Binance is a cryptocurrency exchange that was founded in 2017 by Changpeng Zhao, a software developer who had previously worked at Blockchain.info and OKCoin. Binance was initially based in China but later moved to Malta, where it is currently headquartered.

The idea for Binance was born out of a frustration with existing cryptocurrency exchanges. Changpeng Zhao felt that these exchanges were too slow and too complex for the average user. He believed that a new exchange could be built that was faster, easier to use, and more secure.

In July 2017, Binance launched its initial coin offering (ICO), which raised $15 million in just 12 minutes. The Binance coin (BNB) was created as part of the ICO and is now used as the native token of the Binance exchange.

Binance quickly became one of the most popular cryptocurrency exchanges in the world, thanks in part to its fast transaction speeds, low fees, and wide range of cryptocurrencies. In its first year of operation, Binance processed more than $1 billion in trades.

Since then, Binance has expanded its services to include a range of other products, such as a decentralized exchange, a futures trading platform, and a cryptocurrency wallet. Today, Binance is one of the largest and most trusted names in the cryptocurrency industry, with millions of users around the world