Do we like them?

Do we like Binance?

World's largest crypto exchange (trading, payments, Web3 services); no fixed HQ, registered in the Cayman Islands per one profile.

Our score: 2 out of 10. We wouldn't back them. They pleaded guilty to anti-money-laundering and sanctions failures, face terror-financing suits, and just lost $6.3B in a hack. They did promise to cover user losses.

Binance was co-founded by Changpeng "CZ" Zhao and grew into the world's biggest crypto exchange. It's privately held. A profile says it's registered in the Cayman Islands, and it publishes no ownership table. Zhao is named by the DOJ as its owner. Abu Dhabi's MGX bought a minority stake for $2B in 2025.

In November 2023 Binance pleaded guilty to US charges and agreed to pay $4.3B. The DOJ said it put growth and profit ahead of complying with US law. Zhao pleaded guilty too and stepped down. The DOJ called it its largest corporate guilty plea that also involved a CEO's plea.

Zhao served four months in prison. President Trump then pardoned him in October 2025. That was two months after the WSJ reported the Trump family's crypto venture had benefited from a partnership with a platform run by Binance. Senators Warren and Schiff introduced a resolution rebuking the pardon.

The trouble hasn't stopped. In November 2025, more than 300 Oct 7 victims sued Binance in North Dakota. They accuse it of enabling over $1B in transfers to terror groups. Binance said it complies fully with sanctions laws. It has asked a New York court to toss the last claim in a separate case.

Late October 2026 brought a record hack of about $6B, which CNN says may be the biggest crypto heist ever. Binance says it started with an engineer's laptop. It paused withdrawals but says it will cover all losses. That's good for users, but it's a big security failure. We score it low.