Key Points
Binance released its annual report, highlighting key areas of progress and quantifiable growth metrics. In 2024, this global largest cryptocurrency ecosystem registered user count surpassed 250 million (a quarter of 1 billion!).
With the surge in institutional adoption of digital assets, the number of VIP users on Binance has doubled, highlighting our leadership in bridging traditional finance with the cryptocurrency space.
Record trading volumes, expansion in compliance areas, and strong community efforts mark this as a transformative year for Binance and the cryptocurrency industry.
In 2024, mainstream cryptocurrency adoption surged, with deep participation from institutional players, and the connection between digital assets and daily life is closer than ever. As a global leader in the industry, Binance is at the forefront of these changes, continuously driving innovation while adhering to its core mission: to promote the free flow of money.
Throughout this year, Binance broke multiple records, achieved several milestones, and continued to shape the future of digital finance. From over $160 billion in custodial user assets to a cumulative historical trading volume reaching $100 trillion, Binance has demonstrated the trust that global users place in it. This trust is reflected not only in trading; Binance is also a leader in compliance, social platforms, and community initiatives, solidifying its position as a globally trusted leader in cryptocurrency and Web3. Read our full year-end report to learn more about Binance's exciting data and developments in 2024.
Driving Adoption: Breaking 250 Million Users
In 2024, one of our most extraordinary milestones may be reached by the end of the year, with registered users exceeding 250 million. These 250 million cryptocurrency users mark a significant step towards our goal of reaching 1 billion users and showcase the unparalleled growth momentum of the platform this year. Notably, we added 50 million users in just six months, celebrating the milestone of surpassing 200 million users as early as June 2024.
This remarkable growth is not limited to retail; in 2024, institutional participation significantly increased, with the number of Binance's VIP users doubling and the number of registered institutional users nearly doubling. With features like Binance Wealth and upgraded banking services, Binance has become the preferred portal for institutions exploring the transformative potential of cryptocurrencies. As institutions drive the next wave of adoption, their increasing activity on Binance further solidifies the platform's critical role in connecting traditional finance with the Web3 space.
Compliance and Security: Setting the Industry Gold Standard
In 2024, Binance doubled its commitment to strengthening compliance and security, investing hundreds of millions of dollars into these critical initiatives. Binance's internal compliance team has grown to 650 experts, allowing us to successfully obtain regulatory licenses in 21 jurisdictions, surpassing any other global crypto platform.
Binance proactively combats scams and fraud, setting a new benchmark for the industry. We successfully prevented potential user losses of $4.2 billion, protecting 2.8 million users from malicious actions. Additionally, we recovered $88 million in stolen or lost funds, demonstrating Binance's effectiveness in safeguarding user assets.
By strengthening cooperation with global law enforcement agencies, our team responded to nearly 65,000 requests and trained over 1,300 investigators from 80 countries. Through initiatives like the 'Binance Risk Sniper' channel, we educated users on identifying fraudulent activities, while enhanced risk management tools screened and removed high-risk posts on Binance Square, providing a safer ecosystem for all users.
Expanding Financial Services and Applications
With the mission of 'promoting the free flow of money,' Binance strives to expand financial services and applications. The number of active users on Binance Pay grew significantly by 226%, and new fiat-to-crypto channels were launched in 20 additional countries, providing convenient financial tools for millions of users.
The total locked value in Binance Wealth grew by 144%, with products like BNSOL and fixed-rate loans offering users new ways to maximize their cryptocurrency holdings. The launch of on-chain yield has simplified the process of participating in decentralized finance, allowing users to engage directly with DeFi protocols through their Binance accounts. These advancements showcase Binance's commitment to empowering users while ensuring competitiveness in the rapidly evolving Web3 space.
Unmatched Platform Stability
In 2024, Binance's trading ecosystem continued to set new benchmarks. The platform processed a record 4.44 million requests per second, showcasing unparalleled scalability and speed. Trading volumes for spot, derivatives, and leveraged products surged, with innovations like spot copy trading and BFUSD further enhancing user engagement.
Spot copy trading simplifies market access for newcomers while creating revenue streams for experienced traders. BFUSD, as a unique reward-based margin asset, highlights Binance's innovative capabilities in trading, offering users a dual experience of practicality and incentives. Through enhanced liquidity and risk management systems, we ensure that both retail and institutional traders enjoy an exceptional trading experience.
Community, Charity, and Education: Strengthening the Ecosystem
In 2024, Binance's community efforts reached new heights. Binance Academy provided educational services for 44 million learners, marking a 63% year-on-year increase, and expanded course content and partnerships with global institutions. Binance Charity provided over $6.9 million in aid, helping 72,000 people affected by natural disasters and funding long-term projects like the 'Women in Tech Academy.'
Binance Square became the fastest-growing crypto social platform, with monthly active users reaching 35 million. The 'Write to Earn' program empowered content creators, and collaborations with globally recognized figures like Cristiano Ronaldo and the Alpine F1 team promoted the adoption of cryptocurrency in popular culture.
Entering 2025 with Strong Momentum
2024 was a transformative year for Binance and the entire cryptocurrency industry. By achieving the milestone of 250 million registered users, record trading volumes, and strengthened compliance measures, we have not only solidified our leadership position but also created a more inclusive and secure financial future for millions. We will enter 2025 with strong momentum, continuing to drive innovation and adoption in the crypto industry while further bridging traditional finance with the emerging Web3 world.