Eight years of sharpening the sword: How Binance became the leader in the encryption red ocean.

Deng Tong, Golden Finance

Time flies, and eight years have passed like flowing water. Looking back at the past eight years, blockchain technology has evolved from a geek experiment to a global financial focus; the crypto industry has grown from wild growth to compliant development; Binance has also transformed from a budding startup platform to a leading global cryptocurrency exchange.

Eight years is enough time for the landscape of the cryptocurrency industry to undergo earth-shattering changes, and for Binance, with its unique spirit of craftsmanship, to become an industry pioneer.

###Budding, Breaking Ground, Pioneering

The story of Binance began in 2017.

In January 2017, Binance was officially established; on July 14 of the same year, Binance officially launched its cryptocurrency trading platform. At that time, the cryptocurrency market was in a bull market, with BTC briefly rising to nearly $20,000, and major established exchanges occupied half of the cryptocurrency trading market. As a rising star, Binance had to consider a crucial question in the face of fierce market competition: how to advance steadily, seize opportunities to gain market share, and break through under the pressure of the exchange wars?

First, Binance seized the opportunity brought by its first round of financing. From June 26 to July 3, 2017, Binance issued 200 million BNB tokens at a price of $0.1, successfully raising $15 million, marking Binance's first pot of gold—laying the financial foundation for Binance's technology development, promotional operations, and other plans.

Secondly, Binance keenly seized the policy dividend of the international market. In April 2017, Japan implemented the amendment to the "Fund Settlement Act," recognizing Bitcoin as a means of payment, making it one of the most dynamic regions for crypto finance globally at that time. Taking advantage of this, Binance quickly moved its operations to Japan, a move that marked the beginning of Binance's internationalization. Since then, Binance has turned its attention to the global market, expanding its presence in more countries and regions.

###Expansion, Compliance, Deepening

After 2018, whether it is global strategic expansion or deepening the trend of industrial development, Binance has entered a mode of crazy growth. It has also adapted to the direction of industry regulation, taking a big step towards becoming a compliant exchange.

In 2018, Binance's global expansion plan successively brought Malta, Bermuda, Uganda, Singapore and other locations onto the agenda. After Richard Teng took over at the end of 2023, he invested 1 billion USD to reshape Binance's path to compliance and development. As of the first half of 2025, Binance has obtained compliance licenses in 21 jurisdictions, including Argentina, the UAE, France, Italy, Lithuania, Spain, Poland, Sweden, Brazil, Australia, India, Thailand, Indonesia, Malta, the Netherlands, Germany, Austria, Luxembourg, the Bahamas, and Seychelles.

On the path of global expansion and compliance transformation, Binance continues to leverage its accumulated technological advantages and user base, continuously advancing its layout in key areas such as underlying public chains, DeFi, Layer 2, and stablecoins. This not only lays a technological foundation for its global expansion but also promotes the rapid development and technological iteration and upgrade of the industry.

In 2010, Binance launched Launchpool, introducing a model for mining new coins using staked platform tokens or mainstream coins on the Binance exchange. This not only helps new projects distribute tokens but also allows users to experience new DeFi gameplay on a centralized exchange.

In September 2020, Binance launched the Binance Smart Chain (BSC) based on the Binance Chain, and its advantages of high performance and low Gas fees made it the second-largest public chain in the world. Public chains like Solana and Avalanche have been continuously driving technological iteration and innovation in the industry inspired by the Binance Smart Chain. Since then, the dominance of Ethereum has been quietly rewritten. In 2022, the Binance Chain and Binance Smart Chain were integrated into BNB Chain and operated independently. In June 2023, Binance continued its ecological expansion—the opBNB testnet was officially launched and went live in September, marking Binance's official entry into L2.

###Cross-Border, Breaking the Cocoon, Leading the Way

Binance writes about its dreams on its official website: "Our mission is to become the infrastructure provider for cryptocurrency assets in the future world." The long-term future of cryptocurrency may be difficult to estimate, but the four major directions worth paying attention to this year are the approval of cryptocurrency ETFs, the surge of crypto companies going public, the increasing number of crypto treasury companies, and the wave of stablecoins. In the current market situation, how will Binance participate in this and anchor its position as an infrastructure provider?

Since the US SEC approved the Bitcoin spot ETF on January 10, 2024, and trading began on January 11, 2024, the ETF has become a major trend in the industry. Major institutions are rushing to enter the market, and traditional finance is participating and reshaping the landscape of the crypto market. Therefore, the BNB ETF is sure to be the next surprise Binance brings to investors.

In April this year, VanEck registered the BNB ETF in Delaware and submitted the S-1 filing for the BNB ETF in May. Previously, there were already two products launched for the BNB ETF: the Amun BNB ETP has been traded on the Swiss Stock Exchange; the 21Shares Binance BNB ETP, registered in Switzerland, has market sales rights in Austria, Switzerland, Germany, Spain, France, Italy, and the Netherlands. Forecasts suggest that if the BNB ETF is ultimately approved, it could bring over $5 billion in incremental funds for BNB. Binance will further become a bridge connecting traditional finance and crypto assets, moving further along the path of cross-industry integration.

In addition to the ETF proposal, Binance's listing is also a highly anticipated major event. Although Binance has not yet achieved its listing goals, it is clear that the IPO wave for crypto companies is unstoppable. On June 5, Circle went public on the New York Stock Exchange, with its stock price soaring over 160% on the first day. Circle's performance is a testament to traditional finance's confidence in the crypto market, as crypto enterprises are entering the IPO era that traditional finance has experienced. As a beacon of the industry, Binance's listing is just a matter of time.

Additionally, the price performance of BNB may soar continuously due to the reserve actions of cryptocurrency treasury companies. On July 28, 10 X Capital announced a $500 million private placement financing supported by YZi Labs to establish a BNB treasury; on July 25, Nasdaq-listed biotechnology company Windtree Therapeutics signed a new financing agreement of $520 million to purchase BNB; on June 24, Bloomberg reported that cryptocurrency asset management company Build & Build Corporation is seeking $100 million in financing to acquire BNB; on the same day, Nasdaq-listed Nano Labs announced plans to raise $500 million through a private placement of convertible bonds, initially intended for the purchase of $1 billion worth of BNB, and plans to hold 5% to 10% of the circulating supply of BNB for the long term.

Affected by a series of favorable news, BNB broke through $850 on July 28, reaching a historic high. The sharp rise of BNB highlights the continuous strengthening of market confidence, as institutional and retail investors are viewing BNB as a resilient mainstream asset with strong upward momentum suitable for long-term value investment.

BNB is becoming one of the diversified asset allocation choices for cryptocurrency treasury enterprises and is favored by investors—BNB's market leadership is rapidly increasing. As more cryptocurrency treasury reserve plans are truly implemented, BNB's market voice and competitiveness will also significantly enhance.

As the influence of BNB increases, it is not impossible for Binance to re-enter the stablecoin market. The competition in the stablecoin arena is essentially a struggle for "monetary power." The reason why established stablecoin issuers like Tether and Circle can consistently make profits is largely due to their real-world application scenarios. If Binance can develop a more comprehensive ecosystem and a larger user base in the future, leveraging its market position and experience in stablecoin issuance, it will naturally be able to carve out a share in the stablecoin market once again. The day when Binance breaks out of its cocoon is just around the corner.

###Strategy, Execution, Users

After eight years of arduous entrepreneurship, Binance has polished itself into a brilliant presence with solid actions and unwavering belief. Correct strategy, precise execution, and user-centricity are the three major tools that have led to Binance's success.

As mentioned earlier, Binance has seized every development opportunity since its inception, from domestic expansion to international ventures, and from public chains to various product lines. Binance has keenly grasped every industry pulse and led its business development with the right strategies; during the regulatory crisis in 2023, Binance remained calm and composed, unfazed by the life-and-death challenges, showcasing its demeanor through three major actions: Global Regional Market Director Richard Teng took over the position of Zhao Changpeng, ensuring the company's stable operation, accepting external regulators from the U.S. government, and paying a hefty fine of $4.3 billion, which precisely accomplished Binance's fearless stance in a crisis; founder He Yi has consistently played the role of Binance's Chief Customer Service Officer for eight years, demonstrating Binance's commitment to being customer-centric through practical actions and reshaping service standards in the cryptocurrency industry.

From the firefly light of 2017 to the brilliant galaxy of 2025, Binance has weathered bull and bear cycles, experiencing the ups and downs of the industry while remaining unyielding over the past eight years. This is not only a history of corporate development with a sharp edge but also a revelation of the evolution of the cryptocurrency industry. In the next eight years, Binance will continue to lead the prosperous expansion of the crypto industry, unfolding an epic of dramatic cryptocurrency transformation.