Binance, one of the leading crypto exchanges in the world, recently reached a significant milestone by processing over $100 trillion in crypto trades since its launch in 2017. This achievement was announced by CEO Richard Teng in a post on the X platform on Sept. 24, highlighting the platform’s dominance in the crypto industry.
The $100 trillion in trade volume on Binance is double the total market capitalization of the US stock market, underscoring the exchange’s central role in the emerging industry. Data from Kaiko shows that Binance is the largest crypto exchange by trading volume, controlling more than 50% of the market share.
This milestone comes on the heels of Binance revealing that its registered users had surpassed 200 million and its assets under custody had crossed the $100 billion mark earlier this year. Despite facing legal challenges and regulatory scrutiny in various jurisdictions, Binance has continued to expand its operations into new regions, including India.
Last year, Binance admitted to violations related to anti-money laundering, unlicensed money transmission, and sanctions, resulting in a $4.3 billion fine to US authorities. Founder Changpeng Zhao agreed to step down and pay a $50 million fine, serving a four-month sentence for violating the Bank Secrecy Act. His successor, Richard Teng, has pledged to prioritize compliance and ensure Binance operates within regulatory guidelines.
Teng emphasized Binance’s commitment to its users, stating, “Through the highs and lows, Binance will keep building. Because our users only deserve the best.” Co-founder Yi He echoed this sentiment, highlighting the exchange’s focus on making blockchain technology accessible to everyday people and creating products that meet user needs.
In conclusion, Binance’s journey to $100 trillion in trading volume has been marked by challenges, but the exchange continues to innovate and adapt to regulatory changes. With a strong user base and a commitment to compliance, Binance remains a key player in the crypto industry, shaping the future of finance.