The LSE Directory / Crypto exchanges
Binance is a centralized cryptocurrency exchange operating spot, margin, and derivatives markets alongside a peer-to-peer trading desk, a native token (BNB), and an ecosystem of adjacent businesses including Binance Labs (venture investing), Binance Academy (education), Binance Research, and the self-custody Trust Wallet, which it acquired in July 2018. Users trade several hundred cryptocurrencies against fiat and stablecoin pairs, with additional products such as staking, trading bots, a card program, and, as of early 2026, gold and silver perpetual futures settled in USDT. Within the exchange category, Binance differentiates on scale and product breadth rather than a single specialization: it serves both retail traders and institutional accounts through one venue, and states it holds roughly 35 to 45 percent of global Bitcoin and Ethereum trading volume, publishing quarterly Proof-of-Reserves attestations that as of early 2026 covered over 170 billion dollars in customer assets. Its regulatory posture is also a stated differentiator: Binance describes itself as the only global exchange with a single home regulator, the Financial Services Regulatory Authority of Abu Dhabi Global Market, supervising its governance, AML, KYC, transaction monitoring, listing policy, and wallet management end to end, with its ADGM-licensed entities operating under the Nest Exchange, Nest Clearing and Custody, and Nest Trading names. Binance was founded in July 2017 by Changpeng Zhao ("CZ") and Yi He, raising about 15 million dollars through an initial coin offering the same year, and grew into the largest exchange by trading volume within roughly six months. The company has operated without a fixed corporate headquarters since relocating out of China, Japan, and later Malta. In November 2023, Zhao pleaded guilty to violating US anti-money-laundering law as part of a 4.3 billion dollar settlement with the US Department of Justice, paid a personal 50 million dollar fine, and stepped down as CEO; Richard Teng, a former regulator at Singapore's MAS and in Abu Dhabi, succeeded him, and Yi He was named co-CEO alongside Teng in December 2025. Binance has also drawn regulatory restrictions or bans in a number of jurisdictions, including a 2021 UK FCA order to cease regulated activities and a 2024 money-laundering fine in Canada. By January 2026 the exchange reported 300 million registered users, having added its most recent 100 million in about 18 months, the fastest growth period in its history. Entering 2026, Binance has been navigating the EU's MiCA regime unevenly: it withdrew its Greek MiCA licence application before the July 1, 2026 deadline citing regulatory delays, while co-CEO Richard Teng has said several EU jurisdictions have separately invited the exchange to apply for local licences and that a majority of EU users who withdrew funds after service suspensions moved to self-custody rather than to MiCA-licensed competitors. Teng has framed 2026 priorities around security, compliance, and education investment following the DOJ settlement and leadership transition.
