Binance is now 8 years old with $125 trillion in trading volume and 280 million users

Binance, the world’s largest crypto exchange by trading volume, said it has processed much than $125 trillion worthy of integer assets since its motorboat successful 2017.

In a July 14 statement marking the platform’s eighth anniversary, Binance CEO Richard Teng highlighted its maturation and pivotal relation successful shaping the crypto market.

He said the speech has handled an mean of 217 cardinal spot and futures trades regular this year. In addition, the level presently commands 41% of the planetary spot trading marketplace and boasts a 95% stock of the decentralized wallet conception with built-in trading features.

Beyond trading, Binance has expanded its scope into savings, payments, and fiscal access.

Teng noted that Binance Earn has generated $50 cardinal successful idiosyncratic returns since launch, portion Binance Pay has processed $230 cardinal crossed 300 cardinal transactions. From 2022 to 2024, the level besides helped users prevention $1.75 cardinal successful remittance fees.

He noted:

“Each fig reflects existent radical gaining fiscal freedom, achieving fiscal independence, and overcoming the barriers to fiscal inclusion.”

Growing idiosyncratic base

The Binance CEO besides pointed retired that the platform’s idiosyncratic basal continues to turn rapidly.

On X, Teng revealed that VIP idiosyncratic registrations surged by 116%, portion organization clients grew astir 97% successful 2024.

The speech precocious launched caller offerings similar Fund Accounts and Binance Wealth to conscionable these blase users’ evolving needs. Last week, it introduced Institutional Loans, a merchandise that offers up to 4x leverage for verified firm clients by pooling balances crossed up to 10 sub-accounts.

Meanwhile, retail adoption of the level remains strong, acknowledgment to the instauration of respective innovative products similar Binance Alpha, Launchpool, and Pump.Fun-like bonding curve mechanism.

Considering this, Binance added astir 80 cardinal caller retail users successful the past year, pushing its full global idiosyncratic base to 280 million. If it were a country, Binance would person the world’s fourth-largest population, up of countries similar Nigeria.

Compliance efforts

Teng stressed that the steadfast is investing heavy successful its compliance efforts globally, with spending successful the assemblage expected to beryllium 30% higher than past year’s.

This is peculiarly indispensable considering the level has faced respective ineligible challenges and regulatory scrutiny crossed aggregate jurisdictions implicit the past years.

The astir notable of specified actions occurred successful 2023, which resulted successful a $4.3 cardinal good paid to the US authorities and the resignation of its founder, Changpeng Zhao.

The station Binance is present 8 years aged with $125 trillion successful trading measurement and 280 cardinal users appeared archetypal connected CryptoSlate.