The History of Binance
Initially, Zhao became interested in the crypto world after studying the Bitcoin Whitepaper in 2013. He then joined Blockchain.info as the head of technology development. However, Zhao did not stay long at the company, and in 2014 he founded his own company, Fusion Systems, which provided high-frequency trading solutions for stock exchanges.
In 2017, Zhao founded Binance after raising funds through the Binance (BNB) token sale in an ICO (Initial Coin Offering). Binance was launched in July 2017, with its operations center in China.
Binance initially only offered crypto-to-crypto trading, but later expanded its services by adding fiat-to-crypto trading, margin trading, staking, and token offerings (Initial Exchange Offering). They also developed Binance Smart Chain, a decentralized blockchain network that enables the development of decentralized applications and smart contracts.$BNB
Although Binance faced several challenges such as a hack in March 2018 that resulted in the loss of around $40 million, Binance continued to grow rapidly. In January 2018, Binance became the largest crypto exchange in the world based on daily trading volume. In April 2021, Binance announced that it had reached a record monthly trading volume of $1.5 trillion.
Since its establishment in 2017, Binance has experienced an extraordinary journey in a short time. With continuous innovation and product development, Binance remains a major player in the crypto market and a role model in the industry.
In 2019, Binance reportedly raised over $78 million from a group of investors led by Temasek, a Singapore government-owned investment company. The following year, Binance launched Binance Smart Chain, a blockchain network that enables developers to build decentralized applications (dApps). Binance Smart Chain uses the same concept as Ethereum, namely smart contracts, which allow developers to create decentralized applications without going through a complicated process.
As time goes by, Binance continues to expand its business by launching new products. In 2020, Binance launched Binance Card, a debit card that allows users to use crypto as payment. Binance also launched Binance Futures, a futures trading platform that allows users to trade futures.
In 2021, Binance faced several issues with regulators. In March 2021, the Financial Conduct Authority (FCA), the UK financial regulator, announced that Binance was not permitted to conduct regulated activities in the UK. Additionally, in May 2021, the U.S. Securities and Exchange Commission (SEC) launched an investigation into Binance regarding alleged violations of financial market laws.
Nevertheless, Binance remains the largest crypto exchange in the world and continues to expand its business. In June 2021, Binance launched the NFT Marketplace, a non-fungible token marketplace that allows users to buy and sell unique tokens. #BinanceHODLerHYPER
