Binance is a crypto trading platform founded in 2017, been arguably the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It is registered in Cayman Islands and offers some of the most competitive fees around. It is one of the leading trading platforms that cut across over 180 countries, and supporting over 500 cryptocurrencies.
This exchange gives access to users from around the world; making it a cheap and easy pathway for you as a beginner or a seasoned trader looking to trade crypto. The exchange enables its users to have premium purchases of cryptocurrencies via its partnership with 3rd party companies like Simplex, for credit card and wire transfer.
Who is Binance owned by?
Binance was founded and owned by Changpeng Zhao; also popularly known as ‘CZ’. He’s the CEO of this largest cryptocurrency exchange in the world called Binance. He’s a developer who at an earlier time created high frequency trading software for Wall Street’s flash boys. He joined Blockchain.info in 2013 as the third member of the cryptocurrency wallet’s team.
He as well plied his trade as CTO for less than a year at OKCoin platform which specializes in spot trading that occur between fiat and digital assets. The 44-year-old Changpeng Zhao is currently among the world’s richest people, with an estimated $300 billion as net worth.
Is Binance a Chinese Company?
Basically, Binance was initially founded in China, but later moved its headquarters out of China following the Chinese government’s increasing regulation and ban on cryptocurrency trading in September 2017. Changpeng Zhao who is the founder and CEO of Binance only happen to be a Chinese-Canadian, which technically means that Binance is not a Chinese company.
What brought about Binance.US?
Binance.US is an American partner of Binance, which started under a partnership with the Financial Crimes Enforcement Network (FinCEN). Binance.US came to place in 2019 when Binance was banned in the United States on regulatory grounds; and in the process of trying to positively revert back to the ban, Binance and other investors opened Binance.US, which became a separate exchange that’s much more designed to be compatible with the US trade regulations.
The original platform therefore stopped accepting U.S. users in 2019; with the users getting a notch of compulsion to trade on Binance.US, which differs slightly from the Binance service available to the rest of the world.
What Countries Support Binance?
Even though Binance hasn’t specifically given detailed information on which countries are supported by its exchange, it is nevertheless safe to say that its service is essentially available worldwide except for only a few exceptions.
Hence, there are concerns and reports from some certain users that Binance has closed their accounts for living in certain countries such as Iran and Serbia. In the case of US based users, customers can now use Binance US after Binance as the original platform withdrew its main service from the country following the ban in 2019.
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Conclusion
That Changpeng Zhao, the Binance CEO is a Chinese-bond citizen doesn’t make the exchange a Chinese company despite the fact that it was initially founded in China before it eventually moved due to the ban on cryptocurrency trading by the Chinese government.
Regardless of all, Binance had so far been able to grow to be world’s largest exchange, spanning over 180 countries.