The Binance story: how a 2017 startup became the world's biggest crypto exchange

In July 2017, crypto was still a niche corner of the internet. That month, a new exchange called Binance launched with a simple promise: fast trading and low fees. Its founder was Changpeng Zhao, known as CZ, a software engineer who had worked on trading systems before moving into crypto. Alongside him was co-founder Yi He. To fund the project they sold a token called BNB, which later became one of the biggest coins in the market.

A fast start, then a forced move

Just two months after launch, China cracked down on crypto exchanges and token sales. Many platforms shut down or froze. Binance instead moved its operations abroad and kept growing. By January 2018, it had become the largest crypto exchange in the world by trading volume, only about six months after it opened. Few companies in any industry have climbed that fast.

Building more than an exchange

Binance did not stop at trading. In April 2019 it launched its own blockchain, Binance Chain. In September 2020 came BNB Smart Chain, which opened the door to apps and DeFi projects and gave BNB real uses beyond trading fees.

The road was not smooth. In May 2019, hackers stole about 7,000 BTC from the exchange. Binance covered the losses from its SAFU fund, an emergency reserve it had set up in 2018, so users did not lose their money. That event showed why such a fund matters.

Crisis and reset

By 2023 regulators around the world were looking closely at the company. In November 2023, Binance pleaded guilty to US charges and agreed to a $4.3 billion settlement. CZ stepped down, and Richard Teng became CEO. CZ later served a four-month sentence and was released in September 2024. In October 2025, he received a presidential pardon from US President Donald Trump.

What the story teaches

Binance's history shows both sides of crypto: incredible speed and innovation, and the need for strong rules and security. For anyone on Binance Square, the lesson is simple: follow the news, understand the risks, and never invest more than you can afford to lose.

What do you think was Binance's biggest turning point? Tell me in the comments 👇

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