Binance Surpasses 240 Million Users Globally, Driving Crypto Adoption
Binance, the world’s largest crypto exchange, has reached a significant milestone by exceeding 240 million users globally, as reported on Nov. 22. This remarkable achievement highlights the platform’s rapid growth, with 70 million new users added just this year. If Binance were a nation, it would rank sixth globally in population, surpassing countries like Brazil, Nigeria, and Russia.
CEO Richard Teng attributes this growth to both retail and institutional adoption. Binance has seen a substantial increase in institutional onboarding, with rates doubling in the past year. The exchange now holds $130 billion in user assets, reflecting a growing confidence among investors. Binance has also set an industry record by becoming the first centralized exchange to surpass $100 trillion in cumulative spot and derivatives trading volume.
Teng emphasized the significance of these numbers, stating that they demonstrate the resilience and maturity of both Binance and the crypto industry as a whole. The platform’s success can be attributed to the increasing integration of digital assets into mainstream finance, fueled by the approval of Bitcoin ETFs in various markets around the world.
Retail adoption has also played a significant role in driving Binance’s success, bringing the crypto sector closer to the milestone of one billion global users. In addition to market trends, Binance has maintained its edge through a focus on compliance and innovation. The exchange has secured over 20 regulatory approvals worldwide, including in key markets like India and Argentina.
Binance has made significant investments in compliance systems and partnerships with authorities to enhance security. In 2024 alone, the platform responded to over 55,000 law enforcement requests and organized educational programs for investigators from more than 80 countries. These efforts have helped Binance navigate past regulatory challenges, including settling allegations of violations and agreeing to pay fines in 2023.
Despite these challenges, Binance has continued to thrive and maintain its dominant status in the industry. Teng highlighted the company’s success in setting benchmarks for growth, responsibility, and innovation, positioning Binance as a global leader in the crypto space. With a focus on regulatory compliance and technological innovation, Binance is well-positioned to drive further adoption and growth in the coming years.