This outgoing year 2024 has been a rollercoaster year for Binance, the world's largest cryptocurrency exchange by trading volume. Here's a detailed look at
the top events and news that shaped its trajectory:


1. FTX Lawsuit Against Binance

In a significant legal development, the FTX bankruptcy estate filed a
$1.8 billion lawsuit against Binance and its former CEO, Changpeng
Zhao. The lawsuit alleges fraudulent transfers involving tokens like
FTT, BNB, and BUSD, stemming from a 2021 deal. This legal battle has
cast doubts on exchange trust and could have long-term implications
for Binance's operations and reputation.


2. Changpeng Zhao's Departure


Changpeng Zhao (CZ), Binance's iconic founder, stepped down as CEO in November
2023 following a plea deal with U.S. authorities. His departure in
2024 led to considerable speculation about the future direction of
the company under new leadership by Richard Teng. This transition
marked a pivotal moment for Binance, affecting its strategic
decisions and public image.

  1. SEC Enforcement Actions

The U.S. Securities and Exchange Commission (SEC) continued its stringent
oversight, with Binance facing multiple charges throughout 2024 for
alleged violations including unregistered securities offerings and
mishandling of customer funds. These legal challenges have put
immense pressure on Binance's U.S. operations, with potential
repercussions on its global business model.

  1. Record-Breaking User Milestone

Binance hit a landmark by reaching 200 million users, showcasing its robust
growth and the expanding interest in cryptocurrency despite
regulatory hurdles. This achievement underscored Binance's dominance
in the crypto exchange market but also spotlighted the need for
enhanced compliance and user protection mechanisms.


5. Introduction of Binance Alpha

Binance launched its eighth batch of tokens under the Binance Alpha program,
aimed at highlighting promising early-stage crypto projects for
potential listing. Tokens like $ARC, $WHY, $APU, $HAPPY, and $FWOG
were included, emphasizing Binance's role in nurturing new projects
and maintaining market innovation.


6. Expansion of Futures and Market Pairs


Despite the regulatory scrutiny, Binance expanded its offerings by
introducing numerous new futures markets and trading pairs,
especially for emerging fiat currencies like the Turkish Lira (TRY)
and South African Rand (ZAR). This move was to cater to a broader
international audience, potentially mitigating some of the impacts
from U.S.-centric regulatory issues.



7. Regulatory Challenges in Nigeria


Binance encountered significant regulatory obstacles in Nigeria, where two of
its executives were arrested on charges of money laundering. This
incident highlighted the challenges Binance faces in navigating
diverse global regulatory environments, impacting its ability to
operate freely in certain regions.


8. Mastercard Payment Option Reinstated


After a 10-month ban, Mastercard was reinstated as a payment option on
Binance, providing relief to users by enhancing the platform's
payment gateway options. This was a positive development amidst a
challenging regulatory landscape, boosting user confidence and
transaction volumes.


9. Crypto Market Volatility


The crypto market's volatility in 2024, influenced by macroeconomic
factors and political events like Donald Trump's election victory,
had a direct impact on Binance. The exchange had to navigate through
high market fluctuations, ensuring liquidity and stability for its
users while adapting to new market dynamics.


Binance continued to add new listings, with significant attention on meme
coins and innovative blockchain projects. The exchange listed over
600 coins across more than 1,000 markets, reflecting its commitment
to staying at the forefront of crypto trends, although this also
meant handling the increased risk associated with memecoins and
speculative assets.


In summary, 2024 has been a year of both growth and challenges for
Binance. Navigating through legal battles, leadership changes, and
regulatory landscapes while continuing to innovate and expand its
offerings has been a testament to its resilience and adaptability in
the ever-evolving cryptocurrency sector.

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