Binance leads the pack with $100 trillion in all-time trade volume Binance leads the pack with $100 trillion in all-time trade volume
Binance's $100 trillion milestone highlights its growth and succesful circumvention of regulatory battles.
2 min read
Updated: Sep. 24, 2024 at 8:04 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance has surpassed a major milestone, processing over $100 trillion in crypto trades since its 2017 launch.
The achievement was shared by CEO Richard Teng in a post on the X platform on Sept. 24, saying:
“Earlier this month, the all-time trade volume on Binance surpassed $100 trillion.”
The figure is double the total market capitalization of the US stock market, cementing Binance’s dominance in the crypto industry. The significant amount reflects the platform’s dominance and its central role in the emerging industry.
Data from Kaiko shows that Binance is the largest crypto exchange by trading volume and controls more than 50% of the market.
The milestone comes four months after Binance revealed its registered users had surpassed 200 million. Earlier in the year, the platform also disclosed that assets under its custody had crossed the $100 billion threshold.
The road to $100 trillion
Binance’s journey to this trading volume has been anything but smooth, marked by legal challenges and regulatory scrutiny across multiple jurisdictions.
Last year, the exchange admitted to violations related to anti-money laundering, unlicensed money transmission, and sanctions. It agreed to pay $4.3 billion in fines to US authorities, a payment that ranked among the largest corporate settlements in history.
In the aftermath, Binance’s founder Changpeng Zhao agreed to step down, pled guilty to violating the Bank Secrecy Act, and pay a $50 million fine. He is about to finish serving a four-month sentence.
Meanwhile, Zhao’s successor Teng has pledged to usher in a new era of compliance for Binance, although the company still faces hurdles. Despite these challenges, the platform has made strides, expanding its operations into new regions, including India.
He added:
“Through the highs and lows, Binance will keep building. Because our users only deserve the best.”
Moreover, Binance co-founder Yi He also emphasized the exchange’s renewed focus on serving a broader audience, stating:
“Our goal is to make blockchain technology accessible to everyday people. Bubbles will burst, but products that genuinely meet user needs will change the world and create history.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Richard Teng, a veteran in the financial services and regulatory sectors, boasts over three decades of extensive experience.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.