Binance, founded in 2017 by Changpeng Zhao, emerged as a major player in the cryptocurrency industry. With a large crypto exchange volume of $7.7 trillion in 2021, it ranks among the world’s largest exchanges. According to 2021 estimates, Binance has over 28 million users.

The platform’s inception was marked by rapid growth and success, with its headquarters in Hong Kong. However, due to mounting regulatory constraints, Binance relocated its servers and headquarters from Hong Kong to Malta. Below are the must-know Binance statistics highlighting everything you need to know about the giant crypto exchange.

Key Binance Statistics 2023

1. Binance generated $20 billion in revenue in 2021, a 263% increase from the previous year.
2. In 2020, Binance reported a profit of between USD 800 million and USD 1 billion.
3. Binance last reported a profit of between $800 million and $1 billion in 2020.
4. In 2019, the company’s net income declined to $570 million from $850 million.
5. In 2020, it recovered from the downturn, generating over $900 million.
6. Binance is the world’s largest exchange by trading volume.
7. As of October 2021, Binance had an estimated 28.6 million users.
8. Institutional investors are responsible for most of the trading volume on Binance.
9. Binance’s 24-hour trading volume reached $76 billion in 2021, more than twice its 2020 peak.
10. Binance dominated Bitcoin spot trading in 2022, accounting for 92% of all spot Bitcoin trading by the end of 2022.
11. Data shows that 55% of global spot crypto trading was hosted on Binance in January 2023.

What is Binance?

Binance Coin (BNB) is the cryptocurrency with the 4th-highest market capitalization, only behind Tether, Ethereum, and Bitcoin. It also acquired Trust Wallet, a decentralized cryptocurrency wallet, in July 2018. Binance Smart Chain supports smart contracts and is compatible with the Ethereum virtual machine (EVM)

However, there have been multiple criticisms of Binance Smart Chain concerning its level of centralization, which has led to several exploits on the network. Overall, Binance is a popular and reputable cryptocurrency exchange that offers a wide variety of coins for trading with low fees. Binance generated $20 billion in revenue in 2021, a 263% year-on-year increase. In 2020, Binance reported a profit of between $800 million and $1 billion.

It has yet to publish its 2021 figures. Binance’s annual revenue grew tenfold in the last two years, topping around $12 billion in 2022. However, its trading volumes have been declining, which could impact its revenues. It is important to note that Binance is a private company that does not disclose its revenue but reports its profits. Binance’s revenue and profits have been growing in recent years, and it remains the largest cryptocurrency exchange in the world.

Binance Statistics for 2023 in Detail

1. Binance has experienced consistent growth in its user base since its inception. In 2017, the cryptocurrency exchange platform boasted more than 1.5 million users. 

2. This number significantly jumped the following year, reaching 13.3 million users. By 2019, Binance had 16.5 million users, and this upward trend has continued. 

3. In 2020, Binance reported having 21.5 million active users, which climbed to 28.6 million in 2021. Binance’s number of users was 89.5 million in August 2023.

4. Binance’s research reveals that 48% of its users are enthusiasts in the cryptocurrency space, while 15% rely on the platform as their primary source of income. A majority, around 65%, of Binance users hold Bitcoin in their portfolios, with most allocating between 1% and 20% of their crypto holdings to Bitcoin. 

5. Additionally, more than 90% of Binance’s user base consists of males, and the average age of its users is approximately 35 years old. 

6. Binance remains the world’s biggest crypto exchange, boasting 6,440 employees, with about 45 million American crypto users and 420 million global crypto users in 2023. Its revenue grew tenfold in the last two years, topping around $12 billion in 2022.

7. Binance Coin has a $70 billion market cap as of October 2021. As of October 2021, Binance Exchange has 337 coins on its platform. Its stablecoin, BUSD, exceeded $17 billion in market capitalization during the first half of 2023.

8. Overall, Binance remains the world’s largest cryptocurrency exchange by trading volume, with a growing user base and many coins available for trading. Its revenue and profits have been growing in recent years, and it continues to dominate the market regarding trading volume.

Binance’s 24-hour Trading Volume and its Peaks

9. Binance, a prominent cryptocurrency exchange, has witnessed remarkable growth in its trading volumes. 

10. In 2017, it started with a peak trading volume of $3 billion, and since then, its trajectory has been consistently upward. 

11. The following year, it surged to $19 billion in peak trading volume, although it faced some regulatory challenges in 2019, causing a slight dip to $15 billion. 

12. However, Binance made a strong comeback in 2020, reaching a peak trading volume of $35 billion, and it currently stands at an astonishing $76 billion.

13. These statistics indicate a significant acceleration in the platform’s activity. Binance Coin, the native cryptocurrency of the exchange, boasts a market capitalization exceeding $70 billion, with 168 million coins in circulation. 

14. Regarding crypto exchanges, Binance holds a substantial market share, with trading volumes exceeding $26 billion as of November 8, 2021. 

15. The second-place exchange was Mandala, with a trading volume of $21.76 billion, while OKEx secured the third position with $6.83 billion in trading volume.

16. Binance’s 24-hour trading volume as of October 5, 2023, was $5.9 billion, and it had 362 coins and 1,316 trading pairs available on the exchange.

17. It is worth noting that Binance’s 24-hour trading volume reached $76 billion in 2021, which was more than twice its 2020 peak.

Binance Annual Exchange Volume

18. The most recent data from Binance reveals a significant upward trend in the annual crypto exchange volume on their platform since its inception. 

19. In 2017, they reported an annual exchange volume of $59 billion. This figure experienced an almost tenfold increase, surging to over $515 billion in 2018. 

20. Despite a slight decrease the following year, the exchange volume at $401 billion remained impressive. However, in 2020, the exchange volume skyrocketed to an astonishing $1.07 trillion. 

21. Binance’s annual crypto exchange volume 2021 was $9.58 trillion, a 9x increase from the previous year.

22. Binance’s annualized volumes slowed to $16.8 billion a year in 2023, down around 28% from the first three months of this year and measured against 2022.

Binance Users by Country

23. In May 2023, Similarweb, a competitive intelligence and traffic analytics platform for websites, revealed that Binance had 5 high traffic sources.

24. These traffic sources represent users by country on the Binance platform. The highest traffic came from Turkey (6.13%), which added an extra 0.82% to the value it recorded in February 2023.

25. The second highest traffic by country is from Vietnam, with 5.44% of the total Binance users.

26. Similarweb disclosed that the third highest traffic on Binance by country is from Russia, with 5.16%. In the fourth position is Argentina, with 4.63% of the total users on the crypto exchange company.

27. On the list of top 5 traffic sources on the Binance platform, the fifth position is India, with 4.61% of the total users on Binance.

Binance Pricing and Earnings

28. Binance earns from its customers by taking some percentages from user transactions.

29. The percentage charged also depends on users’ status on the platform. Binance has Regular user status and VIP1 to VIP9 user ranking.

30. Moreover, the percentages Binance collects from each transaction also depend on the type of product and services it offers. Also, the crypto exchange platform takes 3.5% from its customers on transactions greater than $10.

31. However, not all transactions incur fees on the platform. Some include the Binance P2P service and internal funds transfer between Binance accounts.

Impact of Regulatory Crackdown on Binance

32. Binance is one of many crypto firms that faced difficulty following regulatory crackdowns from countries, world organizations, and the U.S. SEC.

33. Most regulations were based on the safety and security of investors’ funds, money laundering, and terrorism financing.

34. Some regulatory authorities focused on the impact of crypto on its nation’s fiat currency and economy.

35. Despite these crackdowns, Binance is among the crypto firms that are still thriving. In 2023, the company has up to 150 million users against the 90 million it recorded in 2022. However, due to the effect of the crypto regulations, Binance had witnessed a drop in daily trading volume.

36. In August 2023, statistics show that Binance recorded a daily trading volume of $9.23 billion against $76 billion in August 2022.

How Did Binance Attain the Number 1 Crypto Exchange Position?

37. Binance was launched in July 2017, and since then, it has thrived in the crypto industry owing to its potential and business strategies. This made it the world’s largest cryptocurrency exchange company by a broad margin. 

38. The success was achieved largely due to its ability to capitalize on the huge surge in cryptocurrency interest. Binance attracted a lot of users by providing them with a fast and easy way to trade a wide variety of cryptocurrencies.

39. The platform’s user-friendliness sets Binance apart from other exchanges. Again, it offers low trading fees and makes various trading options available to crypto investors.

40. Another interesting strategy that helped Binance is its focus on providing a safe and reliable crypto trading platform. With this, it built trust with its users and attracted more traders to its exchange platform.

Binance for U.S. Citizens

41. Notably, Binance has two factions of its crypto exchange platform. These include Binance.US and Binance.

42. Binance.US was developed for the citizens of the United States because of the U.S. financial regulations. However, crypto investors can access both platforms using strong VPN services for passing the Binance blocking system by countries.

Conclusion

Binance is the world’s largest cryptocurrency exchange platform, widely used for storing and trading cryptocurrencies. With Binance, crypto enthusiasts can access a lot in the crypto space. The exchange supports crypto activities like trading, staking, farming, and NFTs. It has established itself as a crypto exchange trusted by investors, maintaining its status despite crypto regulations. Moreover, in 2023, Binance recorded 150 users on its platform despite pressures from the United States SEC.

Frequently Asked Questions