The world's largest cryptocurrency exchange demonstrated its dominance across several key metrics including cumulative historical trading volume and the number of registered users.
The cryptocurrency giant launched massive trading volumes.
Binance, the world's largest cryptocurrency exchange by trading volume, released its year-end report on Wednesday, revealing an astonishing cumulative trading volume of $100 trillion across all its products.
The company increased its customer base to 250 million, a 47% increase in the number of registered users with a total of $160 billion in user assets held. To put this in perspective, Coinbase, the largest exchange in the United States, had $137 billion in assets held at the end of September, according to the company's most recent shareholder letter.
According to the report, Binance also has $30 billion in annual inflows, far exceeding the total inflows of its ten largest competitors "by a significant margin."
Although it is unclear what the cumulative historical trading volume of Coinbase is, this American exchange has daily spot trading volume of about $4.6 billion, just one-fifth of Binance's $25 billion, according to data from Coin Market Cap.
But among all the vanity metrics, Binance's $100 trillion milestone may simply be a clear illustrative benchmark of this exchange's dominance among cryptocurrency exchanges.
"2024 marks an important chapter for the cryptocurrency industry," the report states. "Characterized by significant advancements in widespread adoption and unprecedented levels of institutional participation."
The approval of multiple spot bitcoin exchange-traded funds (ETFs) in January 2024, the green light for ether ETFs later in May, and Donald Trump's resounding victory in the presidential election in November, all created momentum driving cryptocurrency into a bull market, ultimately witnessing bitcoin reach a record six-figure level, leading to explosive growth at major exchanges like Binance.
Binance stated: "By achieving milestones such as 250 million registered users, facilitating record trading volumes, and enhancing compliance measures, we are not only reinforcing our leading position but also paving the way for a more inclusive and safer financial future for millions."