Binance
Binance is a centralized cryptocurrency exchange launched in 2017 by Changpeng Zhao and Yi He. Its platform provides trading and other services for digital assets. Richard Teng and Yi He have served as co-chief executives since December 2025.[1][2]
History
Zhao launched Binance in Shanghai in 2017. The company moved its operations outside mainland China after Chinese authorities intensified restrictions on cryptocurrency trading later that year.[3]
In May 2019, Binance disclosed that attackers had withdrawn 7,000 bitcoin from one of its hot wallets. The bitcoin was worth about US$41 million at the time. Binance said it would cover the loss and temporarily suspended deposits and withdrawals while it conducted a security review.[4]
Zhao stepped down as chief executive in November 2023 and was succeeded by Richard Teng. Zhao pleaded guilty to violating the Bank Secrecy Act by causing Binance to fail to maintain an effective anti-money-laundering program.[5][6] Binance appointed co-founder Yi He as co-chief executive alongside Teng in December 2025.[7]
United States enforcement matters
In November 2023, Binance Holdings Limited pleaded guilty in the United States to conspiracy to violate the Bank Secrecy Act and to fail to register as a money-transmitting business, failure to register as a money-transmitting business, and violating the International Emergency Economic Powers Act. Binance agreed to pay more than US$4.3 billion in penalties and to undertake compliance remediation and independent monitoring.[8]
In a related Commodity Futures Trading Commission case, a federal court approved a consent order requiring Binance to disgorge US$1.35 billion in transaction fees and pay a US$1.35 billion civil monetary penalty; Zhao was ordered to pay a US$150 million civil monetary penalty.[9]
The United States Securities and Exchange Commission filed a separate civil action against Binance entities and Zhao in June 2023. In May 2025, the SEC and the defendants stipulated to dismiss that action with prejudice. The SEC said the dismissal was a policy decision and did not necessarily reflect its position in other proceedings.[10]
BNB and BNB Chain
Main articles: BNB and BNB Chain
BNB, formerly called Binance Coin, was introduced by Binance in 2017 as an ERC-20 token on Ethereum and migrated to Binance Chain in 2019. Since 2022, BNB has been the native asset of the BNB Chain ecosystem, where it is used for transaction fees, staking and governance. Binance continues to provide some exchange-related benefits tied to BNB, while BNB Chain describes the network ecosystem and Binance.com as separate.[11]
Technical network changes, including the 2026 Pasteur hard fork, apply to BNB Smart Chain rather than to the Binance exchange. The upgrade strengthened bridge-signature checks and validator-key controls and introduced an optional block-builder path; detailed coverage belongs in the BNB Chain article.[12]
See also
References
- ↑ Reuters, “Changpeng Zhao, the crypto king and Binance chief, ousted for US crimes”, 21 November 2023.
- ↑ Reuters, “Binance co-founder Yi He joins Richard Teng in dual leadership structure”, 3 December 2025.
- ↑ Reuters, “Changpeng Zhao, the crypto king and Binance chief, ousted for US crimes”, 21 November 2023.
- ↑ Reuters, “Hackers steal $41 million worth of bitcoin from Binance cryptocurrency exchange”, 8 May 2019.
- ↑ United States Department of Justice, “United States v. Changpeng Zhao”, updated 11 December 2023.
- ↑ Reuters, “Binance's Zhao says Richard Teng to become next CEO”, 21 November 2023.
- ↑ Reuters, “Binance co-founder Yi He joins Richard Teng in dual leadership structure”, 3 December 2025.
- ↑ United States Department of Justice, “United States v. Binance Holdings Limited, d/b/a Binance.com”, updated 11 December 2023.
- ↑ U.S. Commodity Futures Trading Commission, “Federal Court Enters Order Against Binance and Former CEO, Zhao”, 18 December 2023.
- ↑ U.S. Securities and Exchange Commission, “SEC Announces Dismissal of Civil Enforcement Action Against Binance Entities and Founder Changpeng Zhao”, 29 May 2025.
- ↑ BNB Chain, “BSC Is Now BNB Chain”, 15 February 2022.
- ↑ BNB Chain, “Pasteur Hardfork Arrives on BSC Mainnet on August 25”, 14 August 2026.