In 2019, Binance was facing a regulatory crackdown in the US over a number of potential violations. As the company has faced a tougher regulatory environment, its share of the market has fallen – but it still accounts for around 50% of the monthly crypto exchange volume. Last year its trades accounted for up to 70% of the market, with billions of dollars pumped through the exchange every day. Through its online platform, the company offers simplified avenues for buying and selling cryptocurrencies and other digital assets, in exchange for small fees.īinance dominates crypto trading.

What is Binance?īinance is the world’s largest cryptocurrency exchange. On Tuesday, the SEC accused another crypto platform, Coinbase, of putting customers at risk by operating as an “unregistered broker, exchange and clearing agency”. The SEC appears bent on a wider crypto crackdown, prompted by the collapse last year of the Bahamas-based FTX, whose founder, the US national Sam Bankman-Fried, has now been charged with securities fraud, money laundering and other offences. It has also extended its interests with venture capital investments as well as a $500m stake in Elon Musk’s Twitter. It also sponsored the 2021 Africa Cup of Nations tournament. The company sponsors the Italian football team Lazio and the Argentina national team. Binance handles billions in investments for many everyday investors, but the effects are likely to stretch far beyond the cloistered, online world of crypto.

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