Binance has recently published its 2024 end-of-year report, highlighting the exchange’s achievements during the past year and showcasing key areas of progress and growth indicators.
Last year was a transformative year for crypto with crucial achievements, including rising institutional adoption following the BTC ETFs approval. Binance continued to drive innovation while maintaining its core mission to increase the freedom of money.
Here is the most important data regarding Binance’s user base, trading volumes, compliance achievements, and community efforts.
Onboarding 250 Million Users
The most important achievement marked by Binance in 2024 is probably onboarding over 250 million users on its platform, mirroring an exponential increase in crypto and blockchain adoption. This is a crucial step towards the exchange’s goal of onboarding a billion users.
It’s also worth noting that Binance added 50 million users in less than six months, after celebrating its 200 million mark in June 2024.
Doubling Institutional Users
Binance also doubled its VIP user base, meaning that this incredible growth was not only limited to retail users, but institutional participation also surged significantly.
Binance became the main gateway for institutions exploring crypto and the blockchain via features like Binance Wealth and upgraded Banking Triparty service.
Institutions are currently a main driver of crypto and blockchain adoption, and their growing presence on Binance mirrors the exchange’s crucial role in bridging traditional finance and Web3.
Setting the Gold Standard in Compliance and Security
Binance doubled down on its commitment to strengthen compliance and security last year, and as a result, invested millions of dollars in these key areas.
Binance’s in-house compliance team grew to 650 experts, enabling the exchange to secure regulatory authorizations in 21 global jurisdictions – this is more than any other crypto platform in the world.
Here are the main achievements of the exchange in this direction:
- Binance’s fight to combat scams and fraud led to the prevention of potential user loss of $4.2 billion.
- The exchange protected over 2.8 million users from malicious actors.
- Over $88 million in stolen/misplaced funds were recovered.
- Binance teams responded to nearly 65,000 requests from global law enforcement
- The exchange trained over 1,300 investigators from 80 countries.
Binance initiatives such as the Risk Sniper channel educated users about fraud. Also, enhanced risk management tools screened and removed high-risk posts on Binance Square, making sure that users can enjoy a safe ecosystem.
Expanding Global Financial Freedom
Binance’s mission to boost financial freedom has powered the exchange’s efforts to expand financial access and utility.
Here are Binance’s main achievements in this direction:
- Binance Pay‘s active user base grew by 226%.
- Fiat-to-crypto channels expanded to 20 new countries, bringing financial tools to millions of people.
- Binance Earn recorded a TVL growth of 144%.
- Products like BNSOL and Fixed-Rate Loans offered new ways for users to boost crypto holdings.
- On-Chain Yields offered users simplified access to DeFi.
These are just some of the advancements that show Binance’s strong commitment to empowering users in a fast-evolving Web3.
Surging Trading Volumes and Strengthening Binance’s Platform
Binance’s trading ecosystem marked important achievements in 2024.
Here are the most noteworthy, according to the exchange’s official report:
- Processing a record 4.44 million requests per second, mirroring unmatched scalability and speed
- Surging trading volumes across Spot, Futures, and Margin products, after the introduction of innovative features like Spot Copy Trading and BFUSD that drove user engagement
Spot Copy Trading made the market entry for newcomers easier, creating revenue streams for experienced traders.
BFUSD’s launch as a unique-bearing margin asset, highlighted Binance’s ability to innovate the trading space, offering users utility and incentives.
Retail and institutional traders enjoyed enhanced liquidity and risk management systems.
Strengthening the Binance Ecosystem – Community, Charity, Education
Binance’s community-driven efforts peaked in 2024. Here are some relevant achievements in this direction:
- Binance Academy educated 44 million learners (a 63% surge from 2023), offering expanded course offerings and partnerships with global institutions.
- Binance Charity delivered over $6.9 million in aid, helping 72,000 people affected by natural disasters; it also funded initiatives like the Women in Technology Academy.
- Binance Square, a fast-growing crypto social platform, connected 35 million monthly active users.
- The Write to Earn Program empowered content creators.
- Partnerships with global icons such as Cristiano Ronaldo and the Alpjne F1 team boosted crypto adoption.
Entering 2025 Stronger and More Committed
2024 marked a transformative year for Binance and the crypto industry, in general, marking impressive milestones that flooded the ecosystem with confidence and optimism for the future.
In its report, Binance promised to enter 2025 with vigorous momentum, ready to continue driving innovation and adoption in the crypto space. In its commitment to users, Binance will make strong efforts to bridge traditional finance with Web3.
Recently, Binance’s CEO, Richard Teng, explained how the company is building a “hardcore workforce” with a remote team around the globe to unlock productivity and innovation in the crypto industry, promoting adoption.
