Binance’s Early Days: A Rare Look Back in History
A glimpse into Binance’s early history, its move from Shanghai to Tokyo, and a rare team photo with Zhao Dong, the once-famous "King of OTC."
- Binance relocated from Shanghai to Tokyo in 2017 after China’s crypto crackdown.
- Founders CZ and He Yi took a team photo with Zhao Dong.
- Zhao Dong, once a key OTC trader, is now sentenced by the Chinese government.
Binance’s Early Days: A Rare Glimpse Into Its Beginnings
Binance, now one of the largest cryptocurrency exchanges in the world, had a humble yet eventful beginning. In 2017, China implemented a severe crackdown on cryptocurrency exchanges, forcing many businesses to relocate. Binance, which had just been established, was among them, moving its operations from Shanghai to Tokyo in search of a more favorable regulatory environment.
The Founding Team and a Rare Team Photo
During this transitional phase, Binance’s co-founders, Changpeng Zhao (CZ) and He Yi, took a now-historic group photo alongside Zhao Dong and his team. Zhao Dong, once known as the “King of OTC” (over-the-counter trading), was a prominent figure in China’s crypto landscape. His role in facilitating large-scale Bitcoin trades made him an influential player in the early days of cryptocurrency adoption in China.
The photograph captured a moment of collaboration between Binance and key figures in the Chinese crypto industry before regulatory changes altered the landscape. At that time, Binance was still laying the foundation for what would later become a global cryptocurrency giant.
Early historical photos of Binance: After China cracked down on cryptocurrencies in 2017, the newly established Binance moved from Shanghai to Tokyo. The two founders of Binance, CZ and He Yi, took a group photo with the team of Zhao Dong, who was known as the "King of OTC". Zhao… pic.twitter.com/OiufBGQ72F
— Wu Blockchain (@WuBlockchain) March 2, 2025
The Downfall of Zhao Dong
While Binance continued to grow exponentially, Zhao Dong’s journey took a different turn. Once a powerful name in OTC trading, he faced legal troubles as the Chinese government tightened its grip on cryptocurrency-related activities. Eventually, Zhao Dong was sentenced by authorities, marking a significant downfall for one of China’s earliest Bitcoin magnates.
Binance’s Global Expansion
Despite the regulatory challenges in China, Binance adapted quickly, shifting its base multiple times in pursuit of regulatory compliance and global expansion. Today, it stands as a major player in the cryptocurrency ecosystem, serving millions of users worldwide.
This rare historical snapshot serves as a reminder of Binance’s resilience and the ever-changing nature of the crypto industry.
