In the summer of 2017, amid the frenzy of the cryptocurrency boom, a visionary entrepreneur named Changpeng Zhao, better known as CZ, spotted an opportunity in the chaotic world of digital assets. Born in China and raised in Canada, CZ had honed his skills in tech and finance, working at Blockchain.info and as CTO of OKCoin. Frustrated by the limitations of existing exchanges—high fees, slow transactions, and limited options—he decided to build something better. With a small team and a bold idea, he launched Binance in July 2017 through an Initial Coin Offering (ICO) that raised about $15 million by selling Binance Coin (BNB) tokens at just 15 cents each. bytebridge.medium.com What started as a modest platform in China quickly became a game-changer.
But the road wasn't smooth. Just months after launch, Chinese regulators cracked down on cryptocurrencies, forcing Binance to relocate. First to Japan, then to Malta, and eventually adopting a decentralized model with no official headquarters. en.wikipedia.org CZ's adaptability shone through; he pivoted the company into a global powerhouse. By January 2018, Binance had surged to the top, boasting a market capitalization of $1.3 billion and becoming the largest exchange by trading volume in a mere 180 days—an unprecedented feat in fintech history. trainy.co
Fueling this meteoric rise was innovation. Binance introduced low fees, a user-friendly interface, and support for hundreds of cryptocurrencies. The launch of BNB not only provided utility for trading discounts but evolved into a cornerstone of the ecosystem. In 2020, Binance Smart Chain (later rebranded BNB Chain) emerged, offering faster, cheaper transactions that rivaled Ethereum and attracted a wave of DeFi projects. trainy.co Co-founder Yi He played a pivotal role, steering marketing and strategy to pivot Binance from a simple trading platform to a comprehensive blockchain hub, including educational tools like Binance Academy and charitable initiatives via Binance Charity. generallink.top
As the crypto market exploded, so did Binance. By 2021, BNB's market cap soared past $90 billion, and the exchange handled trillions in trading volume annually. trainy.co In 2024, Binance accounted for 30% of the $56 billion in global crypto exchange revenue, holding over $200 billion in digital assets and cementing its status as the world's largest crypto entity. businessofapps.com +1 Through regulatory hurdles, market crashes, and fierce competition, CZ's mantra of "users first" propelled Binance forward, transforming it from a startup into a crypto empire that redefined the industry.