Binance is a cryptocurrency exchange that is the largest in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands by Changpeng Zhao, a developer who had previously created high-frequency trading software. Binance was initially based in China but later moved its headquarters out of China shortly before the Chinese government imposed regulations on cryptocurrency trading. In 2021, Binance was investigated by both the United States Department of Justice and the Internal Revenue Service on allegations of money laundering and tax offenses. The UK’s Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021. Also, in that year, Binance shared client data, including names and addresses, with the Russian government.