/ Conviction Index / Binance

Binance

CeFi · Exchange · BNB (token); private equity · Launched 2017
C-

Mixed (C-) — Conviction Grade

Binance is the largest global cryptocurrency exchange by volume. Material 2023 settlements: $4.3B DOJ + FinCEN settlement; founder Changpeng Zhao guilty plea + 4-month prison sentence. Continued operational restrictions in multiple jurisdictions. Binance.US is materially diminished from peak.

54
Composite / 100
/ Subscore Breakdown · 5 Dimensions

Where this grade comes from.

Protocol Security
B
Governance Decentralization
D
Liquidity
A
Adoption & Utility
A
Regulatory Posture
D
/ Public-Record Events

Key events & disclosures.

  • Founded 2017
  • $4.3B DOJ + FinCEN settlement Nov 2023
  • CZ guilty plea + 4-month sentence
  • Multi-jurisdiction operational restrictions

/ Best for

Limited US institutional recommendation. Where non-US Binance liquidity is required, allocate with awareness of jurisdictional and counterparty risk.

/ Watch out for

Multi-jurisdiction enforcement history is the most material in the cryptocurrency exchange category. Banking-relationship instability has been documented. US institutional default should be Coinbase or Kraken.