Binance - Building The Future Of Finance

Company Profile is an initiative by ListMyStartUp to publish verified information on different startups and organizations. The content in this post has been approved by Binance.

The advent of cryptocurrencies spawned a slew of crypto exchanges to make trading and purchasing cryptos easier. Because cryptocurrencies are digital assets, investors have a variety of problems exchanging them on current networks. One of the key reasons for the creation of many exchanges is this.

A small number of bitcoin exchanges have suddenly grown into multibillion-dollar businesses. The rise in popularity of bitcoin has transformed previously small-time platforms into powerhouses that generate millions of dollars in income every day.

The staggering profits are a slap in the face to stock and currency trading companies that have chosen to stay out of the digital asset industry. They must watch while start-ups with just four years on the market brag about huge profits. What remains to be seen is, how long the euphoria will persist.

Know more about the company profile, startup story, founder, business model, etc., of Binance by reading this article further.

Binance - Company Highlights

  • Startup Name-Binance
  • Headquarters-Cayman Islands; Mahé, Seychelles
  • Industry-Crypto-exchange Platform
  • Founders-Changpeng Zhao
  • Founded-2017
  • Areas Served-Global, except for the United States
  • Current CEO-Changpeng Zhao

About Binance

Binance is a cryptocurrency exchange platform that mixes finance and digital technologies. Binance is a company that provides blockchain and cryptocurrency infrastructure. The company allows users to trade digital currency pairings on the market while retaining security and liquidity, allowing them to transact safely and efficiently with anybody, at any time and from any location.

Trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and other crypto products and services are all part of its portfolio.

In its whole journey, to date, Binance has introduced two cryptocurrencies that it created: Binance Coin (launched June 2017) and Binance Smart Chain (launched September 2020). The Binance Smart Chain uses "Proof of Staked Authority," which is a hybrid of proof of stake and proof of authority. 21 validators have been approved. Binance Coin was the third-largest cryptocurrency by market value in 2021. Binance users may use Binance Coin to pay fees on the exchange.

Binance is a FinTech firm that provides clients in over 180 countries with a variety of crypto-related goods. The Binance exchange, which allows both retail and institutional investors to purchase, sell, and trade bitcoin, is the company's main product. On the site, you may trade over 500 different currencies.

Binance is also distinguished from other exchanges by the large number of trading choices it provides. Stop limit or market orders, leverage trading, and peer-to-peer trading are some examples. Users can also contribute their current crypto assets to one of Binance's organizations. The platform does not take a cut, and all revenues are donated to the user's preferred charity.

Binance - Latest News

9th January 2022 - While probing a multi-million dollar scandal connected to fraudulent online investing mobile apps, Pakistan's Federal Investigation Agency issued a warning to a major cryptocurrency exchange, Binance,

"An order of attendance has been issued to Hamza Khan, the general manager/growth analyst at Binance Pakistan, to explain his position on the company's linkage to "fraudulent online investment mobile applications," an FIA Cyber Wing (Sindh) press release said.

The inquiry was launched to investigate a series of online investment scams taking place in Pakistan under the pretext of Ponzi schemes, in which naive investors are promised large returns on their money if they bring in additional clients, according to the agency.

"A relevant questionnaire has also been sent to [the] Binance Headquarters [in] the Cayman Islands and Binance US to explain the same," it said.

According to the company, Binance is the "biggest unregulated virtual currency exchange" in the world, with Pakistanis spending millions of dollars. The agency received multiple complaints from citizens around the country on December 20 last year, alleging that they had lost billions of rupees while using specific mobile applications.

According to the FIA, these apps convinced consumers to sign up for Binance Crypto Exchange (Binance Holdings Limited) and then move money from their Binance Wallet to the app's account. At the same time, all members of the group were joined to Telegram groups where the anonymous owner of the program and moderators of the Telegram groups provided professional betting indications on the rise and fall of Bitcoin.

Once a substantial capital foundation had been formed, these applications failed, depriving users of millions of dollars through the "referral bonus mechanism." According to the FIA's preliminary results, each app had an average of 5,000 subscribers, with the HFC app boasting the highest client base of 30,000.

The agency has contacted Telegram to request information on the location of the administrators of fake applications.

"Legal letters are also being sent to social media influencers pushing these applications to clarify their point of contact with the apps," according to the press release.

Binance - Industry

A cryptocurrency exchange, also known as digital currency exchange (DCE), is a company that lets consumers swap cryptocurrencies or digital currencies for other assets like fiat money or other digital currencies. Credit card payments, wire transfers, and other modes of payment may be accepted through exchanges in exchange for digital currencies or cryptocurrencies.

A cryptocurrency exchange may either be a market maker that charges a transaction commission based on the bid-ask spreads or a matching platform that simply collects costs.

COVID-19 has had an unprecedented and astounding worldwide impact, with cryptocurrencies experiencing a positive demand shock across all areas as a result of the epidemic. According to the research, the worldwide market will rise by 10% in 2020, compared to a 5% year-on-year increase from 2017 to 2019.

During the period 2021-2028, the market is expected to increase at a CAGR of 11.1 percent, from USD 910.3 million in 2021 to USD 1,902.5 million in 2028. This market's demand and growth are responsible for the continuous increase in CAGR, which will revert to pre-pandemic levels after the pandemic is ended.

Binance - Name, Logo, and Tagline

The designers intended to use two squares in the company logo to reflect the bids and requests on the exchange while also repeating the "binary" term in the logo (Binance = Binary Finance).

The term "Binance" comes from the words "bitcoin" and "financial."

Binance's company tagline says, "Revolutionary Trading With Half the Fees & Your Dividends Paid."

Binance - Founders

Changpeng Zhao founded Binance crypto-exchange in 2017.

Chanpeng Zhao

Changpeng Zhao is a Chinese-Canadian business executive who goes by the moniker "CZ." Zhao is the founder and CEO of Binance, which, as of April 2018, was the world's largest cryptocurrency exchange by trading volume. Zhao was a part of the development team and also served as the chief technical officer of OKCoin.

Zhao founded Binance, a cryptocurrency exchange, in 2017, after leaving OKCoin. After obtaining $15 million in an initial coin offering, the firm was launched in July 2017.

As of April 2018, Zhao had grown Binance into the world's largest cryptocurrency exchange by trading volume in less than eight months. He was ranked third on Forbes Magazine's list of "The Richest People in Cryptocurrency" in February 2018. His net worth is expected to be $96 billion in 2022.

Binance - Startup Story

Zhao's life would be forever changed by a single night in August of 2013. He was playing poker in Shanghai with two of his pals, Bobby Lee, the creator of the BTCC Bitcoin exchange, and Ron Cao, a partner at Lightspeed Ventures at the time. Cao continued saying something that sounded like "Bit Coin," but pronounced it as two syllables. It was Zhao's first time hearing about it.

He overheard Cao suggesting that he should launch a startup on Bit Coin or blockchain. Then Lee suggested that he should invest 10% of his net worth in it. If it reaches zero, he would lose 10% of his investment. There was a good probability that it would go 10X and he would double his money.

His pals weren't kidding when they said the same. Zhao was enthralled. He eventually raised him: a few months later, he sold his house for $1 million and placed everything on Bitcoin. BTC was trading for $600 per coin at the time. Despite Bitcoin's price plunging as low as $200 at times, Zhao told Decrypt he hasn't touched it. The value of the savings account has risen to $17 million.

The man has never shied away from taking chances since then. Changpeng Zhao, a developer who had previously designed high-frequency trading software, launched Binance. Binance was founded in China but moved its headquarters out of the country after the Chinese government tightened its grip on cryptocurrencies.

Fusion Solutions, founded by CEO Changpeng Zhao in Shanghai in 2005, specializes in high-frequency trading systems for stockbrokers. In 2013, he became the third member of the team at, a bitcoin wallet. He also spent less than a year as the CTO of OKCoin, a platform for spot trading between fiat and digital ssets.

With a market value of $1.3 billion in January 2018, Binance was the largest cryptocurrency exchange, a record it maintained until April 2021, despite competition from Coinbase and others.

Binance has introduced two cryptocurrencies that it built itself throughout its history: Binance Coin (BNB) in June 2017 and Binance Smart Chain (BSC) in September 2020.

Binance - Vision, and Mission Statement

Binance's vision statement says, "Our vision is to increase the freedom of money globally. We believe that by spreading this freedom, we can significantly improve lives around the world"

Binance's mission statement says, "Our mission is to be the infrastructure services provider for the blockchain ecosystem."

Binance - Employees

Changpeng Zhao - CEO & Founder

Teck Chia - Partner

Yi He - Co-founder and CMO

Jarred Winn - Senior Vice President

Gleb Kostarev - CIS and Eastern Europe, Russia

David An - Director BD | NFT

Mai Lu - Vice President of Asia Pacific

Binance - Business Model, and Revenue Model

Trading fees, interest on loans, fees from its broker program, spreads, cloud products, interchange fees, mining services, and investment earnings are all sources of revenue for Binance. The site used to make money by charging listing fees when new cryptocurrencies were launched.

Binance is also distinguished from other exchanges by the large number of trading choices it provides. Stop limit or market orders, leverage trading, and peer-to-peer trading are some examples. Users can also contribute their current crypto assets to one of Binance's organizations. The platform does not take a cut, and all revenues are donated to the user's preferred charity.

Binance does not provide free cryptocurrency trading. Binance charges a range of fees for the various trading items it provides. On Binance, both retail and institutional investors can trade in a variety of ways, including on margin, through future contracts, and by acquiring synthetic stock tokens.

When it comes to cryptocurrencies, Binance charges a fee every time a customer buys or sells a digital asset. Binance charges a 0.1 percent commission on all trades. Those costs will be reduced if traders utilize BNB, Binance's currency. In addition, when a trader wishes to cash out his or her profits, Binance imposes a withdrawal fee.

Binance - Growth

In 2020, already-vulnerable economies and countries witnessed unprecedented volatility and instability in global markets. With global economic uncertainty, inflation, and traditional assets all suffering as a result of the pandemic's macroeconomic shock, individuals all around the world are rapidly turning to bitcoin and cryptocurrency as alternative assets. As a result, the cryptocurrency industry has exploded, allowing mainstream audiences to embrace cryptocurrency adoption for the first time.

Binance, a crypto version of the London, New York, and Hong Kong stock markets, was founded just four years ago and already towers over the digital currency industry. According to data source CryptoCompare, Binance conducts more deals for cryptocurrencies like bitcoin and ether each day, totalling $76 billion, than its four top competitors combined.

Binance - Competitors

Binance's top competitors are:-

  • Coinbase.
  • Poloniex.
  • LocalBitcoins.
  • HitBTC.
  • Kucoin.
  • NiceHash.
  • CEX.IO

Binance - Challenges Faced

Binance, a prominent cryptocurrency exchange, has been chased by financial regulators all around the globe. Some have prohibited the site from engaging in specific operations, while others have alerted users that it is operating without a license. Because Binance does not provide financial information, it's difficult to assess whether the company has suffered a setback.

Despite the regulatory pressure, the exchange has taken several important movements. Zhao, the CEO of Binance, stated that he wanted to repair his relationship with authorities. Their consent would be sought, and regional headquarters would be established.

Binance has also scaled back certain of its cryptocurrency goods that may be subject to regulatory oversight. It announced in 2021 that it will cease its European futures and derivatives business, with users in Germany, Italy, and the Netherlands among the first to be affected.

It has also limited Hong Kong customers' ability to trade derivatives, citing the decision as "in keeping with our commitment to compliance." Binance likewise ceased trading digital tokens connected to stocks in July 2021 after authorities slammed its "stock token." It also announced that it will no longer allow crypto margin trading in the Australian dollar, euro, or pound sterling.

Binance - Future Plans

Binance hit an all-time high of $15 billion in 24-hour spot trading volume in 2021, while the average daily spot trading volume climbed by 36% to $3.88 billion. In addition, consumers looking for hedging and liquidity went to the crypto futures market. Binance Futures has risen to become the world's leading crypto futures contract, with the highest trading volumes for Bitcoin and numerous other cryptocurrencies.

The company's objective is to continue complying with local norms and regulations so that it can safeguard and give the finest services to its consumers while also increasing adoption.

In addition to the numerous RegTech solutions it invests in and compliance partner organizations with whom it collaborates, the company continues to collaborate closely with regulators, complying in the places where it operates as a global decentralized organization and assisting in the positive influence of regulations that will benefit our industry. According to the creator, the firm aims to collaborate with more local governments and officials in the coming years and encourages them to do so.

Binance - FAQs

Is Binance bigger than Coinbase?

Yes, Binance is the largest cryptocurrency exchange by volume.

How much does Binance make in a day?

Binance makes approximately $76 Billion a Day.

Which countries cannot use Binance?

The people in the UK cannot use Binance, as the crypto exchange is banned in the country.