Binance, the world’s largest cryptocurrency exchange, has experienced remarkable growth, surpassing 240 million users globally, as reported on Nov. 22 to CryptoSlate. This figure indicates a significant increase of 70 million new users this year, with the exchange finishing 2023 with 170 million users. If Binance were a country, its population would rank sixth globally, surpassing countries like Brazil, Nigeria, and Russia.
CEO Richard Teng attributed this growth to both retail and institutional adoption. He highlighted a substantial increase in institutional onboarding, with rates doubling over the past year. Binance now holds a staggering $130 billion in user assets, reflecting a growing confidence among investors. The platform has also set an industry record by surpassing $100 trillion in cumulative spot and derivatives trading volume, making it the first centralized exchange to achieve this milestone.
Teng emphasized the increasing integration of digital assets into mainstream finance as a key driver of Binance’s success. The approval of Bitcoin ETFs in markets such as the United States, Brazil, and Australia has fueled global adoption, with Bitcoin ETF inflows even surpassing those of gold ETFs. Retail adoption has also gained momentum, bringing the crypto sector closer to the milestone of one billion global users.
In addition to market trends, Binance’s focus on compliance and innovation has been instrumental in maintaining its edge. The exchange has obtained over 20 regulatory approvals worldwide, including in crucial markets like India and Argentina. Binance has invested significantly in compliance systems and forged partnerships with authorities to bolster security. In 2024 alone, the platform responded to over 55,000 law enforcement requests and conducted educational programs for investigators from more than 80 countries.
The achievements of Binance demonstrate its ability to navigate past regulatory challenges successfully. In November 2023, the company settled allegations of regulatory violations and agreed to pay $4.3 billion in fines. Furthermore, founder Changpeng Zhao resigned as CEO and pleaded guilty to related charges, serving a four-month prison sentence in the US. Despite these setbacks, Binance has maintained its dominant position in the industry.
Teng expressed confidence in Binance’s future, stating, “From regulatory breakthroughs to institutional milestones, this year marked the dawn of a new era. As the industry’s global leader, Binance has risen to the occasion, setting benchmarks for growth, responsibility, and innovation.” The exchange’s continued success underscores the resilience of Binance and the crypto industry as a whole.