Binance, the world’s largest cryptocurrency exchange by trading volume, announced on Wednesday that it hit a new milestone with $100 trillion in cumulative historical trading volume across all its products.
The exchange also saw a 47% increase in registered users, bringing the total to 250 million. Binance now holds $160 billion in user assets under custody, compared to Coinbase’s $137 billion as of the end of September.
Moreover, Binance had $30 billion in annual inflows, which is significantly higher than the combined total of its ten largest competitors, according to the report.
Coinbase, on the other hand, has daily spot trading volumes of around $4.6 billion, which is only a fifth of Binance’s $25 billion, according to data from Coin Market Cap.
While it's unclear what Coinbase's cumulative historical trading volume is, Binance's $100 trillion milestone showcases its clear dominance among cryptocurrency exchanges.
The report highlights that 2024 was a pivotal year for the crypto industry, with massive strides in mainstream adoption and unprecedented levels of institutional participation.
The approval of multiple spot bitcoin exchange-traded funds (ETFs) in January 2024, followed by the greenlighting of ether ETFs in May, and Donald Trump’s landslide victory in November's presidential election, contributed to a bull market that propelled bitcoin to record six-figure highs and fueled explosive growth at large exchanges like Binance.
"We not only solidified our leadership but also paved the way for a more inclusive and secure financial future for millions of people," Binance said in the report.
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