Founded in 2017 by Changpeng Zhao, Binance has grown to become the world’s largest cryptocurrency exchange by trading volume. With continuous innovations and a strong focus on regulatory compliance, Binance plays a pivotal role in shaping the global crypto ecosystem.
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Key Binance Statistics at a Glance
- 200 million registered users as of mid-2024.
- 43.8% market share in global crypto trading volume.
- $19.38 billion daily trade volume, leading all exchanges.
- $4.4 trillion annual exchange volume in 2023.
- $14 billion estimated revenue for 2023.
- $213 million invested in compliance programs to enhance security.
Binance User Growth Over the Years
Binance started with just 1.5 million users in 2017. Despite regulatory challenges, its user base has expanded exponentially:
| Year | Registered Users |
|---|---|
| 2024 | 200 million |
| 2023 | 170 million |
| 2022 | 128 million |
| 2021 | 28.6 million |
| 2020 | 21.5 million |
Growth Insights:
– A 56% increase in users from 2022 to 2024.
– 36% of global crypto users are on Binance.
Trading Volume and Market Dominance
Binance consistently outperforms competitors with unmatched liquidity and trading pairs. Here’s how it stacks up:
24-Hour Trade Volume
- $19.38 billion – Highest among all exchanges.
- Outpaces Coinbase, Kraken, and KuCoin combined.
Annual Exchange Volume
| Year | Volume (Trillion $) |
|---|---|
| 2023 | 4.4 |
| 2022 | 5.2 |
| 2021 | 9.58 |
Note: 2023 saw a dip due to regulatory adjustments.
Market Share Breakdown
- Binance: 43.8%
- All other exchanges: 56.2% (combined)
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Financial Performance and Compliance
Revenue Trends
| Year | Revenue (Billion $) |
|---|---|
| 2021 | 20 |
| 2022 | 12 |
| 2023 | 14 (estimated) |
Key Takeaway: Despite regulatory hurdles, Binance maintains robust revenue streams.
Compliance Investments
- Proof of Reserves (POR): Supports 31 tokens for transparency.
- SAFU Fund: $1 billion reserve to protect users.
- $213 million spent in 2023 on compliance upgrades.
Innovations and New Listings
Binance continues to innovate with:
– Meme coin listings ($MYRO, $WIF).
– DePIN projects like Filecoin ($FIL).
– Cross-chain gaming (PORTAL).
Recent Ventures:
1. Athena Labs: ETH-based stablecoin solutions.
2. NFPrompt: AI-driven NFT creation platform.
3. Shogun.fi: Enhanced decentralized trading tools.
Frequently Asked Questions
1. Is Binance safe to use?
Yes, Binance employs SAFU funds, POR audits, 2FA, and AML protocols to safeguard users.
2. What’s the current Binance Coin (BNB) price?
As of 2024, BNB trades at $607.19 with an $89.31 billion market cap.
3. How many cryptocurrencies does Binance support?
Binance lists 386 coins, including its native BNB token.
4. What are Binance’s trading fees?
- 0.1% for standard users.
- Discounted rates for VIP members.
5. How does Binance prevent money laundering?
Through KYC verification, transaction monitoring, and regulatory collaboration.
6. How often does Binance add new coins?
Approximately 10–20 monthly, with 16 tokens listed in June 2024 alone.
For deeper insights, always verify data via official Binance channels.
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