Binance is a cryptocurrency exchange platform founded by Changpeng Zhao, a software developer who previously worked on high-speed matching systems for the Tokyo Stock Exchange. During its ICO, Binance quickly sold out its token sale allocation, raising $15 million in a three-week period. Subsequently, the platform's high-speed trade matching engine and rapid addition of new digital assets led to an explosion in adoption, making Binance the preferred exchange for most cryptocurrency traders. Despite being one of the most recently launched exchanges, this growth quickly made Binance the most popular cryptocurrency exchange in the world, easily surpassing competing exchanges in terms of trading volume. Part of its success can be attributed to its unique fee structure, which allows traders to significantly reduce their fees by paying them in BNB, the platform's native utility token. Additionally, fees can be reduced to as low as 0.015% if VIP 8 membership is achieved.