Binance user base surpasses 240 million as institutional onboarding doubles
Binance has surpassed 240 million users globally, adding 70 million in 2023 alone. This growth positions Binance as the sixth largest "nation" by population, exceeding Brazil, Nigeria, and Russia. CEO Richard Teng attributes this increase to retail and institutional adoption, with institutional onboarding rates doubling in the past year. Binance now manages $130 billion in user assets and has achieved over $100 trillion in cumulative trading volume. The rise of Bitcoin ETFs has contributed to global adoption, with inflows surpassing those of gold ETFs. Binance has secured over 20 regulatory approvals and invested in compliance systems, responding to over 55,000 law enforcement requests in 2024. Despite facing regulatory challenges, including a $4.3 billion settlement and the resignation of founder Changpeng Zhao, Binance maintains its industry leadership and continues to innovate.
