2024 was a remarkable year for the crypto industry, and leading entities and exchanges got a huge share of the cake. One such is the leading crypto exchange, Binance, which has a market share of almost 39% among centralized crypto trading platforms.
According to an end-of-year report, the company saw unprecedented growth and crushed several milestones in 2024. The exchange also played a significant role in driving mainstream adoption and mitigating potential losses from hacks and attacks.
Binance Releases 2024 EOY Report
Binance disclosed that it exceeded $160 billion in user assets under custody for the first time in 2024, with inflows of over $30 billion. This surpassed the collective total of the next ten largest crypto exchanges by a significant margin.
The leading crypto exchange expanded to 20 new countries and saw a 47% growth in registered users, hitting more than 250 million after a 50 million increment within six months. The platform also recorded a 116% surge in its VIP users.
The Binance Pay service witnessed a 226% rise in its active users, while learners on Binance Academy surged to 44 million, representing a 63% growth. The Binance Earn total value locked (TVL) ended 2024 with a 144% uptick in user savings and over 410 tradable assets.
“Binance’s 2024 achievements were not just about records; they were about creating, amplifying, and shaping trends that resonate with crypto users. Whether meeting users where they are or being there for them in moments of need, Binance’s actions reflected its deep commitment to the community,” the exchange stated.
New Products and Enhanced Security
Moreover, Binance topped its payment methods and supported fiat currencies to 1000+ and 125+, respectively. Amid this growth in users and supported currencies, Binance’s overall average daily trading volume rose 27%, while the exchange’s margin trading volume skyrocketed by more than 290%. Additionally, Binance processed an all-time high of 4,444,000 requests per second.
Binance launched new products like Spot Copy Trading, features like Token Unlock and Vesting Schedule, and a first-of-its-kind reward-bearing margin asset, BFUSD.
“Our advancements in Spot, Futures, Margin, and Convert products and features are instrumental in expanding access, convenience, and usability for both retail and institutional users,” Binance added.
Meanwhile, the trading platform helped prevent $4.2 billion in potential losses from 2.8 million users and recovered $88 million in previously stolen assets.
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