Binance Chain is a peer-to-peer distributed system, connecting together multiple clients that reach consensus on their views of the "state of the world". Binance Chain uses Tendermint BFT consensus and has a dedicated application layer that runs upon it. A simplified overview of the application's architecture might look something like this:
+------------+-----------+
| RPC API | Web API |
+------------------------+---------+
| Asset Management | Match Engine |
+----------------------------------+
| Account Management | Governance |---------> crypto and blockchain governance
+----------------------------------+
| State Caching and Persisence +-+
+----------------------------------+ |
| Consensus Protocol | |
+----------------------------------+ |-----> revised Tendermint
| P2P Protocol | |
+----------------------------------+ |
| Networking | Database +-+
+----------------------------------+