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Binance Exchange was founded in 2017 by Changpeng Zhao, better known as CZ, Binance quickly gained popularity and transformed into a global cryptocurrency exchange platform. This expert article delves into the history of Binance, exploring its founding, growth, and significant milestones, as well as highlighting its current events.

Founding of Binance:
Changpeng Zhao, a former software engineer at Blockchain.com, established Binance in July 2017. CZ recognized the need for a robust, user-friendly, and secure cryptocurrency exchange platform that could accommodate the growing demand for digital asset trading. With his extensive experience in the crypto industry, CZ aimed to create a platform that would offer traders a wide range of cryptocurrencies, low fees, and advanced trading features.

Early Growth and Expansion:
Binance launched its Initial Coin Offering (ICO) in July 2017, raising $15 million to fund the development of the exchange. In just a few months, Binance experienced exponential growth, attracting a significant user base due to its competitive fee structure and extensive selection of cryptocurrencies. By employing an efficient matching engine capable of handling 1.4 million transactions per second, Binance provided traders with a seamless trading experience.

As the demand for cryptocurrencies surged, Binance swiftly expanded its services to cater to a global audience. The exchange established multiple offices worldwide, including in countries like Malta and Jersey, to comply with local regulations and provide localized services. Binance’s commitment to regulatory compliance and user security helped establish trust and attract more users to the platform.

Major Milestones and Achievements:
Binance achieved numerous milestones that solidified its position as a leading cryptocurrency exchange. In 2018, the exchange reached a remarkable daily trading volume of over $1 billion, showcasing its immense popularity and the trust users placed in the platform. Binance also introduced its native cryptocurrency, Binance Coin (BNB), which not only served as a utility token but also allowed users to benefit from reduced trading fees.

In 2019, Binance launched Binance DEX, a decentralized exchange built on its own blockchain, Binance Chain. This decentralized platform provided users with increased control over their assets and enhanced security. Binance also continued to innovate by introducing features such as margin trading, futures trading, and staking, catering to both novice and experienced traders.

Binance’s Current Events:
Despite its rapid growth and success, Binance has faced regulatory challenges in recent times. Several countries, including the United States, Japan, and the United Kingdom, have expressed concerns regarding Binance’s compliance with local regulations. This has led to regulatory actions and restrictions imposed on Binance’s operations in some jurisdictions.

In response to these challenges, Binance has proactively sought to enhance its compliance efforts. The exchange has strengthened its Know Your Customer (KYC) procedures, implemented stricter security measures, and collaborated with external audit and compliance firms to ensure regulatory compliance across its operations. Binance has also actively engaged with regulators to address concerns and establish a transparent and secure environment for its users.

Furthermore, Binance has expanded its offerings beyond cryptocurrency trading. The exchange launched Binance Academy, an educational platform providing comprehensive resources and tutorials to educate users about blockchain technology and cryptocurrencies. Binance has also ventured into the realm of blockchain investments through its venture capital arm, Binance Labs, supporting promising startups and projects in the blockchain space.