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.
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Get Started NowBinance 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 cryptocurrency app market? Check out our finance app report.
Binance Key Statistics
- Binance made $16.8 billion revenue in 2023, an increase of 40% on the year prior
- Binance annual crypto exchange volume was $3.4 trillion in 2023, a steep decline on the $9.5 trillion transacted in 2021
- We estimate that Binance had 29.5 million funded accounts as of October 2023
- Its peak 24 hour trading volume is $76 billion
Want to learn more about the finance app industry? In our Finance App report, we cover financials, forecasts, usage, downloads, demographics and benchmarking data.
Finance App Report 2024
Binance Overview
| Title | Title 2 |
|---|---|
| Launch date | 3 September 2017 |
| HQ | Unknown |
| People | Changpeng Zhao (founder), Richard Teng (CEO) |
| Business type | Private |
| Industry | Cryptocurrency |
Binance Revenue
Binance generated $16.8 billion revenue in 2023, a 40% year-on-year increase.
Binance revenue 2020 to 2023 ($bn)
| Year | Revenue ($bn) |
|---|---|
| 2020 | 5.5 |
| 2021 | 20 |
| 2022 | 12 |
| 2023 | 16.8 |
Sources: Finance App Report, Bloomberg
Binance Profit
Binance last reported a profit of between $800 million to $1 billion in 2020. It has not published figures since.
Binance net income 2017 to 2020 ($mm)
| Year | Net income ($mm) |
|---|---|
| 2017 | 7.5 |
| 2018 | 850 |
| 2019 | 570 |
| 2020 | 900 |
Sources: Finance App Report, Company data, The Information
Binance Users
Institutional investors are responsible for most of the trading volume on Binance.
Binance users 2017 to 2023 (mm)
| Year | Users (mm) |
|---|---|
| 2017 | 1.5 |
| 2018 | 13.3 |
| 2019 | 16.5 |
| 2020 | 21.5 |
| 2021 | 28.6 |
| 2022 | 31 |
| 2023 | 29.5 |
Sources: Company data, The Information
Binance Peak Trading Volume
Binance 24 hour trading volume peaked at $76 billion in 2022.
Binance peak 24 hour trading volume 2017 to 2023 ($bn)
| Year | Peak trading volume ($bn) |
|---|---|
| 2017 | 3 |
| 2018 | 19 |
| 2019 | 15 |
| 2020 | 35 |
| 2021 | 56 |
| 2022 | 76 |
| 2023 | 34 |
Source: CoinMarketCap
Binance Crypto Exchange Volume
$3.4 trillion was traded on Binance in 2023, a decline of 34% on the previous year.
Binance crypto exchange volume 2017 to 2023 ($bn)
| Year | Annual exchange volume ($bn) |
|---|---|
| 2017 | 59 |
| 2018 | 516 |
| 2019 | 401 |
| 2020 | 1071 |
| 2021 | 9580 |
| 2022 | 5290 |
| 2023 | 3445 |
Sources: Cryptocompare, The Block Crypto
Binance vs Competitors: Crypto Volume
Binance has the highest crypto volume by a factor of five, with Upbit the nearest to it.
Cryptocurrency exchange volume by app 2023 ($bn)
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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
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