Binance user base surpasses 240 million as institutional onboarding doubles

Binance, the world’s largest crypto exchange, has exceeded 240 million users globally, according to a Nov. 22 statement shared with CryptoSlate.

This number means that the crypto trading platform has added 70 million new users this year, considering it finished 2023 with 170 million users. So, if Binance were a nation, its population would rank sixth globally, surpassing Brazil, Nigeria, and Russia.

Binance CEO Richard Teng revealed that this growth stems from retail and institutional adoption. He noted that the exchange has seen a sharp rise in institutional onboarding, doubling rates in the past year.

He stated that Binance now holds $130 billion in user assets, reflecting growing investor confidence. The platform has also set an industry record by becoming the first centralized exchange to surpass $100 trillion in cumulative spot and derivatives trading volume.

Teng wrote:

“These numbers underscore not just the resilience of Binance and crypto but the level of maturity and acceptance unthinkable just a year ago.”

What’s driving Binance’s Success?

Binance attributed its growth to the increasing integration of digital assets into mainstream finance. The approval of Bitcoin ETFs in markets like the United States, Brazil, and Australia has spurred global adoption. Bitcoin ETF inflows have even outpaced gold ETFs, signaling a shift in investor preferences.

Retail adoption has also gained momentum, bringing the crypto sector closer to the milestone of one billion global users.

Beyond market trends, Binance has maintained its edge by focusing on compliance and innovation. The exchange secured over 20 regulatory approvals worldwide, including in key markets like India and Argentina.

Binance has invested heavily in compliance systems and partnerships with authorities to enhance security. In 2024 alone, it responded to over 55,000 law enforcement requests and organized educational programs for investigators from more than 80 countries.

Past regulatory challenges

These achievements show how Binance has successfully navigated the legal and financial hurdles it faced last year. In November 2023, the company settled allegations of regulatory violations and agreed to pay $4.3 billion in fines.

Moreover, the firm’s founder, Changpeng Zhao, resigned as CEO and pleaded guilty to related charges. He served a four-month prison sentence in the US.

Despite these issues, the firm has maintained its dominant status in the industry. Teng stated:

“From regulatory breakthroughs to institutional milestones, this year marked the dawn of a new era. As the industry’s global leader, Binance has risen to the occasion, setting benchmarks for growth, responsibility, and innovation.”

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