Here are some key facts about Binance:
The company
Binance was founded in Shanghai in 2017, but later moved to Tokyo and then Malta. While its holding company is based in the Cayman Islands, Binance says it does not have a headquarters and has declined to state the location of its main Binance.com exchange.
The exchange offers spot and derivatives trading and a host of services from non-fungible tokens (NFTs) to crypto loans and asset management.
It has some 128 million users, according to its a 2022 review posted on its website, with over 7,500 employees across the world. The company also boasts a formidable social media presence, with over 10 million Twitter followers.
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Finances Binance’s global trading platform, Binance.com, is by far the world’s biggest cryptocurrency exchange. Last year it processed crypto trades worth about $65 billion a day, Binance said, dominating the crypto trading landscape with more than half of the market, CryptoCompare data shows.
Yet its finances are opaque. As a privately held company, it does not disclose basic financial information such as revenue, profit and cash reserves. Binance has also not raised outside capital since 2018, industry data show, which means it has not had to share financial information with external investors since then.
A Reuters analysis of Binance’s corporate filings last year found that the core of the business – the Binance.com exchange – remains mostly hidden from public view.
Leadership
Binance was founded by Changpeng Zhao, a Canadian citizen born and raised until the age of 12 in China, and Yi He, former host of a Chinese TV travel show. The pair have a son together who was born in the United States, Reuters reported in October.
Yi He is now one of Zhao’s most powerful deputies, running the company’s $7.5-billion venture capital arm as well as holding other key roles including marketing chief.
Zhao assigned top jobs to an inner circle of associates, many of whom had worked or studied in China, according to the Reuters report in October. The company has hired extensively from the traditional financial and regulatory worlds in recent years. In February, Noah Perlman, a veteran of Morgan Stanley, said he had become Binance’s chief compliance officer.
Investments
Binance’s venture capital arm has since 2018 invested in over 200 venture projects, the company says. PitchBook data shows it has spend almost $2 billion across over 150 deals, including major data site CoinMarketCap.
Last year, Binance extended its reach beyond the crypto sector, investing $500 million in Tesla boss Elon Musk’s takeover of Twitter.
The company is also prominent in the world of sport, sponsoring Italian soccer team Lazio and the Argentina national team. It also sponsored the 2021 African Cup of Nations tournament. In 2022, Binance signed a partnership to promote its NFTs with Portuguese soccer star Cristiano Ronaldo.
