Binance Reports 47% Growth in 2024, Reaches 250M Users

Binance reports 47% growth in 2024, reaching 250M users, with record trading volumes, and significant expansion in services and compliance.

Binance has released its 2024 annual report, marking a year of incredible growth and milestones. It reached over 250 million registered users by the end of the year — a 47% increase compared to last year. The platform achieved its best performance by processing a record 4.44 million requests per second, displaying the high scalability and speed of the platform. Meanwhile, institutional and Binance VIP users rose by 97% and 116%, respectively. The growth showcases Binance being the leading platform in the crypto industry.

Cryptocurrencies finally went mainstream in 2024, with institutional players starting to show up in force. Among all these changes, Binance was one of the first companies to pioneer and expand its services to fulfil the needs of both retail and institutional users. By 2024, the platform hit $160B in assets under custody and $100T in the cumulative trading volume, confirming the trust users have in it.

It grew in use, and it also grew in compliance and security. But Binance has invested heavily in compliance, with an in-house team growing to 650 experts. As a result of this expansion, the platform won regulatory approvals in 21 jurisdictions, more than any other global crypto platform. Additionally, Binance implemented numerous steps to take down scams and fraud, which prevented $4.2 billion in eventual losses from reaching users.

Binance Earn TVL Soars 144%, Binance Pay Users Surge 226% in 2024

Trading was not the only place the platform succeeded. Growth-wise, Binance’s services such as Binance Pay, Binance Earn, and On Chain Yields also grew. In terms of total value locked (TVL), the Binance Earn client was up 144% while active users of the Binance Pay client jumped 226%. Binance’s efforts to widen financial access and utility are demonstrated by the growth in these services, as well as improvements to its decentralized finance.

They also held steady in their social and community efforts. Binance Academy taught 44 million and Binance Charity distributed over $6.9 million. With 35 million monthly active users on Binance Square, the community of the platform grew. Cristiano Ronaldo was one of the many crypto personas whose partnerships with the global icon helped to drive adoption in popular culture.

Binance has momentum as it looks to head into 2025. Focusing on those aspects of innovation, security, and compliance places the company to continue leading the crypto space. Binance is the world’s leading cryptocurrency exchange, with over 250 million users and record trading volumes, and they are ready to lead the way in shaping the world of finance in the Web3 era.