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, the company initially operated in China before relocating to Japan due to regulatory restrictions. Binance later moved from Japan to Malta and presently lacks a formal headquarters. The exchange facilitates the trading of various cryptocurrencies on its platform.
2002: Financial Intelligence Unit (India) Blocking Crypto Entities
On 28 December 2022, 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. The company built high-frequency trading systems for stockbrokers.
2013: Changpeng Zhao joined Blockchain.info
In 2013, Changpeng Zhao became the third member of the cryptocurrency wallet Blockchain.info's team.
2014: Changpeng Zhao hired as CTO of OKCoin
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
In July 2017, Binance Coin (now BNB) was launched for users to pay fees on the company's platform.
September 2017: Binance Moves Out of China
In September 2017, Binance moved its servers and headquarters out of China in response to the Chinese government's ban on cryptocurrency trading. During this time, Zhao asked He to join Binance, and she helped rewrite parts of the white paper for Binance's $15 million initial coin offering.
2017: SEC Enquiry into 2017 ICO of BNB Tokens
In June 2022, the United States 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: First Warning from Japan's FSA
Previously, on 23 March 2018, Japan's Financial Services Agency issued a warning to Binance that it was not registered to do business in Japan.
April 2018: Binance Signs Memorandum of Understanding 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 Acquires Trust Wallet
In July 2018, Binance acquired Trust Wallet, a decentralized cryptocurrency wallet, for an undisclosed sum composed of a mixture of cash, Binance stock, and BNB tokens.
August 2018: Binance Invests in Stablecoin Project Terra
In August 2018, Binance, along with three other large exchanges, raised $32 million to fund the stablecoin project Terra, which was intended to facilitate cryptocurrency transactions with less volatility.
2018: Criminal Complaint Filed by Thailand SEC
On 2 July 2021, Thailand's Securities and Exchange Commission filed a criminal complaint against Binance, citing operation without a license, a violation of Section 26 of the Digital Asset Businesses Emergency Decree of 2018.
January 2019: Binance Partners with Simplex
In January 2019, Binance announced a partnership with Israel-based payment processor Simplex to enable the purchase of some cryptocurrencies with debit and credit cards.
May 2019: Binance Suffers 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. Binance halted all transactions for one week while investigating and pledged to reimburse customers from an emergency fund.
June 2019: Binance Prohibits US Passport Holders
In June 2019, Binance announced it would prohibit US passport holders and those residing in the US from using the platform, and would set up a new entity binance.us to support those customers.
September 2019: Binance Offers Perpetual Futures Contracts
In September 2019, Binance began offering perpetual futures contracts, allowing leverage as high as 125 times the value of the contracts.
November 2019: Binance Acquires WazirX
In November 2019, Binance announced it was acquiring Indian bitcoin exchange WazirX. However, in August 2022, Binance founder Zhao claimed the deal was never signed, leading to a dispute.
2019: Binance Launches Binance Jersey
In 2019, Binance announced Binance Jersey, a Jersey-based exchange offering fiat-to-cryptocurrency pairs, including the Euro and the British pound.
2019: Binance Banned in the United States
In 2019, Binance was banned in the United States on regulatory grounds.
2019: Judicial Investigation in France
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 States Binance Not Authorized in Malta
On 21 February 2020, the Malta Financial Services Authority (MFSA) issued a public statement clarifying 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 Announces Partnership with Chinese State-Owned Enterprise
In July 2020, Binance announced a "strategic partnership" with a Chinese state-owned enterprise under the State-owned Assets Supervision and Administration Commission of the State Council and that Binance had joined a group "aiming to facilitate" the Belt and Road Initiative.
September 2020: Move to BNB Smart Chain
In September 2020, the BNB token moved from the Ethereum network to BNB Smart Chain.
October 2020: Forbes Releases Leaked Documents Alleging Binance Deception
On 28 October 2020, Forbes released leaked documents showing that Binance and its CEO, Changpeng Zhao, allegedly created a corporate structure designed to intentionally deceive United States regulators and secretly profit from cryptocurrency investors located in the country.
2020: BUSD Undercollateralization
Bloomberg reported in January 2023 that Binance-Peg BUSD "was often undercollateralized between 2020 and 2021."
January 2021: Registration Requirement in the UK
In January 2021, the UK's Financial Conduct Authority began requiring firms dealing with cryptoassets to register in order to comply with anti-money laundering rules.
April 2021: Binance Retains Title as Largest Cryptocurrency Exchange
As of April 2021, Binance had retained its title as the largest cryptocurrency exchange, despite competition from Coinbase and others.
April 2021: Warning from German Regulator
In April 2021, the Federal Financial Supervisory Authority in Germany warned that Binance risked fines for not releasing an investor prospectus for the stock tokens it has issued.
May 2021: Investigation by US Department of Justice and IRS
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.
May 2021: Binance Under Investigation by IRS and DOJ
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.
June 2021: FCA Order to Stop Regulated Activity
In June 2021, Binance was ordered by the FCA to stop all regulated activity in the United Kingdom.
June 2021: UK's FCA Orders Binance to Stop Regulated Activity
In June 2021, the United Kingdom's Financial Conduct Authority (FCA) ordered Binance to cease all regulated activity in the United Kingdom.
June 2021: Warning from Japan's Financial Services Agency
On 25 June 2021, Japan's Financial Services Agency warned Binance that it was not registered to do business in Japan.
July 2021: Order to Block Operations in Italy
In July 2021, Italy's Commissione Nazionale per le Società e la Borsa ordered Binance to be blocked from operating.
July 2021: Stock Repurchase Transaction
In July 2021, a stock repurchase transaction occurred in which Binance sold its stakes—approximately 20% of FTX's international unit and 18.4% of its US-based entity—to FTX co-founder Sam Bankman-Fried.
July 2021: Criminal Complaint Filed by Thailand SEC
On 2 July 2021, Thailand's Securities and Exchange Commission filed a criminal complaint against Binance, citing operation without a license.
August 2021: Official Warning from Dutch Central Bank
During August 2021, an official warning was issued to Binance by the Dutch central bank, before the fine was issued in April 2022.
2021: BUSD Undercollateralization
Bloomberg reported in January 2023 that Binance-Peg BUSD "was often undercollateralized between 2020 and 2021."
2021: BNB Market Capitalization
By 2021, BNB had the third highest market capitalization among cryptocurrencies.
2021: Binance sponsored the Africa Cup of Nations
In 2021, Binance sponsored the Africa Cup of Nations. It is also taking crypto education to many countries on the continent.
2021: Binance Shared Data with Rosfinmonitoring
In April 2022, Reuters reported that, in 2021, Binance shared information with Rosfinmonitoring about funds raised by late Russian opposition leader Alexei Navalny's network.
February 2022: Rename to Build'N'Build
In February 2022, Binance changed the token's name to Build'N'Build (BNB). At that time, Binance Smart Chain was also renamed to BNB Chain.
February 2022: Binance Takes Stake in Forbes
In February 2022, Binance took a $200 million stake in Forbes, though it's unclear if the investment was ever completed.
March 2022: Binance to Stop Opening New Accounts in Ontario
In March 2022, Binance confirmed to the Ontario Securities Commission that it would stop opening new accounts and halting 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, Zhao refused to ban users from Russia, citing "financial freedom". Binance later softened its tone but maintained its policy, and also pointed to its donation of $10 million for humanitarian needs in Ukraine.
April 2022: Fine from Dutch Central Bank
In April 2022, the Dutch central bank announced a €3.3m fine for Binance due to offering services within the Netherlands without being registered in the country.
May 2022: Regulatory Approval in France
In May 2022, Binance gained regulatory approval in France, allowing the company to provide digital asset services in the country. France is the first European country to give Binance regulatory approval.
May 2022: Forbes 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. Zhao commented that the plan had "changed a little bit, but I believe that's still in discussions."
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 Enquiry into 2017 ICO of BNB Tokens
In June 2022, the United States 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 Temporarily Halted Bitcoin Withdrawals
On 13 June 2022, Binance announced that for an unspecified period of time, users would not be able to withdraw their funds held in bitcoin, as the value of cryptocurrencies suffered serious declines. Bitcoin withdrawals were allowed to resume later the same day.
July 2022: Binance Registered to Operate in Spain
Binance registered to operate in Spain in July 2022, expanding its presence in Europe.
August 2022: Dispute Over Binance's Acquisition of WazirX
In August 2022, Binance founder Zhao claimed that the deal to acquire Indian bitcoin exchange WazirX in November 2019 was never signed, leading to a dispute.
August 2022: Assets of WazirX Frozen
In August 2022, India's Enforcement Directorate froze the assets of WazirX, an exchange owned by Binance, as part of a money laundering investigation.
October 2022: BNB Validator Count
As of October 2022, BNB had 44 validators.
October 2022: Binance Invested in Twitter
In October 2022, Binance invested US$500 million towards the acquisition of Twitter by Elon Musk. Following the investment, the company announced the creation of a team to work on how blockchain and cryptocurrencies could be helpful to Twitter.
November 2022: Binance Offered to Buy FTX's Non-US Operations
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 that it would acquire Voyager Digital's assets in a $1.02 billion deal.
2022: BUSD as Third Largest Stablecoin
In 2022, BUSD became the third largest stablecoin by market capitalization, following Tether (USDT) and USD Coin (USDC).
2022: Reuters Releases Investigative Reports on Binance
Over 2022, Reuters released several investigative reports on Binance, including allegations of withholding information, ignoring money laundering risks, and acting as a conduit for laundering billions of dollars. Binance disputed the accuracy of these reports.
January 2023: Binance Registered to Operate in Sweden
Binance registered to operate in Sweden in January 2023, further expanding its presence in Europe.
January 2023: Arkham Intelligence Identifies Alleged Money Laundering Nexus on Binance
In January 2023, Arkham Intelligence reported that Binance intermediary wallets deposited $15 million worth of crypto onto Binance's platform, originating from a smaller exchange called Bitzlato, suggesting a potential money laundering nexus.
January 2023: Report on Undercollateralized Binance-Peg BUSD
In January 2023, Bloomberg reported that Binance-Peg BUSD was often undercollateralized between 2020 and 2021.
February 2023: Reuters Reports on Binance's Transfer of Funds to Merit Peak Ltd.
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. Catherine Coley, then-CEO of Binance US, expressed surprise at the transfers before leaving her post. A Binance.US spokesperson dismissed the report as using "outdated information".
February 2023: Zhao Disappointed with Forbes Articles
In February 2023, Zhao tweeted his disappointment that Forbes "continues to write baseless articles" about Binance.
February 2023: Order to Stop Minting BUSD Tokens
In February 2023, the New York Department of Financial Services issued an order to Paxos to stop minting new BUSD tokens.
March 2023: US Senators and CFTC Take Action Against Binance
In March 2023, US Senators accused Binance of facilitating over $10 billion in payments to criminals and sanctions evaders. The Commodity Futures Trading Commission (CFTC) also filed a lawsuit against Binance and Zhao, alleging willful evasion of US law and breaching derivatives rules, citing transactions involving groups like Hamas.
March 2023: Binance Banned Russian Residents from Buying Euros and Dollars
In March 2023, the Binance exchange banned Russian residents from buying euros and dollars through its P2P service, resulting in European users losing the ability to buy rubles.
April 2023: VIP Clients of Binance Revealed
In April 2023, Radix Trading, Jane Street Capital, and Tower Research Capital were revealed to be VIP clients of Binance.
April 2023: Cancellation of Australian Financial Services License
In April 2023, the Australian Securities & Investments Commission cancelled the Australian financial services licence held by Oztures Trading Pty Ltd trading as Binance Australia Derivatives (Binance).
April 2023: Deal to Acquire Voyager Digital's Assets Called Off
In April 2023, the deal for Binance.US to acquire Voyager Digital's assets was called off due to a "hostile and uncertain regulatory climate".
May 2023: Loss of PayID Access and Westpac Ban
In May 2023, Binance Australia announced that it had lost access to Australia's PayID payment system and Westpac bank banned Australian customers transacting with Binance.
May 2023: Binance Withdraws from Canadian Market
In May 2023, Binance announced it would withdraw from the Canadian market due to the introduction of stricter rules in the country.
May 2023: Cryptocurrency Exchange License Issued to Gulf Binance
In May 2023, Thailand's Ministry of Finance issued a cryptocurrency exchange license to Gulf Binance, the joint venture of Binance and Gulf Innova.
May 30, 2023: Investigation Order by Ontario Securities Commission
On May 30, 2023, it was reported that the Ontario Securities Commission had issued an investigation order into whether Binance may have taken steps to circumvent Ontario securities law and compliance controls prior to its withdrawal from the Canadian market.
June 2023: Binance Leaves the Netherlands
In June 2023, Binance announced that it was leaving the Netherlands after failing to obtain regulatory approval.
June 2023: Binance Experienced Large 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's Activities Deemed "Illegal" in Nigeria
In June 2023, Nigeria's Securities and Exchange Commission deemed Binance's activities in the country as "illegal" and instructed it to cease all activities within Nigeria.
June 2023: FCA Cancels Unused Permissions
In June 2023, the FCA canceled unused permissions granted to Binance Markets Limited, meaning the company "can no longer provide regulated activities and products" in the UK.
June 2023: Preliminary Investigation for Illegal Canvassing and Money-Laundering
In June 2023, the Paris prosecutor's office announced that Binance was under preliminary investigation for illegal canvassing of clients and money-laundering.
June 2023: SEC Sues Binance and Zhao
In June 2023, the SEC sued Binance and Zhao on 13 charges for alleged violations of US securities rules.
June 23, 2023: Belgium Regulator Orders Binance to Cease Operations
On June 23, 2023, Belgium's Financial Services and Markets Authority ordered Binance to cease offering virtual currency services in the country, citing operation from non-European Economic Area countries.
July 2023: Senior Executives Resigned from Binance
In July 2023, several senior executives resigned from Binance, and The Wall Street Journal reported that Binance had cut its global workforce by as many as 1,000 staff. CNBC reported that the number of staff cuts could total 3,000 by the end of 2023. Zhao claimed both the reported numbers and the reasons for the senior executive departures were not accurate.
September 1, 2023: Binance to Discontinue Support for BUSD
On September 1, 2023, Binance announced it would discontinue support for BUSD.
September 2023: Binance Announced Departure from 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.
September 2023: Binance.US CEO Resigns, Workforce Reduced
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 civil suit.
October 2023: Binance and Tether Accused of Terrorist Funding
In October 2023, coinciding with the outbreak of the Gaza war, Binance and Tether were described as a source of terrorist funding by US senator Cynthia Lummis and US Representative French Hill, leading to calls for Department of Justice action.
November 2023: Binance Pleads Guilty to Money Laundering in US Federal Court
In November 2023, Binance pleaded guilty in a US federal court to charges of money laundering, unlicensed money transmitting, and sanctions violations.
November 2023: Binance Convicted on Multiple Charges in US, Zhao Stepped Down
On 21 November 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. As part of the plea deal, the company agreed to pay $4 billion in fines, and Changpeng Zhao stepped down as CEO with a $50 million fine. Zhao was succeeded by Richard Teng.
November 2023: Binance Pleads Guilty to Federal Charges and Faces Fines
On November 21, 2023, Binance pled guilty to federal charges of money laundering, unlicensed money transmitting, and sanctions violations, resulting in a $4.3 billion fine. Zhao agreed to pay a $50 million fine and step down as CEO.
2023: Binance Investigated Market Manipulation
According to a 2024 report in The Wall Street Journal covering 2023, Binance fired several members of its internal investigation team who were tasked with investigating market manipulation such as pump and dump schemes and wash trading.
2023: Forbes Leaks "TaiChi" Document
Later in 2023, Forbes leaked a document allegedly from Binance titled "TaiChi" that proposed a regulatory solution to reduce US regulatory risk. Binance denied the document, sued Forbes for defamation, and subsequently dropped the lawsuit.
January 2024: Binance Application 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.
February 2024: Detainment of Binance Executives 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: Escape of Binance Executive and Naira Services Disabled
In March 2024, Anjarwalla escaped custody in Nigeria, and Binance disabled its Naira services on 8 March 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 has moved forward with plans to block Binance's website, citing concerns over the security of Filipino investors' funds.
March 2024: Binance Accounts of Russian Users Transferred to CommEX Platform
Until March 2024, Binance accounts of Russian users were able to transfer to the new CommEX platform.
April 2024: Zhao Sentenced to Prison for Money Laundering Violations
In April 2024, Zhao was sentenced to four months in prison after pleading guilty to violating US money laundering laws.
May 2024: CommEX Shuts Down
CommEX, the platform to which Binance sold its Russian business, shut down on 10 May 2024.
May 2024: FINTRAC Fine on Binance
In May 2024, FINTRAC announced that it had imposed a $4.32 million dollar fine on Binance for violating Canadian money laundering and terrorist financing laws.
June 2024: Fine Imposed by Financial Intelligence Unit in India
In June 2024, Binance was imposed with a fine of 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 Tigran Gambaryan
In October 2024, Tigran Gambaryan was released after the Nigerian government dropped charges against him.
November 2024: FTX Lawsuit Against Binance
In November 2024, FTX filed a lawsuit against Binance Holdings Ltd., Zhao, and other Binance executives, seeking to recover nearly $1.8 billion that FTX alleges was fraudulently transferred.
2024: Binance Fired Internal Investigators
According to a 2024 report in The Wall Street Journal covering 2023, Binance fired several members of its internal investigation team who were tasked with investigating market manipulation. This followed an internal investigation that found a VIP client, DWF Labs, had advertised its ability to manipulate the market, and had engaged in activities suggesting pump and dump schemes.
2024: Judicial Investigation in France
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.
January 2025: Judicial Investigation in France
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.
March 12, 2025: MGX Fund Management Limited Investment
On March 12, 2025, it was announced that the Abu Dhabi government-backed investment fund MGX Fund Management Limited had made a minority $2 billion investment in Binance.
March 2025: Talks to Acquire Stake in US Arm
In March 2025, The Wall Street Journal reported that the family of Donald Trump through World Liberty Financial had entered into talks with Binance to acquire a stake in the US arm of the business.
Mentioned in this timeline
Elon Musk is a prominent businessman and entrepreneur recognized globally...
Ukraine is a large Eastern European country bordering Russia Belarus...
The United States of America is a federal republic located...
Nigeria is a West African nation the most populous in...
Google LLC is a multinational technology company specializing in online...
Ethereum is a decentralized open-source blockchain platform renowned for its...
Trending
28 minutes ago Affirm Secures $750M Loan from New York Life; Expands BNPL Partnerships
1 hour ago Michael B. Jordan's bagel choice and Carmelo Anthony proud of Kiyan's Syracuse debut.
1 hour ago Switzerland embraces crypto, TWINT launches digital currency and e-ID platform solutions.
2 hours ago Finn Wolfhard Teases 'Stranger Things' Finale: Bigger Than Imagined, Comparing It to Breaking Bad
4 days ago Amazon Cancels Lord of the Rings MMO Amidst Struggle to Compete with Steam
5 months ago Dakota Fanning styles Bottega bag and stars in creepy horror movie.
Popular
Zohran Kwame Mamdani is an American politician currently serving as...
William Franklin Graham III commonly known as Franklin Graham is...
Chuck Schumer is the senior United States Senator from New...
Gavin Newsom is an American politician and businessman currently serving...
Abigail Spanberger is an American politician who served as the...
Candace Owens is an American political commentator and author known...