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Binance attained these heights by executing aggressively on several fronts: expanding geographically, adding to its listing of coins and tokens, and experimenting with new products, including its own decentralized exchange and exchange token.

In two years, Binance’s share of crypto trading had boomed, from 10 percent to 50 percent. It offered financial products that local regulators either had banned or had yet to approve, and the regulators did not seem willing to do much about it. Binance’s own exchange token, called BNB, was an example. BNB was to Binance what FTT was to FTX: a claim