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Binance was founded in China in 2017 by Changpeng Zhao and Yi He. He and Zhao both worked at the OKCoin exchange before deciding to build their crypto exchange.
The company was forced to leave China in September 2017 after the Chinese government banned cryptocurrency trading. It has since had offices in Japan and Taiwan. It’s currently based in Malta.
Binance has its cryptocurrency called Binance Coin (BNB). The exchange used an initial coin offering of Binance Coin to raise 15 million USD worth of funding in July 2017. Discounts are offered to traders who use BNB to pay trading fees (which I will explain in detail a little later!)