Binance

The world's largest crypto exchange and payment provider

Key Data

  • Trading Name: Binance
  • Legal Entity: Binance Holdings Limited
    Binance Holdings (IE) Limited
  • Activities: Crypto trading and payment platform
  • Location: United Kingdom, Lithuania, Bahamas, Seychelles
  • Regulations: regulated
  • Key People: Changpeng Zhao

Binance is perhaps the world’s largest crypto trading and payment platform, with a cleverly woven global spider web of companies spanning regulatory regimes since its inception in 2017. Binance operates in many jurisdictions without regulatory approval. For example, the crypto exchange was not allowed to register in the UK. However, Binance is still active in the UK via Nest Services Limited, registered in the Seychelles.

Guilty Plea in the U.S.

In November 2024, Binance co-founder and former CEO Changpeng Zhao and Binance itself pleaded guilty to violating U.S. financial laws and sanctions against Russia. Among other things, Binance was used to launder money from scammers and terrorist organizations. Binance and Zhao were able to reach a settlement with the U.S. authorities, including the CFTC and FinCEN, for a record amount of $4.3 billion.

In March 2024, the financial intelligence platform FinTelegram founded the #BinanceWatchdog initiative to draw attention to Binance‘s numerous regulatory violations and misconduct in its dealings with customers. Binance is said to be unjustifiably withholding customer funds and misusing them.

Illegal Online Casinos

Binance has lost its partnership with Visa, which means that debit cards will no longer be available from December 2023. Via Binance Pay, the crypto exchange is also active as a payment processor in the high-risk area as well as in the illegal online casino and gambling sector.

Compliance Check

Due to Binance’s numerous violations of regulatory requirements and support for cybercrime and terrorist activities, we have placed Binance on Red Compliance and Orange Risk. We advise clients not to work with Binance.

Rate and write a review

Your email address will not be published. Required fields are marked *