In 2021, Binance was put under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses. In November 2023, the company pleaded guilty in a US federal court to money laundering, unlicensed money transmitting, and sanctions violations. That same year, Binance shared client data, including names and addresses, with the Russian government. CEO Changpeng Zhao founded Fusion Systems in 2005 in Shanghai; the company built high-frequency trading systems for stockbrokers. He also worked at OKCoin as CTO for less than a year, a platform for spot trading between fiat and digital assets.
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In 2019, the company announced Binance Jersey, a Jersey-based exchange which offers fiat-to-cryptocurrency pairs, including the Euro and the British pound. This was intended to facilitate cryptocurrency transactions with less volatility. In July 2018, Binance acquired Trust Wallet, a decentralized cryptocurrency wallet for an undisclosed sum composed of a mixture of cash, Binance stock, and BNB tokens. In January 2019, Binance announced that it had partnered with Israel-based payment processor Simplex to enable some cryptocurrencies to be purchased with debit and credit cards. In August 2018, Binance along with three other large exchanges raised $32 million to fund the stablecoin project Terra. In June 2018, Binance and three other firms raised $65 million for sports blockchain company Chiliz.
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On 28 October 2020, Forbes staff released leaked documents showing that Binance and its CEO (look at this site), Changpeng Zhao, created an elaborate corporate structure designed to intentionally deceive United States regulators and secretly profit from cryptocurrency investors located in the country. In May 2021, it was reported that Binance was under investigation by both the Internal Revenue Service and the United States Department of Justice on allegations of money laundering and tax offenses. Binance officially blocks access from IP addresses located in the United States, but “potential customers would be taught how to evade geographic restrictions”, Forbes claimed.
Binance invested US$500 million towards the acquisition of Twitter by Elon Musk that completed in October 2022. Following the investment, the company announced the creation of a team to work on how blockchain and cryptocurrencies could be helpful to Twitter. In July 2023, several senior executives resigned from the company. On 30 November 2022, Binance purchased Sakura Exchange. The acquisition allowed Binance to re-enter the Japanese cryptocurrency market. Binance backed out of the deal the next day citing concerns about FTX’s business practices and investigations by US financial regulators.