 | |
| Company type | Private |
|---|---|
| Industry | Cryptocurrency |
| Founded | July 2017[1][2] |
| Founders |
|
| Headquarters | Unknown |
Area served | Global, except for the United States[5] |
Key people | Richard Teng (CEO)[6] |
| Products | Cryptocurrency exchange, cryptocurrencies |
| Revenue | US$12 billion (2022)[7] |
Number of employees | 7,000 (2023)[8] |
| Subsidiaries |
|
| Website | www |
Binance Holdings Ltd., branded Binance, is a global[9] company that operates the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. Binance was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading software. Binance was initially based in China, then moved to Japan shortly before the Chinese government restricted cryptocurrency companies. Binance subsequently left Japan for Malta and currently has no official company headquarters.
Binance has been the subject of lawsuits and challenges from regulatory authorities throughout its history. As a result, Binance has been banned from operating or ordered to cease operations in some countries, and has been issued fines. It has been alleged that Binance could be used as a funding mechanism for terrorist groups. In November 2023, the company pleaded guilty in a U.S. federal court to money laundering, unlicensed money transmitting, and sanctions violations. 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.[10][11][12] The UK's Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021.[13] That same year, Binance shared client data, including names and addresses, with the Russian government.[14]
- ^ Hyatt, John; Bambysheva, Nina (5 April 2022). "The Wealthiest Person In Crypto Climbs Into World's 20 Richest". Forbes.
- ^ Berwick, Angus; Wilson, Tom (21 January 2022). "Crypto giant Binance kept weak money-laundering checks even as it promised tougher compliance, documents show". Reuters.
- ^ Wilson, Tom; Berwick, Angus (17 October 2022). "How Binance CEO and aides plotted to dodge regulators in U.S. and UK". Reuters.
- ^ Cite error: The named reference
Bloomberg - Crypto's Most Powerful Woman Speaks Out as Crisis Rocks Binancewas invoked but never defined (see the help page). - ^ Cite error: The named reference
Forbes 2020-10-28was invoked but never defined (see the help page). - ^ Clayton, James (21 November 2023). "Binance chief Changpeng Zhao pleads guilty to money laundering charges". BBC.
- ^ Tully, Shawn (28 March 2023). "How Binance really operates: The world's largest crypto exchange boasts vast profits, hefty influencer payouts, and a ticking time bomb on its balance sheet". Fortune. Archived from the original on 9 April 2023.
- ^ Kowsmann, Patricia; Ostroff, Caitlin (14 July 2023). "Binance Lays Off Over 1,000 Employees". The Wall Street Journal. Archived from the original on 17 July 2023.
- ^ "Who Is Guangying Chen, and Is Binance a "Chinese Company"?". Binance Blog. 1 September 2022. Retrieved 23 May 2023.
We have subsidiaries in many countries, including France, Spain, Italy, UAE, and Bahrain,
- ^ "Crypto Exchange Binance Under IRS and DOJ Investigation". Daily Newsbrief. Archived from the original on 29 October 2021. Retrieved 16 May 2021.
- ^ Schoenberg, Tom (13 May 2021). "Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths". Bloomberg.com. Archived from the original on 13 May 2021. Retrieved 13 May 2021.
- ^ "Binance under investigation by Justice Department, IRS – Bloomberg News". Reuters. 13 May 2021. Retrieved 13 May 2021.
- ^ "Consumer warning on Binance Markets Limited and the Binance Group". fca.org.uk. 26 June 2021. Archived from the original on 26 June 2021. Retrieved 8 December 2021.
- ^ Berwick, Angus (22 April 2022). "Special Report: How crypto giant Binance built ties to a Russian FSB-linked agency". Reuters. Retrieved 22 April 2022.