Binance Booms as Crypto Trading Unfolds Beyond Nations’ Reach

It pays its people in a digital token of its own devising. It’s based wherever its founder happens to be. A growing list of countries want no part of it. And Binance Holdings Ltd. might just be the biggest, craziest thing in the big, crazy realm of cryptocurrencies.

Welcome to the world of Changpeng Zhao, the elusive, flip-flop-wearing software developer everyone calls CZ -- and the brains behind Binance. For now, it’s the largest cryptocurrency exchange on the planet, even though the U.K. just booted an affiliate and Thailand filed a criminal complaint against the firm for operating without ...