---
title: Binance
ticker: BNB
category: Exchange
status: draft
updated: 2026-10-31
---

Binance (branded Binance Holdings Ltd.) is a cryptocurrency exchange that, by its own description and by Wikipedia's account, is the largest crypto exchange by daily trading volume. Founded in 2017 by Changpeng Zhao and Yi He, it has been the subject of multiple regulatory actions, a 2023 US guilty plea, and a major security incident reported in October 2026.[^1][^2]

| Field | Detail |
|---|---|
| Type | Private |
| Industry | Cryptocurrency exchange |
| Founded | July 2017[^2] |
| Founders | Changpeng Zhao; Yi He[^2] |
| Co-CEOs | Richard Teng; Yi He[^2][^1] |
| Headquarters | No official headquarters, per Wikipedia[^2] |
| Subsidiaries | Sakura Exchange; Trust Wallet; Binance Charity[^2] |
| Native token | BNB[^3] |

## History

Binance was founded in 2017 and raised about $15 million through an initial coin offering that year to fund the exchange's launch. It later moved operations out of mainland China after Chinese regulators began cracking down on cryptocurrency trading in 2017.[^2] Binance's own about page states that its founder launched the exchange in July 2017 and grew it into the largest digital asset exchange by trading volume within 180 days; this is a self-reported claim.[^1]

In July 2018, Binance acquired Trust Wallet, a decentralized wallet, for an undisclosed sum paid in cash, Binance stock, and BNB tokens.[^2] Binance.US, a separate entity operated by BAM Trading Services in Miami, Florida, launched in September 2019 using matching engine and wallet technology licensed from Binance.[^4][^5]

In 2023, the US Department of Justice announced that Binance Holdings Limited pleaded guilty to conspiracy to violate the Bank Secrecy Act and related charges, and that Binance agreed to pay $4.3 billion in penalties, undertake compliance remediation, and retain an independent monitor. The DOJ states that its founder and CEO, Changpeng Zhao, also pleaded guilty on November 21, 2023.[^6]

## Technology

Binance developed its own blockchain, Binance Chain, which launched in April 2019.[^7] BNB was introduced in 2017 as an ERC-20 token on Ethereum and migrated to Binance Chain in 2019.[^3]

Binance states that it has "embedded state-of-the-art security measures and strict data privacy controls" across its ecosystem; this is a self-reported claim.[^1]

## Governance

Binance's about page lists Richard Teng and Yi He as co-CEOs and Gabriel Abed as chairman of its board of directors, describing the chair as independent.[^1] Changpeng Zhao is described on the same page as co-founder and former CEO.[^1]

## Incidents and controversies

**2019 hot-wallet theft.** On 7 May 2019, Binance disclosed a "large scale security breach" in which hackers stole 7,000 bitcoin, worth around $40 million at the time. Binance halted transactions for a week and pledged to reimburse customers from an emergency fund.[^2]

**2022 BNB Chain bridge exploit.** Hackers drained about 2 million BNB tokens, roughly $570 million at the time, from the network, according to BNB Chain.[^8] Crypto security firm Immunefi attributed the hack to a bug in the bridge's smart contract that allowed forged transactions.[^8]

**Regulatory actions.** The UK Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021.[^2] Wikipedia reports that Binance has been banned from operating or ordered to cease operations in some countries and has been fined.[^2] In May 2021, it was reported that Binance was under investigation by the US Internal Revenue Service and Department of Justice on allegations of money laundering and tax offenses; this is a press report.[^2]

**Forbes allegations (2020).** Forbes published leaked documents it said showed Binance and Zhao built a corporate structure to deceive US regulators. Binance denied the document and sued Forbes for defamation, later dropping the lawsuit.[^2]

**Political ties (2025).** Wikipedia reports that the company paid lobbyists $800,000 to lobby for a pardon for Zhao, and that the Wall Street Journal reported in August 2025 that Binance administered a trading platform for the Trump family's World Liberty Financial. President Trump pardoned Zhao in October 2025.[^2] These are press-reported claims summarised through Wikipedia.

**Investigative reporting.** Wikipedia summarises investigative reporting as finding that Binance continued to profit from money laundering by organised crime groups and sanctioned entities; Binance disputed a 2022 Reuters series.[^2] The Wall Street Journal reported in March 2026 that Binance was under investigation by the US Department of Justice over alleged sanctions evasion; this is a press report of an investigation, and no charges are established in the sources reviewed.[^2]

**October 2026 security incident (developing).** Binance said a security incident affected about $6.3 billion in client assets, with around $3 billion frozen on-chain, which CNBC describes as the largest crypto theft on record.[^9] Binance said the incident originated from a compromised laptop that let an attacker access a service container and submit unauthorised withdrawal transactions.[^10] It later said investigations had uncovered additional points of breach.[^11] TRM Labs attributed the theft to the North Korean group TraderTraitor with high confidence, and Chainalysis CEO Jonathan Levin said it was likely the same group; Binance itself has not made an attribution.[^12] Binance said it found no evidence that any wallet's private key had been leaked, and has not stated what happened to the remaining roughly $3.3 billion.[^13] Binance has said it will publish a detailed post-mortem once the investigation is complete.[^9]

## Timeline

| Date | Event |
|---|---|
| July 2017 | Binance launched; ICO raised about $15 million[^2] |
| July 2018 | Trust Wallet acquired[^2] |
| May 2019 | 7,000 BTC hot-wallet theft disclosed[^2] |
| September 2019 | Binance.US launched[^4] |
| June 2021 | UK FCA orders halt to regulated activity[^2] |
| 2022 | BNB Chain bridge exploit, about $570 million[^8] |
| 21 November 2023 | Binance and Zhao plead guilty; $4.3 billion resolution[^6] |
| October 2025 | President Trump pardons Zhao[^2] |
| March 2026 | WSJ reports DOJ investigation over sanctions evasion (press report)[^2] |
| 29–30 October 2026 | About $6.3 billion hack disclosed; about $3 billion frozen[^9] |

## References

[^1]: [About](https://www.binance.com/en/about)
[^2]: [Binance](https://en.wikipedia.org/wiki/Binance)
[^3]: [Binance exchange - Binance Coin (BNB) - BitcoinWiki](https://bitcoinwiki.org/wiki/Binance)
[^4]: [About Binance.US](https://support.binance.us/en/articles/9842963-about-binance-us)
[^5]: [About Binance.US: A Regulated U.S. Cryptocurrency Exchange](https://www.binance.us/about)
[^6]: [United States v. Changpeng Zhao](https://www.justice.gov/criminal/case/united-states-v-changpeng-zhao)
[^7]: [Binance - MarketsWiki, A Commonwealth of Market Knowledge](https://www.marketswiki.com/wiki/Binance)
[^8]: [Crypto exchange Binance suffers $570 million hack](https://www.nbcnews.com/tech/crypto/crypto-exchange-binance-suffers-570-million-hack-rcna51266)
[^9]: [$6.3 billion Binance hack is largest crypto theft on record](https://www.cnbc.com/2026/10/29/circle-tether-freeze-funds-impacted-by-potential-binance-security-issue.html)
[^10]: [Binance targeted in $6.3 billion crypto heist, the largest ever](https://www.nbcnews.com/business/markets/binance-hack-tether-circle-stablecoins-rcna606445)
[^11]: [Crypto platform Binance confirms 'complex' $6.3 bn hack](https://finance.yahoo.com/markets/crypto/articles/crypto-platform-binance-confirms-major-013059975.html)
[^12]: [How Hackers Stole $6.3 Billion From Binance in Minutes](https://gizmodo.com/how-hackers-stole-6-3-billion-from-binance-in-minutes-2000833158)
[^13]: [Binance says $6.3bn stolen in biggest crypto heist in history: What we know](https://www.aljazeera.com/news/2026/10/30/binance-says-6-3bn-stolen-in-biggest-crypto-heist-in-history-what-we-know)