User:KB at Binance/sandbox

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Binance Holdings Ltd.
Company typePrivate
IndustryCryptocurrency
FoundedJuly 2017; 6 years ago (July 2017)[1][2]
Founders
Headquarters
Distributed
Area served
Global, except for the United States[5]
Key people
Richard Teng (CEO)
ProductsCryptocurrency exchange, cryptocurrencies
RevenueUS$12 billion (2022)[6]
Number of employees
7,000 (2023)[7]
Subsidiaries
  • Sakura Exchange
  • Trust Wallet
  • Binance Charity

Binance Holdings Ltd., branded Binance, is a global[8] company that operates the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. Binance was founded in 2017 by Changpeng Zhao, a developer who had previously created high frequency trading software. Binance was initially based in China, then moved to Japan shortly before the Chinese government restricted cryptocurrency companies. Binance subsequently left Japan for Malta and currently has no official company headquarters.

Binance has been the subject of regulatory challenges and lawsuits throughout its operating area, which have resulted in consequences from some countries including the company being banned from operating; ordered to cease operations; and issued fines.

Company overview[edit]

Binance launched Binance Labs, its venture capital operation, in 2018. Yi He, Binance's co-founder, has run Labs since 2022. In June 2022, it launched a $500 million fund backed by investors such as DST Global Partners and Breyer Capital. Investments have included projects in gaming, decentralized finance, and crypto infrastructure. According to the company, it had $7.5 billion in under management as of August 2022.[9][10]

Binance also has incubator programs through Binance Labs and its Most Valuable Builder program. The Binance Labs Incubation Program was launched in 2018 with a $1 billion fund with a focus on blockchain startups. At launch, program participants received $500,000 in exchange for a 10 percent stake in their company. The Most Valuable Builder program focuses on startups creating decentralized applications on the BNB chain. Projects selected for the program receive access to coaching, workshops, and meetings with market leaders.[11][12]

Binance launched Binance Academy in 2018. The crypto and blockchain education platform rewards users with cryptocurrency for completing tasks such as reading articles, taking quizzes, or watching videos.[13]

In April 2018, Binance launched the Binance Charity Foundation. The charity's goal is to support the advancement of blockchain-enabled philanthropy with a focus on third-world countries.[14]

History[edit]

5 years birthday Binance's sixth anniversary cake, July 2023.

2013–2017: company beginnings and move out of China[edit]

CEO Changpeng Zhao had previously founded Fusion Systems in 2005 in Shanghai; the company built high-frequency trading systems for stockbrokers. In 2013, he joined Blockchain.info as the third member of the cryptocurrency wallet's team. He also worked at OKCoin as CTO for less than a year, a platform for spot trading between fiat and digital assets.[15] He was hired at this position in 2014 by Yi He, with whom he co-founded Binance several years later.[4]

The company was founded in 2017 in China but moved its servers and headquarters out of the country in advance of the Chinese government's ban on cryptocurrency trading in September 2017.[16] Zhao asked He to join Binance, and she helped rewrite parts of the white paper for Binance's $15 million initial coin offering.[4]

2018–2019: launch of stablecoin and security breach[edit]

In January 2018 it was the largest cryptocurrency exchange with a market capitalization of $1.3 billion,[17] a title it had retained as late as April 2021, despite competition from Coinbase, among others.[18]

In March 2018, Binance announced its intentions to open an office in Malta after stricter regulations in Japan and China.[19] In April 2018, Binance signed a memorandum of understanding with the government of Bermuda.[20] Months later, a similar memorandum was signed with the Malta Stock Exchange to develop a platform for trading security tokens.[21] In 2019, company announced Binance Jersey, an independent entity from its parent Binance.com exchange, with the aim to expand its European influence. Jersey based exchange offers fiat-to-cryptocurrency pairs, including the Euro and the British pound.[22]

In June 2018, Binance and three other firms raised $65 million for sports blockchain company Chiliz.[23]

In July 2018, Binance acquired Trust Wallet, a decentralized cryptocurrency wallet for an undisclosed sum. However, Binance, confirmed that the compensation is a mixture of cash, Binance stock, and a portion of its BNB token.[24]

In August 2018, Binance along with three other big exchanges raised $32 million for a "stablecoin" project. The idea of stable coins is to provide a cryptocurrency without the notorious volatility of Bitcoin and other popular digital assets.[25]

In January 2019, Binance announced that it had partnered with Israel-based payment processor Simplex to enable cryptocurrency purchases with debit and credit cards, including Visa and Mastercard. The purchases are subject to Simplex's local bank policies and are limited to Bitcoin, Ethereum, Litecoin and Ripple's XRP.[26]

On 7 May 2019, Binance revealed that it had been the victim of a "large scale security breach" in which hackers had stolen 7,000 Bitcoin worth around $40 million at the time.[27] Binance CEO Changpeng Zhao said the hackers "used a variety of techniques, including phishing, viruses and other attacks" and structured their transaction "in a way that passed our existing security checks."[28] Binance halted further withdrawals and deposits but allowed trading to continue. The site pledged to reimburse customers through its "Secure Asset Fund for Users (SAFU)".[29][30] Withdrawals resumed by 19 May.[31][better source needed]

In June 2019 the company announced it would prohibit US passport holders as well as anyone residing in the US, and would setup a new entity binance.us to support those customers.[32] Later in 2023 Forbes leaked a document allegedly from Binance titled "TaiChi" that proposed this regulatory solution to reduce US regulatory risk.[33] Binance subsequently denied the document, sued Forbes for defamation, and subsequently dropped the lawsuit.[34]

In September 2019, the exchange began offering perpetual futures contracts, allowing leverage as high as 125 times the value of the contracts.[35] In November 2019, Binance announced it was acquiring Indian bitcoin exchange WazirX. Then in August 2022, Binance said it had only agreed to purchase some of WazirX's assets and intellectual property. As of February 2023, the deal remained in dispute by both companies.[36]

2020–2023: acquisitions and investments[edit]

On 21 February 2020, the Malta Financial Services Authority (MFSA) issued a public statement responding to media reports referring to Binance as a 'Malta-based' cryptocurrency company. The statement noted that Binance "is not authorized by the MFSA to operate in the cryptocurrency sphere and is therefore not subject to regulatory oversight by the MFSA." The MFSA added that it was "assessing if Binance has any activities in Malta which may not fall within the realm of regulatory oversight."[37]

In July 2020, Binance announced a "strategic partnership" with a Chinese state-owned enterprise under the State-owned Assets Supervision and Administration Commission of the State Council and that Binance had joined a group "aiming to facilitate" the Belt and Road Initiative.[38][39]

On 28 October 2020, Forbes staff released leaked documents showing that Binance and Changpeng Zhao created an elaborate corporate structure designed to intentionally deceive United States regulators and secretly profit from cryptocurrency investors located in the country.[5] Binance officially blocks access from IP addresses located in the United States, but "potential customers would be taught how to evade geographic restrictions", Forbes claimed.[5]

In May 2021 it was reported that Binance was under investigation by both the Internal Revenue Service and the United States Department of Justice on allegations of money laundering and tax offenses.[40][41][42]

Also in 2021, Binance launched a non-fungible token marketplace.[43]

In February 2022, Binance took a $200 million stake in Forbes.[44] It's unclear if this investment was ever completed. In May 2022, Forbes Global Media Holdings halted plans to go public via a merger with Magnum Opus Acquisition Ltd, a Hong Kong-based special-purpose acquisition company.[45] Zhao said the plan had "changed a little bit, but I believe that's still in discussions."[46] In February 2023, Zhao tweeted his disappointment that Forbes "continues to write baseless articles" about Binance.[47]

In March 2022, amidst the 2022 Russian invasion of Ukraine, Binance's CEO Changpeng Zhao, refused to ban users from Russia, citing "financial freedom". Zhao also said Binance was complying with the international sanctions list.[48] Binance later softened the tone of their opposition but not their policy, and also pointed to their donation of $10 million for humanitarian needs in Ukraine.[49] In April, Binance limited Russian users with more than $10,900 from making deposits or trading on the platform.[50]

In April 2022, Reuters reported that, in 2021, Binance shared information with Rosfinmonitoring about funds raised by jailed Russian opposition leader Alexei Navalny's network. Binance denied the claim.[51]

However, in March 2023, the exchange banned Russian residents from buying euros and dollars through its p2p service. European users, in turn, lost the opportunity to buy rubles.[52]

In September 2023, Binance announced it was leaving Russia and selling its business to the CommEX platform. Accounts of Russian users will be transferred to the new platform within a year.[53]

On 27 May 2022, Binance announced the registration of its legal entity in Italy, and has plans of opening offices and expanding the local team in the area. CEO Changpeng Zhao also shared information regarding Binance's registration with France's market regulator. At the time, the company was also seeking registration in more European countries, such as Switzerland, Sweden, Spain, Netherlands, Portugal and Austria.[54] Binance registered to operate in Spain in July 2022,[55] and in Sweden in January 2023.[56]

On 13 June 2022 Binance announced that users would, for an unspecified period of time, be unable to withdraw their funds held in Bitcoin, as the value of cryptocurrencies suffered serious declines.[57] Two hours after that announcement, Bitcoin withdrawals were allowed to resume.[58][better source needed]

Binance has a strong brand presence in Africa. Binance sponsored the Africa Cup of Nations in 2021.[59][60] It has also taken crypto education to five countries on the continent, and opened an education hub in Cameroon.[61]

Binance invested US$500 million towards the acquisition of Twitter by Elon Musk that completed in October 2022. Following the investment, the company announced the creation of a team to work on how blockchain and cryptocurrencies could be helpful to Twitter.[62][63]

Binance began issuing "proof of reserves" in November 2022, which allowed users to see if their tokens were covered by the company's reserves. The program initially only covered Bitcoin, and said it would expand to include additional tokens.[64]

On 8 November 2022, Binance offered to buy rival cryptocurrency exchange FTX's non-US operations (FTX.com) to help cover the latter's liquidity crunch.[65][66] Binance backed out of the deal the next day citing concerns about FTX's business practices and investigations by US financial regulators.[67]

In July 2023, several senior executives resigned from the company.[68] The Wall Street Journal reported that Binance had cut its global workforce by as many as 1,000 staff.[69] CNBC reported that the number of staff cuts could total 3,000 by the end of 2023.[70] Zhao didn't deny layoffs were occurring but claimed both the reported numbers and the reasons for the senior executive departures weren't accurate. In June 2023 Binance had 790 million US dollars in outflows after the SEC announced its lawsuit and Forbes reported that the company had 120 million users globally.[71]

Build'n'Build (BNB)[edit]

Build'N'Build
Denominations
CodeBNB
Previous namesBinance Coin
Development
White paperBNB Whitepaper
Initial releaseJuly 2017; 6 years ago (2017-07)
Development statusActive
Ledger
Block explorerbscscan.com
Supply limit200,000,000
Valuation
Exchange rate~300$
Website
Websitewww.bnbchain.org

The company has launched two cryptocurrencies which it developed itself: Build'n'Build (formerly Binance Coin), and BinanceUSD (BUSD).[72] BUSD was launched in partnership with the company Paxos.[73] BNB launched July 2017,[74] which started as an Ethereum token and later moved to Binance Smart Chain (BSC),[75] launched September 2020.[76] BSC later merged with the older Binance Chain and was rebranded into BNB chain.[77][78] BNB Chain operates using "Proof of Staked Authority", a combination of proof of stake and proof of authority. It has 21 approved validators. As of 2021, Build'n'Build was the cryptocurrency with the third highest market capitalization.[72] Binance allows its users to pay fees on its exchange with BNB.[72] BNB had 44 validators as of October 2022.[79]

BNB Chain supports smart contracts and is compatible with the Ethereum virtual machine (EVM).[80]

There have been multiple criticisms of BNB Smart Chain concerning its level of centralisation, which had led to several exploits on the network.[77]

BUSD[edit]

Binance USD
Denominations
CodeBUSD
Development
Initial releaseSeptember 10, 2019; 4 years ago (2019-09-10)
Development statusActive
Ledger
Circulating supply19,016,156,336.57 (As of 23 August 2022)
Supply limitUnlimited
Valuation
Exchange ratePegged to the US Dollar
Website
Websitebinance.com/en/busd

BUSD, or Binance USD, is a US Dollar pegged stablecoin issued by Binance.[81] According to Binance it is backed 1:1 by a reserve of US Dollars and was founded by them in partnership with Paxos who is the issuer of the token. Paxos holds the reserves for BUSD in cash and U.S. Treasury bills.[82] BUSD is natively issued on the Ethereum blockchain by Paxos. Binance creates Binance-Peg BUSD by locking the natively ERC-20 BUSD in a smart contract on the Ethereum Blockchain and issuing Binance-Peg BUSD equivalent to the amount held in reserve in the smart contract. Binance-Peg BUSD is native to BNB chain.[83][better source needed]

In January 2023, Bloomberg reported that Binance-Peg BUSD "was often undercollateralized between 2020 and 2021. On three separate occasions, the gap between reserves and supply surpassed $1 billion." A Binance spokesperson said the "process of maintaining the backing … has not always been flawless" but "has been much improved with enhanced discrepancy checks."[84]

BUSD is a widely used stablecoin being, as of 2022, the third largest stablecoin by market capitalisation[85] following Tether (USDT) and USD Coin (USDC).[86]

According to reports, the New York Department of Financial Services issued an order to Paxos to stop minting new BUSD tokens in February 2023.[87][88]

Legal status[edit]

United States[edit]

In 2019, Binance was banned in the United States on regulatory grounds. In response, Binance and other investors opened Binance.US, a separate exchange designed to comply with all applicable US federal laws, which nonetheless is banned in six states: Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.[89] In May 2021, Bloomberg News reported that Binance was under investigation by the United States Department of Justice and Internal Revenue Service for money laundering and tax evasion.[90] In June 2022, the U.S. Securities and Exchange Commission launched an enquiry into Binance to determine if the company's 2017 ICO of BNB tokens amounted to an illegal sale of a security.[91] In December 2022, Binance's American entity Binance.US announced that it would acquire Voyager Digital's assets in a $1.02 billion deal. This deal was called off in April 2023 due to what Binance.US called a "hostile and uncertain regulatory climate."[92]

In February 2023, Reuters reported that over the first three months of 2021, Binance transferred over $404 million from a Binance.US account at Silvergate Bank to Merit Peak Ltd, a company managed by Zhao. Catherine Coley, then-CEO of Binance US, was quoted in messages to another Binance executive saying that "no one mentioned" the "unexpected" transfers. Coley left Binance.US shortly thereafter. Reuters said the transfers called into question the purported independence of Binance.US from Binance.com. A Binance.US spokesperson said the Reuters report used "outdated information" without further elaboration.[93]

On 1 March 2023, US Senators Elizabeth Warren, Chris Van Hollen, and Roger Marshall wrote a letter to Binance describing the exchange as "a hotbed of illegal financial activity that has facilitated over $10 billion in payments to criminals and sanctions evaders." The letter formally requested documents related to Binance's compliance with regulations.[94][95] On 27 March 2023, the Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and Zhao in the United States District Court for the Northern District of Illinois, claiming willful evasion of US law and allegedly breaching derivatives rules.[96][97] The agency accused Binance of breaking rules intended to thwart money laundering operations,[98] pointing to internal communications describing transactions by Palestinian militant organization Hamas, and suspected criminals, with the company's money laundering reporting officer allegedly remarking "we see the bad, but we close 2 eyes".[96] In April 2023, three unidentified trading firms cited as "VIP" clients of Binance were revealed to be Radix Trading, Jane Street Capital and Tower Research Capital.[99]

In June 2023, the U.S. Securities and Exchange Commission (SEC) said it was suing Binance and Zhao on 13 charges for alleged violations of US securities rules.[100][101]

On September 12, 2023, Binance.US announced the resignation of CEO Brian Shroder and a reduction of the exchange’s workforce by around 100 positions, roughly one-third of its total staff. Binance.US cited the SEC’s civil suit as “an unfortunate example” of the agency’s “aggressive attempts to cripple our industry.”[102]

In October 2023, coinciding with the outbreak of the 2023 Israel–Hamas war, Binance and Tether were described as a source of terrorist funding by US senators Cynthia Lummis and US Representative French Hill, with a letter calling for the Department of Justice to crack-down on the exchange.[103][104]

In November 2023, Binance agreed to plea guilty and pay a $4.3 billion fine. Zhao agreed to pay a $50 million fine and step down as CEO of the company, but was allowed to maintain his ownership as part of the deal. Richard Teng succeeded Zhao as CEO.[105][106]

United Kingdom[edit]

In January 2021, the UK's Financial Conduct Authority began requiring firms dealing with cryptoassets to register in order to comply with anti-money laundering rules.[107] In June 2021, Binance was ordered by the FCA to stop all regulated activity in the United Kingdom.[108][109] In June 2023, the FCA canceled unused permissions granted to Binance Markets Limited, meaning the company “can no longer provide regulated activities and products” in the UK.[110]

Japan[edit]

On 25 June 2021, Japan's Financial Services Agency warned Binance that it was not registered to do business in Japan.[111] This was the second notice Binance received from the FSA. Previously, a similar warning was issued on 23 March 2018.[112] On 30 November 2022, Binance purchased Sakura Exchange. The acquisition allowed Binance to re-enter the Japanese cryptocurrency market.[113][114]

Italy[edit]

In July 2021, Italy's Commissione Nazionale per le Società e la Borsa ordered Binance to be blocked from operating.[115] In May 2022, Binance gained regulatory approval in Italy, allowing the company to provide digital asset services in the country.[116]

France[edit]

In May 2022, Binance gained regulatory approval in France, allowing the company to provide digital asset services in the country. France is the first European country to give Binance regulatory approval.[117] In June 2023, the Paris prosecutor's office announced that Binance was under preliminary investigation for illegal canvassing of clients and money-laundering.[118]

Germany[edit]

In April 2021, the Federal Financial Supervisory Authority in Germany warned that the company risked fines for not releasing an investor prospectus for the stock tokens it has issued.[119]

Thailand[edit]

Thailand's Securities and Exchange Commission [th] filed a criminal complaint against Binance on 2 July 2021, "for commission of offence under the Emergency Decree on Digital Asset Business B.E. 2561 (2018)". Additionally, Thailand's SEC cited Binance for operating without a license, a violation of Section 26 of the Digital Asset Businesses Emergency Decree.[120]

In May 2023, Thailand's Ministry of Finance issued a cryptocurrency exchange license to Gulf Binance, the joint venture of Binance and Gulf Innova, a subsidiary of Thai billionaire Sarath Ratanavadi's Gulf Energy Development. The exchange will reportedly launch later this year.[121]

Canada[edit]

On 17 March 2022, Binance has confirmed in an undertaking to the Ontario Securities Commission that it would stop opening new accounts and halting trading in existing accounts for users in Ontario.[122][123]

In May 2023, Binance announced it would withdraw from the Canadian market due to the introduction of stricter rules in the country.[124]

On May 30, 2023, it was reported that the Ontario Securities Commission had issued an investigation order into whether Binance may have taken steps to circumvent Ontario securities law and compliance controls prior to its withdrawal from the Canadian market.[125]

Netherlands[edit]

In April 2022, the Dutch central bank announced a €3.3m fine for Binance due to offering services within the Netherlands without being registered in the country. The fine was issued to the company after an official warning was issued to the company during August 2021.[126] In June 2023, Binance announced that it was leaving the Netherlands after failing to obtain regulatory approval.[127]

India[edit]

In August 2022, India's Enforcement Directorate froze the assets of WazirX, an exchange owned by Binance, as part of a money laundering investigation.[128] Following the event, CEO Zhao claimed that they never owned WazirX or owned any equity in Zanmai Labs—the operating entity of WazirX—citing "a few issues" that prevented the completion of the acquisition. The co-founder of WazirX, Nischal Shetty, disputed Zhao's claims asserting that Binance had indeed acquired them.[129]

Australia[edit]

On 6 April 2023, the Australian Securities & Investments Commission cancelled the Australian financial services licence held by Oztures Trading Pty Ltd trading as Binance Australia Derivatives (Binance) in response to a request from the company.[130][131]

On 18 May 2023, Binance Australia announced that it had lost access to Australia's PayID payment system "due to a decision made by our third party payment service provider."[132] The same day, Westpac bank banned Australian customers transacting with Binance.[133][134]

Nigeria[edit]

In June 2023, Nigeria's Securities and Exchange Commission recently deemed Binance's activities in the country as “illegal.” It issued a declaration stating that Binance Nigeria Limited, a subsidiary of Binance, was operating unlawfully in the country. The regulator specifically instructed Binance to cease all its activities within Nigeria.[135][136]

Belgium[edit]

On June 23, 2023, Belgium's Financial Services and Markets Authority ordered Binance to “cease, with immediate effect, offering or providing any and all” virtual currency services in the country. The regulator said Binance had been offering such services “from countries that are not members of the European Economic Area.”[137][138]

Indonesia[edit]

In Indonesia, Binance owns TokoCrypto, a company registered with the local regulator to carry out crypto activities.[139]

Singapore[edit]

In 2019, Binance Asia Services (BAS) began operating a local exchange in Singapore, Binance.sg, under a temporary exemption from the country's regulators while its application was under review. Binance.sg eventually withdrew its application and ceased operations by February 13, 2022. The Binance group of companies remained present in the country, focusing on innovation, incubation, and funding programs there.[140]

Other locations[edit]

Binance also has regulatory approval or license to operate in the following locations:

See also[edit]

References[edit]

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