Binance

Binance is a Bitcoin company in the Exchanges category, founded in 2017 by Changpeng 'CZ' Zhao.

The Idea

A digital asset exchange optimized for speed, low fees, and global reach. CZ sold his apartment in Shanghai, invested in Bitcoin, and launched Binance in July 2017 with $15M raised through a token offering (BNB).

Early Traction

Became the world's largest exchange by trading volume in just 180 days, one of the fastest growth stories in any industry. The engine was a mix of things: rock-bottom 0.1% fees cut further by paying in its own BNB token (a flywheel that drove both usage and BNB demand), a digital-asset-only model with light KYC that let it list new tokens far faster than fiat exchanges during the 2017 ICO mania, plus an aggressive referral program and a global, multilingual product from day one.

Peak Stats

$20B revenue in 2021 (peak year). $76B in 24-hour trading volume at peak. Largest exchange globally for years.

Status Today

Active. CZ pleaded guilty to U.S. federal charges in November 2023, resigned as CEO, paid a $50M personal fine; Binance paid $4.3B in fines. CZ served a 4-month prison sentence. Richard Teng succeeded him as CEO. MGX (backed by Abu Dhabi's Mubadala and G42) invested $2B in the exchange.