Binance has undergone 8 years of impressive development and numerous challenges since its establishment in 2017. Below are notable milestones in Binance's development:
Initial phase and rapid growth (2017 - 2019):
* July 2017: Binance was founded by Changpeng Zhao (CZ) in China and launched through an ICO (Initial Coin Offering) for BNB (Binance Coin).
* Late 2017 - early 2018: Binance quickly rose to become one of the largest cryptocurrency exchanges in the world by trading volume.
* March 2018: Due to increasingly strict regulations on cryptocurrency in China, Binance moved its headquarters from China to Malta.
* April 2019: Binance introduces Binance Chain, their own blockchain, laying the foundation for the development of the Binance ecosystem.
Expanding the ecosystem and facing regulations (2020 - 2023):
* 2020 - 2021: Binance Smart Chain (BSC - now known as BNB Chain) developed rapidly, attracting a large number of users and developers with DeFi Stack applications.
* 2021: Binance came under legal scrutiny from multiple countries, including investigations by the IRS and the U.S. Department of Justice regarding allegations of money laundering and tax violations. Binance also began facing bans or restrictions in some countries.
* February 2022: Binance announced a strategic investment of $200 million in Forbes.
* Late 2023: CZ resigns as CEO of Binance and pleads guilty to violating anti-money laundering regulations in the U.S. Binance agrees to pay a $4.3 billion fine to the U.S. government. Richard Teng becomes the new CEO.
Restructuring and looking to the future (2024 - 2025):
* 2024: Binance continues to strengthen its position as the leading exchange, surpassing the milestone of $100 trillion in total spot and derivative trading volume.
* 2024: Binance saw significant growth in VIP users and institutional accounts (up 116% and 97% respectively), indicating broader acceptance of digital assets.
* March 2024: The Nigerian government files a complaint against two Binance executives for tax evasion.
* July 2024: Richard Teng, CEO of Binance, emphasizes the exchange's commitment to monthly Proof-of-Reserves reports enhanced by zk-SNARKs to ensure transparency and trust.
* July 2024: Binance enhances the user interface (UX) on the Pro app with customizable widgets and AI-supported insights to simplify the trading experience.
* July 2024: Binance focuses on integrating AI to enhance market analysis capabilities, optimize strategies for retail traders, as well as improve fraud detection and KYC verification.
* 2025: Binance continues to expand its services for institutions such as Binance Fund Accounts and Binance Wealth, while leveraging the cryptocurrency ETF wave and regulatory clarity to attract new capital. Binance is also predicted to introduce new projects on Alpha Pool and 50x Futures, as well as explore the possibility of introducing Golden Visa for BNB investors.
Over the past 8 years, Binance has continuously developed, faced, and overcome numerous challenges, asserting its position as one of the largest and most influential cryptocurrency exchanges in the world.