Binance founder CZ shared insights on the company's origins during a February 10 interview on the All-In Podcast. Initially, the team focused on a SaaS software licensing business, charging a fixed monthly fee. However, in March 2017, tightened regulations in China led to the shutdown of most clients, eroding the business foundation. In response, the team sought a new direction and decided to leverage their technical expertise to create a cryptocurrency exchange platform. By May 2017, they committed to building their own crypto exchange, marking a pivotal moment in Binance's establishment.