In its 2024 end-of-year report, Binance detailed the exchange's successes, growth metrics, and other noteworthy accomplishments from the previous year.
With the introduction of BTC ETFs and other significant accomplishments, 2018 was a watershed year for cryptocurrency. One of those milestones was the increase in institutional usage. While staying true to its founding principle—to expand the freedom of money—Binance kept pushing innovation forward.
The key statistics of Binance's community, compliance accomplishments, trading volumes, and user base are shown here.
Bringing 250 million users online
With the exponential growth in the acceptance of cryptocurrencies and blockchain technology, Binance's most notable accomplishment in 2024 will likely be enrolling more than 250 million users to its platform. In order to reach the exchange's target of one billion users, this is an essential step.
Notably, after celebrating 200 million users in June 2024, Binance attracted 50 million users in less than six months.
Increase in Institutional Consumers
This phenomenal growth wasn't only attributable to retail consumers; institutional involvement also increased dramatically, as Binance's VIP user base quadrupled.
With the introduction of Binance Wealth and the enhancements to the Banking Triparty service, Binance became the go-to platform for institutions investigating blockchain technology and cryptocurrencies.
The increasing number of institutional investors on Binance reflects the importance of the exchange in connecting conventional finance with Web3. Institutions are now driving the adoption of crypto and blockchain technology.
Binance has committed millions of dollars into bolstering compliance and security, doubling down on its vow to do so last year and setting the gold standard in these important areas.
Binance has more regulatory authorizations than any other cryptocurrency platform in the world, thanks to its in-house compliance staff that expanded to 650 professionals. The exchange has secured authorizations in 21 worldwide countries.
The most important results of the trade in this area are as follows:
Nearly $4.2 billion in user funds may have been lost due to scams and fraud, but Binance was able to stop it.
To prevent harm, the exchange safeguarded more than 2.8 million consumers.
The recovered cash exceeded $88 million.
Teams at Binance addressed around 65,000 inquiries from authorities throughout the world.
Over 1,300 investigators from 80 different nations were educated via the exchange.
The Risk Sniper channel was one of Binance's projects that aimed to educate users about fraud. In addition, to ensure that users may enjoy a secure environment, upgraded risk management systems reviewed and eliminated high-risk postings on Binance Square.
Raising Financial Independence Around the World
The expansion of financial access and utility has been driven by Binance's objective to enhance financial independence.
The primary accomplishments of Binance in this area are as follows:
Active users of Binance Pay increased by a whopping 226%.
Millions of individuals now have access to financial tools as fiat-to-crypto conduits spread to 20 more nations.
Binance Earn saw a 144% increase in TVL.
There were new opportunities for customers to increase their cryptocurrency holdings with products like Fixed-Rate Loans and BNSOL.
With On-Chain Yields, consumers may use DeFi with ease.
These are only a few examples of the innovations that demonstrate Binance's dedication to user empowerment in the dynamic Web3.
Increases in Trading Volumes and Platform Stability at Binance
In 2024, Binance's trading ecosystem achieved significant milestones.
According to the official report from the exchange, these are the most noteworthy:
Replicates unparalleled speed and scalability by handling an unprecedented 4.44 million requests per second.
A dramatic increase in the number of trades executed on Spot, Futures, and Margin products after the launch of cutting-edge tools that piqued user interest, such as BFUSD and Spot Copy Trading.
New entrants found it simpler to break into the market thanks to Spot Copy Trading, while seasoned traders found new ways to make money.
With the introduction of BFUSD, a unique-bearing margin asset, Binance demonstrated its capacity to revolutionize the trading industry by providing traders with practical tools and attractive incentives.
There was an improvement in liquidity and risk management systems for both retail and institutional traders.
In 2024, Binance's community-driven initiatives reached their pinnacle, aimed at enhancing the Binance ecosystem via charity, education, and community involvement. Some notable accomplishments in this area are as follows:
By collaborating with international organizations and providing a wider range of courses, Binance Academy was able to teach 44 million students in 2024, a 63% increase from 2023.
The Women in Technology Academy was one of the many programs supported by Binance Charity, which distributed over $6.9 million in relief to 72,000 individuals impacted by natural catastrophes.
Binance Square is a rapidly expanding cryptocurrency social network that has 35 million active members each month.
Participating in the Write to Earn Program gave artists a voice.
Collaborations with well-known figures, such the Alpjne F1 team and Cristiano Ronaldo, increased the use of cryptocurrency.
A More Determined and Resilient Entrant Into 2025
Binance and the cryptocurrency industry as a whole saw a sea change in 2024, a year filled with monumental achievements that inspired hope and excitement for what was to come.
Binance said in its report that it plans to approach 2025 prepared to keep pushing the crypto industry forward in terms of innovation and usage. Binance is dedicated to its users and will work hard to connect conventional finance with Web3.
In an effort to spur acceptance of cryptocurrencies, Binance's CEO Richard Teng recently detailed the company's plans to establish a "hardcore workforce" comprised of remote workers located all over the world.
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