Binance achieves 250m users, setting sights on 1b in 2025

Binance maintains its dominance in trading volume, outpacing competitors while navigating complex regulatory landscapes.

Binance, the world’s largest cryptocurrency exchange by trading volume, has reached a milestone of 250 million users.

This achievement reinforces its leading position in the crypto market, with a 24-hour trading volume of approximately $17 billion. Binance significantly outpaces competitors such as Bybit, which reported $5.3 billion, and Coinbase, at $3.6 billion.

Despite its dominance in trading volume, Binance navigated several regulatory challenges in 2024. In the United States, it faced allegations of securities violations from the SEC. In March 2024, Binance.US, the American affiliate of Binance, faced operational challenges following the SEC’s lawsuit. The exchange experienced a 75% decline in revenue and laid off approximately two-thirds of its workforce, totaling over 200 employees. These measures were part of the company’s response to the regulatory pressures and the subsequent impact on its business operations.

Also in 2024, amid growing regulatory scrutiny, Binance’s co-founder CZ faced allegations of money laundering in the U.S., ultimately pleading guilty to charges that led to a six-month sentence. This marked a pivotal moment in Binance’s legal battles and highlighted the company’s ongoing regulatory challenges.

Globally, Binance encountered further scrutiny. In Australia, the ASIC accused it of inadequate consumer protections, and in Nigeria, legal actions were initiated over unlawful operations. These incidents reflect the complexities of complying with global regulatory frameworks while maintaining market leadership.

To rebuild trust and address these challenges, Binance appointed Richard Teng as its new CEO in 2024. This strategic move reflects a shift toward prioritizing compliance and strengthening leadership to navigate complex regulatory landscapes.

In contrast to centralized exchanges like Binance, decentralized exchanges such as Uniswap and PancakeSwap operate without intermediaries, enabling users to trade directly through blockchain protocols. While DEXs champion decentralization and privacy, they often struggle with challenges such as user complexity and lower liquidity, which can limit their appeal to less experienced users.

Binance’s milestone of surpassing 250 million users underscores the continued reliance on centralized platforms to drive mainstream adoption. As the crypto ecosystem evolves, the balance between centralized and decentralized models will shape the future of digital assets.

For now, Binance remains at the forefront, balancing growth with the challenges of navigating an increasingly complex regulatory landscape. As the company looks ahead, the CEO of Binance, Teng said in an interview: “It’s really about building a sustainable enterprise that will not only succeed over the next few years but continue to prosper for the next 50 to 100 years. That’s certainly our aspiration.”