Binance reports more than 250m users

In 2024 the number of registered Binance users rose by 47% and topped 250 million, the bitcoin exchange said in its annual report.

The company called the achievement “a remarkable milestone” on the path to serving 1bn customers.

“Notably, we added 50 million users in less than six months, having celebrated the 200 million mark in June,” the platform’s team stressed.

Against this backdrop, the number of VIP clients at Binance increased by 116%, and registered institutional users by 97%.

“Thanks to options such as Binance Wealth and the upgraded Banking Triparty service, the exchange has become a gateway for institutions exploring the innovative potential of cryptocurrencies. As institutions are the driver of the next wave of adoption, their growing presence on Binance reinforces the platform’s key role in bridging traditional finance and Web3,” the statement says.

Other highlights over the year included:

• a record 4.44 million processed requests per second;
• over $160 million in user assets under management;
• aggregate trading volume of $100 trillion.

On education and other initiatives:

• Binance Academy taught 44 million learners;
• the charitable arm provided assistance worth more than $6.9 billion;
• the active user base of Binance Pay grew by 226%, and the value locked in Binance Earn by 144%.

“In 2024, we doubled our commitment to strengthening compliance and security, investing hundreds of millions of dollars in these key programmes. The in-house compliance team grew to 650 experts, enabling us to obtain regulatory approvals in 21 jurisdictions,” the Binance team said.

According to the report, anti-fraud measures prevented potential user losses of $4.2 billion, with $88 million returned.

“By deepening cooperation with law-enforcement agencies, our teams responded to almost 65,000 requests and trained more than 1,300 investigators from 80 countries,” Binance added.

Earlier in 2024 Binance’s share of centralized exchange trading volume fell to 34%, but by October it recovered to 41%, according to 0xScope.