USD (FDUSD).

February 2024: Binance Executives Detained in Nigeria

On 28 February 2024, two Binance executives, Nadeem Anjarwalla and Tigran Gambaryan, were detained by Nigeria's government on allegations of illegal operations and forex manipulation.

March 2024: Binance account transfers to CommEX ended

Binance accounts of Russian users were able to transfer to the new platform CommEX until March 2024.

March 2024: Executive Escapes Custody and Naira Services Disabled

In March 2024, Binance executive Nadeem Anjarwalla escaped custody in Nigeria. Subsequently, Binance disabled its Naira services on March 8, 2024, amid regulatory issues.

March 2024: Philippines SEC Moves to Block Binance's Website

On Monday, 25 March 2024, the Securities and Exchange Commission (SEC) of the Philippines advanced plans to block Binance's website due to concerns over the security of Filipino investors' funds, citing its operation without necessary licensing.

April 2024: Zhao Sentenced to Prison

In April 2024, Zhao was sentenced to four months in prison after pleading guilty to violating U.S. money laundering laws.

May 2024: CommEX Shut Down

CommEX shut down on 10 May 2024.

May 2024: FINTRAC Fines Binance $4.32 Million

In May 2024, FINTRAC imposed a $4.32 million fine on Binance for violating Canadian money laundering and terrorist financing laws.

June 2024: Binance Fined in India for AML Violations

In June 2024, Binance was fined US$ 2.25 million by the Financial Intelligence Unit for operating in India in violation of local anti-money laundering regulations.

September 2024: Zhao Released from Prison

In September 2024 Zhao was released from prison.

October 2024: Release of Gambaryan

In October 2024, Gambaryan was released after the Nigerian government dropped charges against him.

November 2024: FTX sues Binance for $1.8 billion

In November 2024, FTX filed a lawsuit against Binance Holdings Ltd., Changpeng Zhao, and other Binance executives, seeking to recover approximately $1.8 billion. FTX alleges the funds were fraudulently transferred during a July 2021 stock repurchase transaction.

2024: Binance identified as popular exchange for pig butchering scams

In 2024, a study identified Binance as the most popular exchange used in pig butchering scams. Binance has, on occasion, cooperated with law enforcement to return funds lost in these scams.