The 50 Most Interesting Companies In Bitcoin's History: 33/50
Binance
The Idea: A crypto exchange optimized for speed, low fees, and global reach. CZ sold his apartment in Shanghai, invested in Bitcoin, and launched Binance in July 2017 with $15M raised through a token offering (BNB).
Early Traction: Became the world's largest exchange by trading volume in just 180 days, one of the fastest growth stories in any industry.
Peak Stats: $20B revenue in 2021 (peak year). $76B in 24-hour trading volume at peak. Largest exchange globally for years.
Status Today: Active. CZ pleaded guilty to U.S. federal charges in November 2023, resigned as CEO, paid a $50M personal fine; Binance paid $4.3B in fines. CZ served a 4-month prison sentence. Richard Teng succeeded him as CEO. Mubadala invested $2B in the exchange.
Why It Matters:
CZ built the biggest exchange in the world in 6 months, but has had concerns of anti-money laundering. Binance is remarkable for receiving an investment from a sovereign wealth fund.