Binance, established in 2017 by Changpeng Zhao (commonly known as "CZ"), has rapidly evolved into one of the world's leading cryptocurrency exchanges, offering a comprehensive suite of services within the blockchain and digital asset industry.
Services and Offerings
Binance provides a user-friendly platform that supports a wide array of trading pairs, enabling users to trade numerous cryptocurrencies. Beyond spot trading, the exchange offers services such as futures trading, staking, savings products, and a decentralized exchange platform, catering to both novice and experienced traders.
Security Measures
Security is a paramount concern for Binance. The exchange employs advanced security protocols, including the storage of the majority of user funds in cold wallets—offline storage solutions that are not connected to the internet—to safeguard against potential cyber threats.
Legal Challenges and Regulatory Scrutiny
In recent years, Binance has encountered significant legal challenges. In November 2023, the exchange and its founder, CZ, pleaded guilty to federal charges related to anti-money laundering violations, resulting in a $4.3 billion settlement with U.S. authorities. CZ agreed to step down from his role as CEO as part of this resolution.
Following his resignation, CZ served a four-month prison sentence. During his incarceration, he reportedly received numerous requests for cryptocurrency investment advice from fellow inmates and prison staff, highlighting his prominence in the crypto industry.