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Skip to Main ContentSkip to SearchSkip to... Select * Listen to Article * What To Read Next SubscribeSign In https://www.wsj.com/articles/binance-became-the-biggest-cryptocurrency-exchange-without-licenses-or-headquarters-thats-coming-to-an-end-11636640029 Changpeng Zhao, CEO of the Binance cryptocurrency exchange. Juliana Tan for The Wall Street Journal $76 BILLION A DAY: HOW BINANCE BECAME THE WORLD’S BIGGEST CRYPTO EXCHANGE THE TRADING PLATFORM SURGED BY OPERATING FROM NOWHERE IN PARTICULAR—WITHOUT OFFICES, LICENSES OR HEADQUARTERS. NOW GOVERNMENTS ARE INSISTING ON TAKING SOME CONTROL. Changpeng Zhao, CEO of the Binance cryptocurrency exchange. Juliana Tan for The Wall Street Journal By Patricia Kowsmann Close PATRICIA KOWSMANN * Biography * @kowsmann and Caitlin Ostroff Close CAITLIN OSTROFF * Biography * @ceostroff * caitlin.ostroff@wsj.com Nov. 11, 2021 9:13 am ET Share Text 93 Responses Your browser does not support the audio tag. Listen to article Length 2 minutes AD Loading advertisement... 00:00 / 01:57 1x This article is in your queue. Open Queue The world’s fastest-growing major financial exchange has no head office or formal address, lacks licenses in countries where it operates and has a chief executive who until recently wouldn’t answer questions about his location. Started just four years ago, Binance is the exchange giant that towers over the digital currency world, a crypto equivalent of the London, New York and Hong Kong stock exchanges combined. After a burst of growth, Binance processes more trades for cryptocurrencies such as bitcoin and ether each day, $76 billion worth, than its four largest competitors put together, according to data provider CryptoCompare. To Read the Full Story Subscribe Sign In CONTINUE READING YOUR ARTICLE WITH A WSJ MEMBERSHIP SPECIAL OFFER LESS THAN $1/WEEK View Membership Options RESUME SUBSCRIPTION We are delighted that you'd like to resume your subscription. You will be charged $ + tax (if applicable) for The Wall Street Journal. You may change your billing preferences at any time in the Customer Center or call Customer Service. You will be notified in advance of any changes in rate or terms. You may cancel your subscription at anytime by calling Customer Service. Please click confirm to resume now. Confirm Customer CenterSubscriber AgreementPrivacy NoticeCookie Notice© 2021 Dow Jones & Company, Inc. All Rights Reserved.