Binance is the largest cryptocurrency exchanges in the world, responsible for several trillion dollar crypto volume every year. It was founded in 2017 by Changpeng Zhao, who previously worked for Blockchain.info and as CTO of OKCoin.
Launched in Hong Kong, it quickly became one of the leading exchanges, but from the get-go faced increasingly restrictive regulations which forced it to migrate servers and headquarters to Malta.
Binance has one of the widest selections of alt-coins available on its exchange and even launched its own coin, Binance Coin. It has also launched several security tools aimed at improving trust in crypto, these include Binance Smart Chain, which utilises a proof of staked authority to ensure that a transaction is validated.
Binance reputation has been hit hard by investigations in the US and UK into money laundering and tax offenses. Several banks have banned its customers from sending money to Binance. Similar bans are in effect in China, Japan and Thailand.
In 2023, Binance founder Changpeng Zhao pleaded guilty to charges of money laundering in the US and Binance was forced to pay $4.3 billion in penalties and forfeitures. Zhao stepped down as CEO following the charges, and Richard Teng took over as CEO.
Even with all of the issues, Binance continues to be the largest cryptocurrency exchange by volume and active users.
We have collected data and statistics on Binance. Read on below to find out more. Want to dive deeper into the crypto app industry? Check out our Crypto App report.
Binance Key Statistics
- Binance made $16.8 billion revenue in 2024, an increase of 40% on the year prior
- Binance made $464 million net income in 2024, a decline of 7% on the previous year
- Binance annual crypto exchange volume was $7.3 trillion in 2024, an improvement on 2023 but still lower than 2021 figures
- We estimate that Binance had 25 million funded accounts as of October 2024
- Its peak 24 hour trading volume is $65 billion
Crypto App Report 2025
Want to learn more about the crypto app industry? Our Crypto App report has stats on app financials, market share, users, installs, demographics and benchmarking data.
- Charts: 41
- Data Points: 685
- Apps covered: 11
Binance Overview
| Title | Title 2 |
|---|---|
| Launch date | 3 September 2017 |
| HQ | Unknown |
| People | Changpeng Zhao (founder), Richard Teng (CEO), Yi He (co-founder) |
| Business type | Private |
| Industry | Cryptocurrency |
Binance Revenue
Binance generated $16.8 billion revenue in 2024, a 40% year-on-year increase.
Binance revenue 2020 to 2024 ($bn)
| Year | Revenue ($bn) |
|---|---|
| 2020 | 5.5 |
| 2021 | 20 |
| 2022 | 12 |
| 2023 | 7.9 |
| 2024 | 16.8 |
Sources: Crypto App Report, Bloomberg
Binance Profit
Binance made $464 million profit in 2024, a lot less than the $900 million it made in 2020.
Binance net income 2017 to 2024 ($mm)
| Year | Net income ($mm) |
|---|---|
| 2017 | 7.5 |
| 2018 | 850 |
| 2019 | 570 |
| 2020 | 900 |
| 2023 | 499 |
| 2024 | 464 |
Sources: Company data, The Information
Binance Users
Institutional investors are responsible for most of the trading volume on Binance.
Binance users 2017 to 2024 (mm)
| Year | Users (mm) |
|---|---|
| 2017 | 1.5 |
| 2018 | 13.3 |
| 2019 | 16.5 |
| 2020 | 21.5 |
| 2021 | 28.6 |
| 2022 | 25 |
| 2023 | 28.5 |
| 2024 | 30 |
Sources: Crypto App Report, Company data
Binance Peak Trading Volume
Binance 24 hour trading volume peaked at $65 billion in 2024.
Binance peak 24 hour trading volume 2017 to 2024 ($bn)
| Year | Peak trading volume ($bn) |
|---|---|
| 2017 | 3 |
| 2018 | 19 |
| 2019 | 15 |
| 2020 | 35 |
| 2021 | 56 |
| 2022 | 76 |
| 2023 | 34 |
| 2024 | 65 |
Source: CoinMarketCap
Binance Crypto Exchange Volume
$7.3 trillion was traded on Binance in 2024, an increase of 113% on 2023.
Binance crypto exchange volume 2017 to 2024 ($bn)
| Year | Annual exchange volume ($bn) |
|---|---|
| 2017 | |
| 2018 | |
| 2019 | |
| 2020 | |
| 2021 | |
| 2022 | |
| 2023 | |
| 2024 |
Sources: Cryptocompare, The Block Crypto
Finance App Market Landscape
The finance app market can be classified into several distinct subcategories, all of which contribute hundreds of billions of dollars in transaction volume every year. Binance is the largest crypto exchange on the market, and a key part of the fintech market. You can download the map as a PDF, which includes a landscape version for presentations.
Crypto Exchange App Revenue
Crypto exchanges generated $56 billion revenue in 2024, Binance was responsible for 30% of that total.
Cryptocurrency exchange revenue 2018 to 2024 ($bn)
Want to learn more? Check out our Crypto App Report
Binance FAQ
What percentage of Binance users are hobbyists?
According to Binance Research, only 48% of users are hobbyists. 15% of respondents to a survey said it was their main source of income
How many Binance users own Bitcoin?
65% of Binance users own Bitcoin, with most allocating 1-20% of their crypto portfolio to it
What are the demographics on Binance?
Over 90% of users are male and the average age is 35 years old
What is the market cap of Binance Coin?
Binance Coin has a market cap of $83 billion as of October 2024. 145 million coins are currently in circulation
How many coins are available on Binance?
There are 401 coins available as of October 2024
