Binance

Binance Coin (BNB) was originally launched in July 2017 as a utility token on the BNB chain for users to pay fees on the company's platform.

Binance, a cryptocurrency exchange, was launched in July 2017. It quickly grew to become one of the biggest crypto exchanges by daily trade volume.

In May 2019, Binance experienced a significant security breach where hackers stole user API keys and other sensitive information, resulting in the loss of about 7,000 BTC. Despite the breach, Binance promptly reimbursed affected users and implemented additional security measures.

In 2021, there were allegations of insider trading on the Binance platform, suggesting that certain individuals had an unfair advantage by trading before key announcements. Binance refuted the claims, emphasizing its commitment to fair trading practices and platform integrity.

The Australian Securities and Investment Commission conducts a search at Binance Australia's offices to gather evidence related to potential investor harm.

Polymarket forecasts a 12% chance of Binance becoming insolvent by the year-end. Additionally, reports surface linking Binance's money processor Advcash to alleged Russian money laundering activities.

Russian executives and the chief of Binance US resign or depart from their positions, indicating significant changes in leadership.

Binance requests a protective court order to shield BAM Trading executives from SEC's information requests, accusing the SEC of conducting a 'fishing expedition'.

Checkout.com terminates its partnership with Binance due to regulatory concerns.

Binance halts euro deposits and withdrawals through SEPA, possibly influenced by the termination of its partnership with Checkout.com.

Binance's Russian executives exit the company, followed by Binance US CEO Brian Shroder leaving the next week.

Binance halted the processing of GBP deposits and withdrawals in the United Kingdom.

The SEC filed 13 charges against Binance, accusing the exchange of misusing customers' funds by internally using them for manipulative trading on the Binance US platform. The charges also involved Binance founder Changpeng Zhao's alleged involvement in diverting user funds to a CZ-owned entity called Sigma Chain.

The SEC accuses Binance of using customer funds to purchase luxury items, such as an $11 million yacht, and mixing them with corporate finances.

Binance claims that SEC chairman Gary Gensler should be recused from the lawsuit due to a conflict of interest after allegedly volunteering to be an advisor. Binance also halts US dollar transactions after facing banking issues.

French authorities conduct a raid on Binance's EU headquarters in Paris, accusing the firm of money laundering and providing illegal digital asset services to local users.

A report by Protos reveals that European countries are aiding the SEC in its probe into Binance's activities.

Binance experienced a significant amount of net outflows totaling $503 million on Monday following SEC charges. Additionally, there was a surge in withdrawals compared to deposits within a one-hour period after the lawsuit news.

Binance has been knowingly violating CFTC rules, actively working to maintain cash flow and avoid compliance, leading to a warning from CFTC Chairman Rostin Behnam about the consequences of willful avoidance of U.S. law.

On November 6, 2022, the CEO of Binance declared the intention to divest all FTT holdings following the revelation about FTX's cash reserves being in FTT. This decision led to a decline in FTT's price and had a ripple effect on the cryptocurrency markets.

The SEC denies Binance's attempt to dismiss a securities lawsuit, criticizing Binance's unconventional interpretation of the Howey Test.

Australia's ASIC directs Binance to compensate $13.1 million to Binance Australia Derivatives users for wrongly categorizing them as wholesale instead of retail to avoid legal obligations.

Majority Whip Tom Emmer, Committee on Financial Services chairman Patrick McHenry, and 55 other members of the House of Representatives send a letter to President Biden and Treasury Secretary Janet Yellen, identifying Binance as a source of Hamas financing.

Binance starts experiencing delays in processing withdrawals in euros and USDT due to issues with a third-party financial partner, leading to outages lasting for at least a week.

CZ and Binance reach a settlement with the US Department of Justice and the CFTC, agreeing to pay fines of at least $4.3 billion. CZ will step down as Binance’s CEO and plead guilty to charges, while a separate SEC lawsuit remains pending. Richard Teng takes over as Binance’s CEO.

On January 24, 2023, Binance confesses to commingling B-token reserves, including BUSD, with customer funds, attributing the mistake to oversight failure.

On March 10, 2023, the Department of Justice (DoJ) challenges a bid by Binance US to acquire Voyager Digital's assets, raising suspicions of an investigation into Binance US.

Binance temporarily halted Bitcoin withdrawals due to high transaction fees caused by increased demand for Bitcoin Ordinals. The team is working on a solution to stabilize the network before reopening withdrawals.

On May 31, 2023, reports surfaced suggesting that Binance might undergo layoffs despite earlier plans to increase its workforce.

On June 5, 2023, the SEC lodged a complaint against Binance, alleging misrepresentation of its control over its US arm and improper access to Binance US bank accounts.

On September 1, 2023, Binance announced the discontinuation of its proprietary stablecoin, BUSD, advising users to migrate to First Digital USD (FDUSD).

On September 27, 2023, Binance completed the sale of its Russian division to CommEX.

An investigation by Forbes on October 5, 2023, suggested that Binance's BNB ICO might have raised significantly less than the officially reported amount.

On October 11, 2023, Binance initiated the implementation of self-trading prevention mechanisms.

ChainArgos claims that Hamas utilized Tron addresses controlled by Binance to receive 93.7 million USDT from a scam. In response, Israel Defense Forces sanctioned those addresses.

Richard Teng has been appointed as the new CEO of Binance, the world's largest cryptocurrency exchange by volume. He acknowledges the trust placed on him by the users and employees of Binance.

On the same day, Binance announced settlements with various U.S. agencies regarding past compliance issues. The company agreed to pay over $4.3 billion in fines and forfeitures.

Looking ahead, Binance continues to chart a course for the future. The platform’s vision includes groundbreaking projects and innovations, indicating that the history of Binance is still very much in the making.

In 2023, Binance and its founder Changpeng Zhao faced significant challenges, including a criminal settlement with the US Department of Justice, multi-billion dollar fines from the Commodity Futures Trading Commission and the US Treasury, as well as an ongoing SEC lawsuit.

The ex-CEO of Binance is instructed to surrender passports to the United States in March 2024.

An executive from Binance is alleged to have evaded taxes and fled Nigeria while visiting a mosque in March 2024.