Binance的興衰：加密貨幣巨頭如何成為地球上最受挑戰的交流

到2025年初，Binance積累了估計的2.5億用戶，並處理了令人難以置信的100萬億美元交易量。交易所每天處理超過210億美元的數字資產交易，比許多傳統的證券交易所要多。

Binance's legal troubles continue to unfold across the globe, highlighting the challenges faced by the crypto giant in navigating diverse regulatory landscapes. A recent development in the US証券取引委員会 (SEC) lawsuit against Binance has brought a glimmer of hope for the exchange.

Binance的法律麻煩繼續在全球範圍內展開，強調了加密巨頭在導航各種監管景觀方面面臨的挑戰。美國最近針對Binance的訴訟最近發生的發展給了這次交流帶來了希望。

Binance and the SEC filed a joint motion to pause their high-stakes legal battle for 60 days, a move that could potentially pave the way for an out-of-court settlement. The motion cites the SEC's new crypto task force, led by Commissioner Hester Peirce, which may "impact and facilitate the potential resolution of this case."

Binance和SEC提出了一項聯合動議，以暫停60天的高風險法律鬥爭，這一舉動有可能為庭外和解鋪平道路。該動議引用了由專員Hester Peirce領導的SEC新加密工作組，這可能“影響並促進了該案的潛在解決”。

If Binance can secure a favorable outcome in the US, it would mark a significant victory for the exchange, especially considering the $4.3 billion in penalties it paid to the Department of Justice in 2023 for violating anti-money laundering laws.

如果Binance可以在美國獲得有利的結果，那麼這將標誌著交易所的重大勝利，尤其是考慮到2023年因違反反貨幣洗錢法而向司法部支付的罰款43億美元。

However, Binance's regulatory marathon is far from over. French authorities have launched a sweeping investigation into the exchange for alleged money laundering and tax fraud. In the UK, Binance still faces operational restrictions, and Nigeria is demanding an $81 billion penalty from the crypto giant.

但是，Binance的監管馬拉松還遠遠沒有結束。法國當局已經對涉嫌洗錢和稅收欺詐的交流進行了全面的調查。在英國，Binance仍然面臨著運營限制，尼日利亞要求這家加密貨幣巨頭罰款810億美元。

Binance's Rise to Crypto Supremacy

Binance的崛起到加密至高無上

Founded in 2017, Binance quickly ascended to become the undisputed titan of the crypto world. By early 2025, the exchange had amassed an estimated 250 million users and processed a mind-boggling $100 trillion in trading volume.

Binance成立於2017年，迅速上升，成為加密世界中無可爭議的泰坦。到2025年初，該交易所估計積累了2.5億用戶，並處理了令人難以置信的100萬億美元交易量。

Binance handles over $21 billion in digital asset trades daily—more than many traditional stock exchanges. The platform's vast liquidity and low trading fees have made it the exchange of choice for millions of traders worldwide.

Binance每天處理超過210億美元的數字資產交易，比許多傳統的證券交易所還要多。該平台的巨大流動性和低交易費用使其成為全球數百萬貿易商的首選交換。

Binance captured a large portion of the new investors entering the market during the 2017 cryptocurrency boom. While competitors struggled with clunky interfaces, Binance offered a streamlined trading experience that appealed to both novices and veterans.

在2017年加密貨幣繁榮期間，Binance捕獲了進入市場的大部分新投資者。儘管競爭對手在笨拙的界面中掙扎，但Binance提供了一種簡化的交易經驗，吸引了新手和退伍軍人。

As of December last year, Binance commanded more than 33% market share in each of the months through 2024.

截至去年12月，Binance在2024年的每個月中佔了33％以上的市場份額。

But Binance's unique selling proposition went beyond just offering an exchange; it built an entire ecosystem. The launch of Binance Smart Chain in 2020 transformed the platform into a development hub where teams could build decentralized applications and financial products. This created a virtuous cycle—more developers meant more products, which in turn attracted more users and generated greater fees.

但是Binance的獨特銷售主張不僅提供了交流。它構建了整個生態系統。 2020年Binance Smart Chain的推出使該平台變成了一個開發中心，團隊可以在其中建立分散的應用程序和金融產品。這創造了一個良性週期 - 更多的開發人員意味著更多的產品，這反過來又吸引了更多的用戶並產生了更多的費用。

Finally, Binance's aggressive global expansion strategy was equally crucial to its success. While US exchanges like Coinbase focused primarily on regulated markets, Binance pursued a ‘move fast, ask forgiveness later’ approach, quickly establishing footholds in emerging markets across Asia, Africa, and Latin America.

最後，Binance的積極進取的全球擴張策略對其成功同樣至關重要。儘管Coinbase之類的美國交流主要集中在受監管的市場上，但Binance採取了“快速行動，以後提出寬恕”的方法，迅速在亞洲，非洲和拉丁美洲的新興市場中建立了立足點。

Binance's Legal Whack-a-Mole

Binance的法律鞭打

As Binance conquered the crypto world, it inadvertently created another record: becoming the most legally challenged exchange on the planet.

當Binance征服了加密貨幣世界時，它無意中創造了另一個記錄：成為地球上最受挑戰的交流。

The list of countries where Binance has faced regulatory scrutiny reads like a United Nations roll call. The company has battled authorities in at least 10 countries between 2021 and 2025, with allegations ranging from operating without proper licenses to facilitating money laundering.

Binance面臨監管審查的國家列表，就像聯合國滾動電話一樣。該公司在2021年至2025年之間與至少10個國家 /地區的當局作鬥爭，指控從沒有適當許可證的運營到促進洗錢。

The United States delivered the most punishing blow in 2023, when Binance and founder Changpeng Zhao (CZ) pleaded guilty to violating anti-money laundering laws. The price tag? A staggering $4.3 billion settlement. CZ served four months in prison and stepped down as CEO—a humbling fall for crypto's most recognizable figure.

美國在2023年造成了最懲罰的打擊，當時Binance和創始人Changpeng Zhao（CZ）對違反反洗錢法律表示認罪。價格標籤？一項驚人的43億美元和解。 CZ被判入獄四個月，並辭去首席執行官的辭職 - 這是加密貨幣最知名的人物的謙卑跌倒。

That was just one front in a multi-continental legal war.

那隻是一場多大陸法律戰爭中的一個方面。

In France, prosecutors recently launched an investigation into alleged money laundering and tax fraud by Binance between 2019 and 2024. The UK's Financial Conduct Authority banned Binance from conducting regulated activities back in 2021. Nigeria detained Binance executives over currency manipulation allegations. Australia's securities regulator took legal action against Binance's derivatives arm for misclassifying retail clients as wholesale investors.

在法國，檢察官最近在2019年至2024年之間對托納斯（Binance）進行了涉嫌洗錢和稅收欺詐的調查。英國的金融行為管理局禁止Binance於2021年進行受監管的活動。尼日利亞拘留了對貨幣操縱指控的Binance高管。澳大利亞的證券監管機構針對Binance的衍生工具部門採取了法律訴訟，以將零售客戶誤分類為批發投資者。

The common thread? Regulators repeatedly cited Binance's rapid growth outpacing its compliance infrastructure.

共同線程？監管機構反复提到Binance的快速增長超過了其合規性基礎設施。

The exchange's decentralized structure—operating without a traditional headquarters—initially helped it evade regulatory oversight. That strategy eventually backfired, fuelling suspicions that Binance was deliberately avoiding accountability.

交易所的分散結構（無傳統總部運營）實際上幫助了它逃避監管監督。該策略最終適得其反，這激發了人們對義務有意避免責任的懷疑。

"As we scaled from six team members to thousands, there were gaps in compliance," current CEO Richard Teng told Cointelegraph, calling these "historical issues" the company is working to resolve.

現任首席執行官理查德·滕（Richard Teng）對Cointelegraph說：“隨著我們從六個團隊成千上萬的成員縮放到成千上萬的差距，”該公司正在努力解決這些“歷史問題”。

Why the US Market Still Matters

為什麼美國市場仍然很重要

For all its global dominance, Binance's willingness to pay a $4.3 billion fine and sacrifice its founder to resolve US legal issues reveals an uncomfortable truth: America remains the kingmaker in crypto.

儘管全球統治地位，Binance願意支付43億美元的罰款並犧牲其創始人來解決美國法律問題，這表明了一個不舒服的事實：美國仍然是加密貨幣的國王製造者。

Firstly, the US has an established channel for institutional capital. Wall Street's growing interest in digital assets means billions in potential trading volume, but these established players demand regulatory clarity before committing. A Binance without US regulatory blessing would be locked out of this lucrative opportunity.

首先，美國有一個既定的機構資本渠道。華爾街對數字資產的興趣日益增長意味著數十億美元的潛在交易量，但是這些成熟的參與者要求進行監管的清晰度。沒有美國監管祝福的融資將被束縛在這個有利可圖的機會中。

Second, the US dollar remains crypto's primary on-ramp

其次，美元仍然是加密貨幣的主要坡道