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

VIP registrations soar 116% as Binance introduces products like Binance Wealth to meet user evolution.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Binance, the world’s largest crypto exchange by trading volume, said it has processed more than $125 trillion worth of digital assets since its launch in 2017.

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

He said the exchange has handled an average of 217 million spot and futures trades daily this year. In addition, the platform currently commands 41% of the global spot trading market and boasts a 95% share of the decentralized wallet segment with built-in trading features.

Beyond trading, Binance has expanded its reach into savings, payments, and financial access.

Teng noted that Binance Earn has generated $50 billion in user returns since launch, while Binance Pay has processed $230 billion across 300 million transactions. From 2022 to 2024, the platform also helped users save $1.75 billion in remittance fees.

He noted:

“Each number reflects real people gaining financial freedom, achieving financial independence, and overcoming the barriers to financial inclusion.”

Growing user base

The Binance CEO also pointed out that the platform’s user base continues to grow rapidly.

On X, Teng revealed that VIP user registrations surged by 116%, while institutional clients grew nearly 97% in 2024.

The exchange recently launched new offerings like Fund Accounts and Binance Wealth to meet these sophisticated users’ evolving needs. Last week, it introduced Institutional Loans, a product that offers up to 4x leverage for verified corporate clients by pooling balances across up to ten sub-accounts.

Meanwhile, retail adoption of the platform remains strong, thanks to the introduction of several innovative products like Binance Alpha, Launchpool, and Pump.Fun-like bonding curve mechanism.

Considering this, Binance added nearly 80 million new retail users in the past year, pushing its total global user base to 280 million. If it were a country, Binance would have the world’s fourth-largest population, ahead of countries like Nigeria.

Compliance efforts

Teng stressed that the firm is investing heavily in its compliance efforts globally, with spending in the sector expected to be 30% higher than last year’s.

This is particularly necessary considering the platform has faced several legal challenges and regulatory scrutiny across multiple jurisdictions over the past years.

The most notable of such actions occurred in 2023, which resulted in a $4.3 billion fine paid to the US government and the resignation of its founder, Changpeng Zhao.

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