Binance is a cryptocurrency exchange that, in terms of daily trading volume of cryptocurrencies, is the biggest exchange in the world. Cayman Islands-based company that was created in 2017 and is incorporated there.
A developer by the name of Changpeng Zhao, who had previously developed high frequency trading software, started Binance in 2017. The cryptocurrency exchange Binance was founded in China, but it eventually relocated its offices outside of the country as a result of the Chinese government's increased regulation of cryptocurrencies.
According to the United States Department of Justice and the Internal Revenue Service, Binance was placed under investigation in 2021 in connection with charges of money laundering and tax fraud. As of June 2021, the Financial Conduct Authority of the United Kingdom has ordered Binance to cease all regulated business in the United Kingdom.
During the Russian invasion of Ukraine in 2022, Binance contributed $10 million to help with humanitarian issues in the country.