Binance attributes growth to regulatory compliance initiatives and the adoption of Bitcoin ETFs.
According to a statement released on November 22, Binance, the biggest cryptocurrency exchange in the world, now boasts over 240 million members worldwide.
Since it had 170 million users at the end of 2023, this figure indicates that the cryptocurrency trading platform added 70 million new users this year. Therefore, if it were a country, its people would be sixth in the world, outstripping Russia, Nigeria, and Brazil.
Retail and institutional use are the main drivers of this increase, according to Binance CEO Richard Teng. He pointed out that institutional onboarding rates had doubled over the last year on the exchange, indicating a significant increase.
He claimed increased investor confidence is reflected in Binance’s current $130 billion user assets. The platform has broken industry records by being the first centralized exchange to achieve $100 trillion in total spot and derivatives trading volume.
Teng penned:
“These numbers underscore not just the resilience of Binance and crypto but the level of maturity and acceptance unthinkable just a year ago.”
What is the secret of Binance’s success?
Binance cited the growing incorporation of digital assets into traditional finance as the reason for its expansion. Their approval in markets such as the US, Brazil, and Australia has accelerated the global acceptance of Bitcoin ETFs.Inflows into bitcoin ETFs have surpassed gold ETFs, indicating a change in investor preferences.
The cryptocurrency industry is approaching the one billion user milestone as retail adoption has accelerated.
The platform has kept its advantage over market trends by concentrating on compliance and innovation. More than 20 regulatory certifications were obtained by the exchange globally, including in essential regions like Argentina and India.
Binance has made significant investments in compliance frameworks and collaborations with regulatory bodies to improve security. It arranged training sessions for investigators from over 80 countries and handled over 55,000 law enforcement inquiries in 2024 alone.
Previous regulatory obstacles
These accomplishments demonstrate how Binance overcame the financial and legal challenges it encountered last year. The business agreed to pay $4.3 billion in fines to resolve claims of regulatory infractions in November 2023.
Changpeng Zhao, the company’s founder, also pleaded guilty to related charges and resigned as CEO. In the US, he was imprisoned for four months.
The company has continued to dominate the business despite these problems. Teng said:
“From regulatory breakthroughs to institutional milestones, this year marked the dawn of a new era. As the industry’s global leader, Binance has risen to the occasion, setting benchmarks for growth, responsibility, and innovation.”
