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The world’s largest cryptocurrency exchange displayed its dominance across several key metrics including cumulative historical trading volume and number of registered users.
Cryptocurrency Behemoth Touts Mind-Bending Trading Volume
Binance, the largest cryptocurrency exchange in the world by way of trading volume published its year-end report on Wednesday, revealing a staggering $100 trillion in cumulative historical trading volume across all of its products.
The firm grew its customer base to 250 million, a 47% increase in registered users with a total of $160 billion in user assets under custody. To put things into perspective, Coinbase, the largest U.S. exchange had $137 billion in assets under custody at the end of September, according to its most recent shareholder letter.
Binance also had $30 billion in annual inflows, eclipsing inflow totals for its ten largest competitors “by a significant margin,” according to the report.
Although it’s not clear what Coinbase’s cumulative historical trading volume is, the American exchange has daily spot trading volumes of around $4.6 billion, only a fifth of Binance’s $25 billion, according to data from Coin Market Cap. But of all the vanity metrics, Binance’s $100 trillion milestone may just be the one that clearly illustrates its dominance among cryptocurrency exchanges.
“The year 2024 marked a pivotal chapter for the crypto industry,” the report states. “Characterized by massive strides in mainstream adoption and unprecedented levels of institutional participation.”
The approval of multiple spot bitcoin exchange-traded funds (ETFs) in January 2024, the subsequent greenlighting of ether ETFs in May, and Donald Trump’s landslide victory in November’s presidential election, all created tailwinds that buoyed crypto into a bull market that eventually saw bitcoin enter record six-figure territory, leading to explosive growth at large exchanges like Binance.
“By achieving milestones like 250 million registered users, facilitating record trading volumes, and strengthening compliance measures, we have not only solidified our leadership but also paved the way for a more inclusive and secure financial future for millions of people,” Binance stated.