In its 2024 year-end report, Binance detailed the exchange’s successes, growth metrics, and other noteworthy achievements from the previous year.
With the launch of Bitcoin ETFs and other milestones, 2018 was a watershed year for cryptocurrencies. One of those milestones was the rise of institutional adoption. While Binance has stayed true to its founding principle — expanding the freedom of money — it has continued to push innovation forward.
Key statistics for the Binance community, compliance achievements, trading volumes, and user base are shown here.
Bringing 250 million users online
With the exponential growth in cryptocurrency acceptance and blockchain technology, Binance’s most notable achievement in 2024 will be to register more than 250 million users on its platform. This is a crucial step in reaching the exchange’s goal of 1 billion users.
It is worth noting that after celebrating 200 million users in June 2024, Binance attracted 50 million users in less than six months.
Increase in institutional consumers
This impressive growth was not only driven by individual consumers; institutional participation has also increased dramatically, with the number of VIP users on Binance doubling.
With the introduction of Binance and improvements to the Tri-Banking service, Binance has become the preferred platform for institutions looking into blockchain technology and cryptocurrencies.
The growing number of institutional investors on Binance reflects the exchange’s importance in bridging traditional finance with Web3. Institutions are now driving the adoption of cryptocurrencies and blockchain technology.
Binance has committed millions of dollars to enhance compliance and security, doubling its commitment last year and setting a gold standard in these important areas.
Binance has more regulatory licenses than any other cryptocurrency exchange in the world, thanks to an in-house compliance team that has grown to 650 professionals. The exchange is licensed in 21 countries around the world.
The most important results of trade in this area are as follows:
Nearly $4.2 billion of user funds were lost due to the scam, but Binance managed to stop it.
To prevent harm, the exchange has protected more than 2.8 million consumers.
Recoveries exceeded $88 million.
Teams at Binance have processed around 65,000 inquiries from authorities around the world.
More than 1,300 investigators from 80 different countries have been educated through the exchange.
Risk Sniper Channel was one of Binance’s projects that aimed to educate users about fraud. Additionally, to ensure that users can enjoy a safe environment, enhanced risk management systems reviewed and removed high-risk posts on Binance Square.
Promoting financial independence worldwide
Expanding financial access and interest has been driven by Binance’s goal of promoting financial independence.
Binance's main achievements in this field are as follows:
The number of active Binance Pay users has increased by a staggering 226%.
Millions of individuals now have access to financial instruments as cash-to-crypto channels have spread to 20 more countries.
Binance Earn saw a 144% increase in total value locked.
There were new opportunities for clients to increase their crypto holdings with products such as fixed-rate loans and BNSOL.
With on-chain returns, consumers can easily use DeFi.
These are just a few examples of the innovations that demonstrate Binance’s commitment to empowering users in the dynamic Web3.
Increase in trading volumes and platform stability on Binance
In 2024, Binance trading system has achieved remarkable achievements.
According to the official report from the stock exchange, these are the most notable points:
Unparalleled speed and scalability by processing 4.44 million requests per second.
Significant increase in the number of trades executed on Spot, Futures and Margin products after the launch of advanced tools that have attracted user interest, such as BFUSD and Spot Copy Trading.
Newcomers found it easier to enter the market thanks to Spot Copy Trading, while experienced traders found new ways to make money.
With the introduction of BFUSD, a unique margin asset, Binance has shown its ability to revolutionize the trading industry by offering practical tools and attractive incentives to traders.
There has been improvement in liquidity and risk management systems for both individual and institutional traders.
In 2024, Binance’s community-led initiatives reached their peak, aiming to strengthen the Binance ecosystem through charity, education, and community engagement. Some notable achievements in this area are as follows:
By collaborating with international organizations and offering a wider range of courses, Binance Academy was able to educate 44 million students in 2024, an increase of 63% from 2023.
The Women in Tech Academy was one of several programs supported by Binance Charity, which has distributed over $6.9 million in aid to 72,000 individuals affected by natural disasters.
Binance Square is a rapidly expanding cryptocurrency social network with 35 million monthly active members.
Participating in the Write to Earn program gave artists a voice.
Collaborations with well-known figures, such as the Alpjne F1 team and Cristiano Ronaldo, have increased the use of cryptocurrencies.
More determined and flexible expatriate towards 2025
Binance and the cryptocurrency industry as a whole have seen significant changes in 2024, a year filled with huge achievements that have inspired hope and excitement for what lies ahead.
Binance stated in its report that it plans to approach 2025 ready to continue pushing the crypto industry forward in terms of innovation and usage. Binance is committed to its users and will work hard to bridge traditional finance with Web3.