Binance has become one of the first stops of people who want to buy crypto money. Building a platform with this many users and volume also requires good analysis and vision. You might think that a platform like Binance is a very old company, but its foundation only dates back to 2017.
Binance History
Binance founder Changpeng Zhao previously founded Fusion Systems, a company that manufactures trading systems for stockbrokers, in Shanghai in 2005. Seeing the potential of cryptocurrencies in 2013, he joined the cryptocurrency company Blockchain.info as the third member of his team, which focused on crypto wallets.
Zhao founded Binance in China in 2017, but in September of that year, he first moved the company’s servers and then the company’s headquarters from China to Japan due to the Chinese government’s ban on cryptocurrency trading. As of 2018, the company established some of its first offices outside of Japan in Taiwan.
With the rising interest in cryptocurrencies, Binance launched its own cryptocurrency, Binance Coin (BNB), with an ICO held on June 26 – July 3, 2017. Binance Coin (BNB) is a next-generation blockchain model developed by Binance, using the BEP2 infrastructure together.
With a market capitalization of $1.3 billion as of January 2018, the company surpassed competitors such as Coinbase to become the largest cryptocurrency exchange.
In 2018, Binance decided to open an office in Malta after stricter regulations on cryptocurrencies in Japan and China.
In 2019, the company announced Binance Jersey, an independent entity from the main Binance.com exchange, with the aim of growing its market in Europe. The new company offered cryptocurrency pairs for many currencies, including the Euro and the British Pound. Later, Binance decided to close this additional exchange.
In 2019, it formed a partnership with Israel-based company Simplex to facilitate transactions with credit and debit cards. With this partnership, card purchases made with a limited number of cryptocurrencies have become much easier.
By 2022, Binance, which has grown rapidly with its features such as being user-oriented, announced the registration of its legal entity in Italy and decided to open offices in the region to strengthen its presence in Europe. The company is currently on track to make crypto the most common payment method, launching registrations in many European countries including Switzerland, Sweden, Spain, the Netherlands, Portugal and Austria.
Attacks
In 2019, Binance announced that hackers stole 7,000 Bitcoins worth approximately $40 million USD and they were the victims of a large-scale security breach. CEO Changpeng Zhao said the hackers “used a lot of different techniques, such as phishing, viruses,” and “configured these processes to bypass our current security controls.” For this reason, Binance stopped withdrawals and deposits for a while, but allowed cryptocurrency trading to continue. After the event, the company promised to repay customers through a fund called the “Secure Asset Fund for Users (SAFU)”.
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