Binance was founded by Changpeng Zhao, a developer with a rich experience in the creation of high frequency trading software. The company was originally based in China, but after the heavy regulations imposed by the Chinese government on cryptocurrency was moved outside the country. In 2021, the company was put under investigation by the US Department of Justice and the Internal Revenue Service on allegations of money laundering and tax offenses, around the same time the UK’s Financial Conduct Authority forced Binance to stop all regulated activity in the United Kingdom. According to the company’s CEO, there are 3,000 people working for Binance around the world, all of the members of the Binance Smart Chain team are part of Binance Labs, the company’s legal entity tasked with the development of the project.