Binance, the leading cryptocurrency exchange in the world, has made a significant impact in the digital asset space since its inception in 2017. With over $125 trillion worth of digital assets processed to date, Binance continues to play a pivotal role in shaping the crypto market.
In a recent statement commemorating the platform’s eighth anniversary, Binance CEO Richard Teng highlighted the impressive growth of the exchange. He mentioned that Binance handles an average of 217 million spot and futures trades daily, commanding 41% of the global spot trading market. Additionally, Binance holds a 95% share of the decentralized wallet segment with built-in trading features.
Beyond trading, Binance has expanded its services into savings, payments, and financial access. Binance Earn has generated $50 billion in user returns, while Binance Pay has processed $230 billion across 300 million transactions. The platform has also helped users save $1.75 billion in remittance fees from 2022 to 2024.
Teng emphasized that each of these numbers reflects real people gaining financial freedom and achieving financial independence. Binance continues to attract new users at a rapid pace, with VIP user registrations increasing by 116% and institutional clients growing by nearly 97% in 2024.
Recently, Binance introduced new offerings such as Fund Accounts, Binance Wealth, and Institutional Loans to cater to the evolving needs of its sophisticated users. The platform has also seen strong retail adoption, thanks to innovative products like Binance Alpha, Launchpool, and the Pump.Fun-like bonding curve mechanism.
With nearly 80 million new retail users added in the past year, Binance now boasts a total global user base of 280 million. If Binance were a country, it would have the world’s fourth-largest population, surpassing countries like Nigeria.
In terms of compliance, Teng mentioned that Binance is investing heavily in its global compliance efforts, with spending expected to be 30% higher than the previous year. This commitment to compliance is crucial, especially in light of the legal challenges and regulatory scrutiny that Binance has faced in multiple jurisdictions over the years.
Despite facing challenges, Binance remains a powerhouse in the cryptocurrency industry, continuously evolving to meet the needs of its diverse user base. The platform’s growth and innovation continue to solidify its position as a leader in the digital asset space.