Binance vs Bitfinex: Founders, CEOs and History
Binance was founded in 2017 by Changpeng Zhao (CZ), Yi He and is led by Richard Teng. Bitfinex was founded in 2012 by Raphael Nicolle, Giancarlo Devasini and is led by JL van der Velde.
Company facts
Founders
Binance
Changpeng Zhao (CZ)
Changpeng Zhao founded Binance in 2017 after a BNB token sale that raised about $15 million.
Yi He
Yi He co-founded Binance with Changpeng Zhao in 2017 and became co-CEO alongside Richard Teng on December 3, 2025.
Bitfinex
Raphael Nicolle
Raphael Nicolle launched Bitfinex in December 2012 as a peer-to-peer bitcoin lending platform, drawing on Bitcoinica, an earlier margin-trading site.
Giancarlo Devasini
Giancarlo Devasini joined Bitfinex in its first year, became its largest shareholder and serves as CFO of Bitfinex and Tether. He oversaw the group's finances through the 2016 hack, the banking cut-offs of 2017-2019 and the $1 billion LEO token sale.
CEOs and their tenures
Binance
- Changpeng Zhao2017–2023
Founder & CEO
Zhao studied computer science at McGill University and built trading systems for the Tokyo Stock Exchange and Bloomberg Tradebook before crypto. He served four months in a US prison in 2024 and was pardoned on October 23, 2025.
Source - Richard Teng2023–present
CEO (Co-CEO since December 2025)
Teng spent three decades in financial regulation, including as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market, chief regulatory officer of Singapore Exchange and a director at the Monetary Authority of Singapore.
Source - Yi He2025–present
Co-Founder & Co-CEO
Before Binance she was a television host and a vice president at OKCoin, where she hired Changpeng Zhao as CTO in 2014.
Source
Bitfinex
- Giancarlo Devasini2012–present
Co-Founder & CFO
Largest shareholder (about 43% per a 2023 WSJ report) and CFO of both Bitfinex and Tether; manages the group's finances and banking.
Source - JL van der Velde2013–present
CEO
A Dutch executive who moved to Taiwan in 1985 and spent decades in Asian technology businesses before running Bitfinex; a 2023 WSJ report put his stake at about 15%.
Source - Paolo Ardoino2016–present
CTO
Joined in 2014 to rework the matching engine, CTO since 2016 and Tether CEO since December 2023; announced the 2025 zero-fee model.
Source
Timeline: Binance and Bitfinex side by side
2012Bitfinex
Bitfinex launches: Raphael Nicolle launches Bitfinex in December 2012 as a peer-to-peer bitcoin lending platform, later adding exchange trading.
2013Binance
Changpeng Zhao is introduced to Bitcoin in Shanghai and joins Blockchain.info's early team.
2014Binance
CZ sells his Shanghai apartment to buy Bitcoin and becomes CTO of OKCoin, hired by Yi He.
2015Bitfinex
First hack: A May 2015 breach costs about 1,500 BTC, roughly $400,000 at the time.
2016Bitfinex
First CFTC penalty: In June 2016 the CFTC orders Bitfinex to pay $75,000 for illegal off-exchange financed commodity transactions and failing to register as a futures commission merchant.
2016Bitfinex
119,756 BTC stolen: On 2 August 2016 an attacker steals 119,756 BTC, worth about $72 million. Bitfinex cuts all balances by 36% and issues BFX debt tokens.
2017Binance
Binance raises about $15 million in a BNB token sale and launches on July 14; China's September ban pushes it offshore.
2017Bitfinex
All BFX tokens redeemed: Bitfinex finishes redeeming every BFX token in April 2017, eight months after the hack. The same month Wells Fargo stops processing its wires.
2018Binance
Binance becomes the largest crypto exchange by volume in January and acquires Trust Wallet in July.
2019Binance
Hackers steal 7,000 BTC in May, covered by the SAFU fund; Binance Futures and the separate Binance.US launch in September.
2019Bitfinex
$1 billion LEO token sale: After about $850 million at payment processor Crypto Capital is frozen and the New York Attorney General opens a case, iFinex raises $1 billion selling UNUS SED LEO tokens i…
2019Bitfinex
Lightning Network support: Bitfinex becomes one of the first major exchanges to offer Lightning Network deposits and withdrawals in December 2019.
2020Binance
Binance buys CoinMarketCap for a reported $400 million and launches Binance Smart Chain, now BNB Chain.
2021Binance
Binance handles about $7.7 trillion of trading as BNB passes $600; the UK FCA orders it to halt regulated activity.
2021Bitfinex
NYAG and CFTC settlements: Bitfinex and Tether pay $18.5 million to settle the New York Attorney General case in February 2021; in October 2021 the CFTC fines Bitfinex $1.5 million.
2021Bitfinex
Bitfinex Pay launches: Bitfinex launches Bitfinex Pay in March 2021 so online merchants can accept crypto payments.
2022Binance
Binance walks away from rescuing FTX, publishes Merkle-tree proof of reserves and buys Japan's Sakura Exchange BitCoin.
2022Bitfinex
US seizes hacked bitcoin: In February 2022 US authorities arrest Ilya Lichtenstein and Heather Morgan and seize about 94,000 of the stolen bitcoin, then worth $3.6 billion.
2023Binance
Binance pleads guilty in the US and agrees to pay about $4.3 billion; CZ steps down and Richard Teng becomes CEO.
2023Bitfinex
First El Salvador licence: Bitfinex Securities receives the first licence issued by El Salvador's National Commission of Digital Assets in April 2023.
2023Bitfinex
Orionx investment and Latin America P2P: Bitfinex announces an investment in Chilean exchange Orionx in May 2023 and launches peer-to-peer trading in Venezuela, Argentina and Colombia in June.
2024Binance
CZ serves a four-month US prison sentence; Binance ends the year with about 250 million registered users.
2024Bitfinex
First tokenised bond: In April 2024 Bitfinex Securities opens a $6.25 million, 10% five-year bond to build a Hampton by Hilton hotel at El Salvador International Airport.
2024Bitfinex
Hacker sentenced: Ilya Lichtenstein is sentenced to five years in federal prison in November 2024; Heather Morgan receives 18 months.
2025Binance
MGX invests $2 billion (March), the SEC drops its case (May), Trump pardons CZ (October) and Yi He becomes co-CEO as users pass 300 million (December).
2025Bitfinex
Derivatives arm moves to El Salvador: In January 2025 Bitfinex Derivatives relocates from the Seychelles to El Salvador after receiving its own DASP licence.
2025Bitfinex
Restitution of 94,643 BTC backed: January 2025 court filings support returning 94,643 BTC seized from the hacker to Bitfinex as in-kind restitution.
2025Bitfinex
Zero trading fees: On 17 December 2025 Bitfinex sets maker and taker fees to zero for spot, margin, perpetual derivatives, Bitfinex Securities and OTC trades.
2026Binance
The main platform starts operating under ADGM supervision (January), US stock trading launches (June) and most EU services are suspended after the MiCA deadline (July).
2026Bitfinex
Hacker released early: Ilya Lichtenstein is released from prison on 2 January 2026 under the First Step Act.
2026Bitfinex
Main exchange licensed in El Salvador: On 12 May 2026 Bitfinex receives a Digital Asset Service Provider licence, adding the main exchange to its licensed securities and derivatives entities in El Sal…
2026Bitfinex
Capstone payment accounts seized: In July 2026 US prosecutors seize about $84.2 million from accounts of Capstone, a payment firm that court papers say processed much of its flow for Tether and Bitfin…
Acquisitions
Binance
- Sakura Exchange BitCoin (SEBC)2022Undisclosed
- CoinMarketCap2020$400M
- Swipe2020Undisclosed
- Trust Wallet2018Undisclosed
Bitfinex
- Orionx (investment)2023Undisclosed
- Holepunch (co-funded with Tether)2022Undisclosed
Questions about Binance vs Bitfinex
Who is the CEO of Binance and Bitfinex?
Binance is led by Richard Teng and Bitfinex is led by JL van der Velde. Both serve as the top executive responsible for the company's strategy, operations, and financial performance.
When was Binance founded vs Bitfinex?
Bitfinex was founded in 2012 — 5 years before Binance, which was founded in 2017. Bitfinex's longer operating history gives it a deeper track record but also potentially more institutional inertia compared to the younger Binance.
How many employees does Binance have compared to Bitfinex?
Binance employs approximately 5,000 people, while Bitfinex employs approximately 400. Binance has the larger workforce at 5,000 employees, compared to Bitfinex's 400. A higher headcount does not necessarily imply greater efficiency — it often reflects differences in business model (e.g., manufacturing vs. software).
Where are Binance and Bitfinex headquartered?
Binance is headquartered in Cayman Islands and Bitfinex is headquartered in British Virgin Islands. Their different home markets mean they may face different regulatory frameworks, tax regimes, and currency exposure.
Who founded Binance and Bitfinex?
Binance was founded by Changpeng Zhao (CZ), Yi He. Bitfinex was founded by Raphael Nicolle, Giancarlo Devasini.
Which company has a longer operating history — Binance or Bitfinex?
Bitfinex has been operating for approximately 14 years, making it the more established of the two companies. Binance has been in operation for around 9 years. A longer operating history often signals greater institutional resilience and brand recognition, though it can also mean slower adaptation to new market conditions.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Binance vs Bitfinex overview