Binance的兴衰：加密货币巨头如何成为地球上最受挑战的交流

到2025年初，Binance积累了估计的2.5亿用户，并处理了令人难以置信的100万亿美元交易量。交易所每天处理超过210亿美元的数字资产交易，比许多传统的证券交易所要多。

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的法律麻烦继续在全球范围内展开，强调了加密巨头在导航各种监管景观方面面临的挑战。美国最近针对Binance的诉讼最近发生的发展给了这次交流带来了希望。

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提出了一项联合动议，以暂停60天的高风险法律斗争，这一举动有可能为庭外和解铺平道路。该动议引用了由专员Hester Peirce领导的SEC新加密工作组，这可能“影响并促进了该案的潜在解决”。

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可以在美国获得有利的结果，那么这将标志着交易所的重大胜利，尤其是考虑到2023年因违反反货币洗钱法而向司法部支付的罚款43亿美元。

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的监管马拉松还远远没有结束。法国当局已经对涉嫌洗钱和税收欺诈的交流进行了全面的调查。在英国，Binance仍然面临着运营限制，尼日利亚要求这家加密货币巨头罚款810亿美元。

Binance's Rise to Crypto Supremacy

Binance的崛起到加密至高无上

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成立于2017年，迅速上升，成为加密世界中无可争议的泰坦。到2025年初，该交易所估计积累了2.5亿用户，并处理了令人难以置信的100万亿美元交易量。

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每天处理超过210亿美元的数字资产交易，比许多传统的证券交易所还要多。该平台的巨大流动性和低交易费用使其成为全球数百万贸易商的首选交换。

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年加密货币繁荣期间，Binance捕获了进入市场的大部分新投资者。尽管竞争对手在笨拙的界面中挣扎，但Binance提供了一种简化的交易经验，吸引了新手和退伍军人。

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年的每个月中占了33％以上的市场份额。

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的独特销售主张不仅提供了交流。它构建了整个生态系统。 2020年Binance Smart Chain的推出使该平台变成了一个开发中心，团队可以在其中建立分散的应用程序和金融产品。这创造了一个良性周期 - 更多的开发人员意味着更多的产品，这反过来又吸引了更多的用户并产生了更多的费用。

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.

最后，Binance的积极进取的全球扩张策略对其成功同样至关重要。尽管Coinbase之类的美国交流主要集中在受监管的市场上，但Binance采取了“快速行动，以后提出宽恕”的方法，迅速在亚洲，非洲和拉丁美洲的新兴市场中建立了立足点。

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.

当Binance征服了加密货币世界时，它无意中创造了另一个记录：成为地球上最受挑战的交流。

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面临监管审查的国家列表，就像联合国滚动电话一样。该公司在2021年至2025年之间与至少10个国家 /地区的当局作斗争，指控从没有适当许可证的运营到促进洗钱。

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.

美国在2023年造成了最惩罚的打击，当时Binance和创始人Changpeng Zhao（CZ）对违反反洗钱法律表示认罪。价格标签？一项惊人的43亿美元和解。 CZ被判入狱四个月，并辞去首席执行官的辞职 - 这是加密货币最知名的人物的谦卑跌倒。

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

那只是一场多大陆法律战争中的一个方面。

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.

在法国，检察官最近在2019年至2024年之间对托纳斯（Binance）进行了涉嫌洗钱和税收欺诈的调查。英国的金融行为管理局禁止Binance于2021年进行受监管的活动。尼日利亚拘留了对货币操纵指控的Binance高管。澳大利亚的证券监管机构针对Binance的衍生工具部门采取了法律诉讼，以将零售客户误分类为批发投资者。

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

共同线程？监管机构反复提到Binance的快速增长超过了其合规性基础设施。

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.

交易所的分散结构（无传统总部运营）实际上帮助了它逃避监管监督。该策略最终适得其反，这激发了人们对义务有意避免责任的怀疑。

"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.

现任首席执行官理查德·滕（Richard Teng）对Cointelegraph说：“随着我们从六个团队成千上万的成员缩放到成千上万的差距，”该公司正在努力解决这些“历史问题”。

Why the US Market Still Matters

为什么美国市场仍然很重要

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.

尽管全球统治地位，Binance愿意支付43亿美元的罚款并牺牲其创始人来解决美国法律问题，这表明了一个不舒服的事实：美国仍然是加密货币的国王制造者。

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，美国有一个既定的机构资本渠道。华尔街对数字资产的兴趣日益增长意味着数十亿美元的潜在交易量，但是这些成熟的参与者要求进行监管的清晰度。没有美国监管祝福的融资将被束缚在这个有利可图的机会中。

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

其次，美元仍然是加密货币的主要坡道