Binance Breaks Barrier with Over 250 Million Registered Users
In 2024, Binance, the world's largest cryptocurrency exchange, experienced a significant year of growth across multiple key metrics. The user count reached approximately 250 million registered users, with over 40 million Binance Pay users and more than 20 million Binance P2P users reported by year-end[1].
Trading volumes remained high, with an average daily trading volume of around $76 billion and spot transaction volume reaching $300 billion in 2024[1]. Binance maintained the largest market share by far, with a 24-hour trading volume surpassing $36 billion, nearly nine times that of its closest competitor[1].
Revenue for the year was $16.8 billion, a 40% increase compared to the previous year, reflecting strong operational performance[1]. The exchange expanded services including Binance Wealth, Binance Pay, and Binance Earn, with Binance Pay users exceeding 40 million, signaling growing adoption of its payments platform[1].
The growth in trading volumes and diverse advanced product offerings imply increasing engagement from institutional investors. Binance’s user base grew notably in regions like Asia, South America, and Africa, with Africa seeing a 42% year-over-year increase in users, aided by mobile-first strategies and P2P markets[3].
On compliance and security, Binance invested in advanced AI-based fraud detection and anti-fraud measures, contributing to market share improvements and enhanced transaction security[4]. Although regulatory challenges continue in some European countries, Binance has made strides with compliance and obtained various regulatory clearances that support its expansive operation in over 100 countries[3].
Binance processed 4.44 million requests per second, an all-time high[5]. The company offers services like Binance Wealth and an updated Banking Triparty service, making it a gateway for institutions exploring the innovative potential of crypto[6]. The charitable arm provided more than $6.9 billion in aid[7].
The exchange's anti-fraud measures prevented user losses totaling $4.2 billion[8]. Binance's teams responded to nearly 65,000 requests[9]. The total locked value in Binance Earn rose by 144%, and the active user base for Binance Pay grew by 226%[10].
The number of VIP clients increased by 116% during the same period, and the number of registered institutional users rose by 97%[11]. Binance added 50 million users in less than six months, reaching the 200 million milestone in June[12]. Binance obtained regulatory clearances in 21 jurisdictions[13].
Binance's in-house compliance team grew to 650 experts[14]. The exchange's growing presence of institutional participants enhances its key role in connecting traditional finance with Web3. Binance Academy reached 44 million learners[15]. The company considers the 250 million user milestone a "remarkable achievement" on its path toward serving 1 billion customers.
Sources: - User count, trading volume, revenue, product usage stats from Binance 2024 report and market data[1] - Regional user growth and projections for 2025[3] - Fraud detection and security investments[4] - Binance processed 4.44 million requests per second, an all-time high[5] - Binance offers services like Binance Wealth and an updated Banking Triparty service, making it a gateway for institutions exploring the innovative potential of crypto[6] - The charitable arm provided more than $6.9 billion in aid[7] - The exchange's anti-fraud measures prevented user losses totaling $4.2 billion[8] - Binance's teams responded to nearly 65,000 requests[9] - The total locked value in Binance Earn rose by 144%, and the active user base for Binance Pay grew by 226%[10] - The number of VIP clients increased by 116% during the same period, and the number of registered institutional users rose by 97%[11] - Binance added 50 million users in less than six months, reaching the 200 million milestone in June[12] - Binance obtained regulatory clearances in 21 jurisdictions[13] - Binance's in-house compliance team grew to 650 experts[14] - Binance Academy reached 44 million learners[15]
- The growth in Binance's trading volumes and adoption of advanced products suchas Binance Pay indicates the increasing involvement of institutional investors in the technology-driven business realm of finance.
- Binance's expansion in services like Binance Wealth and the onboarding of over 40 million Binance Pay users reflect the exchange's commitment to bridge the gap between traditional finance and the innovative potential of crypto-technology.
