Binance is the biggest cryptocurrency exchange in the world.
This crypto exchange has only been around since 2017, so its growth is nothing short of amazing.
Changpeng Zhao, OKCoin’s former CTO created Binance and worked with Blockchain info as well. Zhao launched this cryptocurrency exchange platform in Hong Kong. Today, it’s a leader in the industry.
The fast growth of Binance put it on the radar where it experienced restrictive regulations.
Because of that, this platform has moved their servers and headquarters to Malta to prevent being under harsh restrictions.
One of the reasons that Binance is so popular is its large choice of alt coins accessible on the exchange as well as its own coin.
Currently, Binance Coin is ranked fifth as the most valuable coin in the cryptocurrency market after Bitcoin, Ethereum, USS Tether, and Cardano.
Let’s address the binance statistics that matter the most.
Key Binance Statistics 2024
- Binance has around 30 million users.
- Binance’s market value is about $300 billion.
- Binance employs around 2000 people across 20 locations.
- According to 2021 data, Binance generated $20 billion in revenue.
- China, Singapore, and the UK have all banned Binance.
- Turkey uses Binance the most with 6.40% of its overall traffic.
Binance is described as a cryptocurrency exchange where cryptocurrency traders can easily buy, sell, and trade their digital assets.
Binance’s market value is about $300 billion. Binance employs around 2000 people across 20 locations. According to 2021 data, Binance generated $20 billion in revenue.
China, Singapore, and the UK have all banned Binance. Turkey uses Binance the most with 6.40% of its overall traffic.
In 2019, the United States banned Binance due to regulatory issues. As a result, the company created a separate exchange that complies with United States laws and regulations, called Binance.us.
In 2021 the UK banned Binance on legal and regulatory grounds. The reason was due to its failure to meet the UK’s anti-money laundering requirements.
Let’s take a look at more Binance statistics.
1. Binance Has Around 30 Million Users.
The number of users on Binance is likely to quickly change as more people register with this exchange, but the latest Binance statistics shows this platform has around 30 million users.
The Binance exchange also enjoys more than 29 million weekly visitors.
In 2017, this crypto exchange had around 4,000 to 6,000 new registrants daily.
Also, over 50% of its users perform at least one trackable activity each day, which includes logging into the platform, depositing funds, withdrawing funds, etc.
Binance experiences the highest of all crypto exchanges in a 24-hour trading volume at $10 billion.
In 2020, Binance’s average trading volume per day was $3.88 billion. We imagine it’s higher than that now.
2. As Of 2022, Binance’s Market Value Is About $300 Billion.
In early 2022, Binance’s valuation was at $300 billion. Changpeng Zhao himself said in an interview that “Binance’s valuation is very subjective.”
Zhao also mentioned that Binance.us will do the same thing as Coinbase.
Coinbase is one of Binance’s fiercest competitors that became public in 2021. The latest numbers on Coinbase show its value at $40 billion.
The NASDAQ is down from its $328.28 to $194.53 per share.
Keeping in mind that the cryptocurrency market is volatile with frequent fluctuations in the market, all valuations for exchanges are subjective.
3. Binance Employs Around 2,000 People Across 20 Locations.
According to Binance’s website, the company has locations in more than 20 regions and employs about 2,000 people.
LinkedIn shows that 4,470 users work in Binance. LinkedIn also shows Binance as being a company with 1,001 to 5,000 employees.
If you are interested in working with this company, you can find some open positions on LinkedIn or the careers portion of the Binance website.
You might also like to have some idea of the company’s values that embrace freedom, integrity, collaboration, etc.
The process of interviewing with this company takes between two and four weeks and includes four interviews.
4. According to 2021 Data, Binance Generated $20 Billion in Revenue.
Binance statistics from 2021, reveals that the exchange took in $20 billion in revenue. In contrast to Binance’s revenue, Coinbase was expected to achieve $7 billion in revenue for 2021.
Binance’s revenue is nearly three times higher than Coinbase’s revenue.
The fact that the trading volume on this exchange is the highest across all crypto exchanges, it’s no surprise it has a higher revenue.
In January 2022, Binance experienced a 24-hour trading volume of $26 billion as compared to Conbase’s 24-hour spot trading volume of $6 billion.
Since the cryptocurrency market is known for its wild roller coaster ups and downs, these exchanges rely on that market for revenue.
For instance, Bitcoin was at its all time high in November 2021 at $68,990.90, but by January 2022, it had fallen to $35,000.
5. China, Singapore, and The UK Have All Banned Binance.
As mentioned before, Binance is banned in China and the UK, but it’s also banned in Singapore.
One of the reasons for all this banning comes from Binance not meeting the laws and regulations to mitigate financial crimes and money laundering.
While Binance was banned in the US in 2019, the company created a separate exchange that does comply with US laws.
Binance Markets Limited is not allowed to partake in regulated activities in the United Kingdom, according to Britain’s Financial Conduct Authority.
As far as Singapore is concerned, Binance was to withdraw all its licensing efforts there on February 13, 2022.
However, user registrations to the exchange were not permitted as of December 13, 2021.
If you want to partake in cryptocurrency trading, Coinbase may be a good alternative for you.
6. Turkey Uses Binance the Most with 6.40% of Its Overall Traffic.
Binance is open and available in Turkey. This country uses Binance the most at 6.40% of the exchange’s overarching traffic.
Russia comes in second with 5.94% of the total traffic on Binance.
Most other cryptocurrency exchanges in Asia, Binance has a diverse user base that expands over the east and west.
Because of the ban in the US, this country doesn’t contribute to traffic to Binance.com. Instead, the Binance.us site is used for US traffic.
7. Binance Makes Money Through Its Withdrawal and Transaction Fees.
One of the most common questions asked about cryptocurrency exchanges is “how do they make money”?
Binance, like all cryptocurrency exchanges, makes money from the withdrawal and transaction fees charged for using the service.
Transaction fees are subjective according to the exchange.
In the case of Binance transaction fees cover margin borrow interest, spot trading, liquidity swap fee, P2P, COIN-M futures trading, and cross collateral interest.
The spot trading fee starts at 0.1% as long as your 30-day trading volume stays under 1,000,000 BUSD. All users must pay a flat fee for withdrawing cryptocurrencies.
For instance, Bitcoin offers a withdrawal fee of 0.0005 BTC and Ethereum 0.00625 ETH.
8. Hobbyist Crypto Traders Make up 48% of Binance’s Users.
Likewise, 52% of its users don’t perceive themselves as hobbyists, but use it to make a side income. Another 15% of Binance users consider investing in cryptocurrency the main source of income.
According to Binance statistics, the three main reasons these users invest in cryptocurrency include:
- 55% – To own cryptocurrency as long-term investments.
- 38% – The lack of confidence in the existing currency and financial system in a country.
- 31% – To enjoy short-term trading options.
Buying, selling, and otherwise trading cryptocurrency is a growing method of investing all over the globe.
9. 65% of Binance Traders Own Bitcoin.
30% of Binance users allot 1 to 20% of their Bitcoin cryptocurrency portfolio. This makes sense with Bitcoin still being on top of all cryptocurrencies.
Many professional cryptocurrency traders believe that Bitcoin will maintain its number one position in the market regardless of the ups and downs in its value.
This happens with all cryptocurrencies. It’s just that Bitcoin was the first and it’s outlasted when others have fallen.
10. What Are the Demographics for Binance?
More than 90% of Binance users are men who are an average of 35 years old. That leaves approximately 10% for women in crypto who use the Binance exchange platform.
Regardless of gender, the average age of crypto traders at any level falls in the range of 18 to 34 at 15%. Traders between 35 and 64 are at 11% and those who are 65 and older 4%.
After looking at Binance statistics, it seems that this financial market needs more diversity.
Another area where the market could use some diversity is race. People of color account for 38% of cryptocurrency investors compared to 62% of white people.
That said, there is a movement towards the crypto market becoming more diverse in the coming years.
11. Despite Regulatory Issues, Binance Has Still Grown.
It’s a fact that the regulatory issues that face Binance have had a small impact on its revenue while other major cryptocurrency exchanges surged.
Even with regulating authorities over the world have shown concerns with money laundering and consumer protection, Binance thrived.
It seems these regulatory authorities continue to push Binance into compliance. The CEO, Changpeng Zhao says he is using 80% of his work time battling with restrictions and regulations.
12. In Binance’s Second Year, Its Net Worth Was $850 Million in US Terms.
By its third year, Binance reported $570 million in net worth. That was a slight downturn, but it quickly recovered in 2020 when its net worth was reported at $900 million.
That’s quite an achievement that seems like they are operating against the odds.
We need to tell you that Binance doesn’t report its actual revenue. It only reports its profits. Without counting expenses, we cannot know the exact revenue figures.
However, we imagine it’s still high. After all, it seems Binance is doing a great job of maintaining its appeal to young crypto investors.
What Countries Use Binance Management the Most?
The top five countries that use Binance include Turkey at 7.10%, Russia at 5.97%, Brazil at 4.51%, Korea at 4.25%, and the Philippines at 4.16%. These are five of the countries where Binance is accessible.
Is Binance Available in The US?
Binance was banned in the US in 2021 due to legal restrictions that Binance couldn’t meet. However, they created a separate company, Binance.us that is accessible to the US.
Only 43 US states can use Binance. Otherwise, this exchange platform is available in 180 countries.
How Many Users Are Professionals?
Only 27% of all Binance users have seven years or more experience in cryptocurrency investing.
This could be one reason for the 4.5 million users of Binance Academy.
How Many Binance Users Partake in Staking?
54% of Binance users engage in staking as opposed to 46% who do not participate in staking.
Of the 54%, 29% do their own staking, 25% go through an exchange, and 3% use a third-party service for staking.
Is Binance Safe?
In countries where Binance is banned, it cannot be used for trading or investing. Therefore, it’s considered risky in some countries.
That said, Binance statistics show that 48.3% of Binance investors say hacking is their top concern.
Other Binance investor risk stats include 43.3% due to legal issues, 38.3% due to global regulations, 30% lack of retail trading activities in Altcoins, and 21.7% from domestic regulations.
What Level Cryptocurrency Trader Should Use Binance?
The Binance exchange is designed for advanced traders. That doesn’t mean if you’re just getting started, you should avoid this platform.
There are plenty of ways to learn about cryptocurrency before signing up for a Binance account.
What’s Different About the US Version of Binance?
Binance.us does offer hundreds of cryptocurrencies for global trading, but it has limitations that Binance itself doesn’t have.
Also, Binance is only available in 44 of the 50 states.
How Does Binance Handle Security?
If your main concern is security risks on the Binance exchange, you should know that they use two-factor authentication, (2FA) provided through the mobile Google Authenticator app or via text message (SMS).
Other security features include address whitelisting, restrict device access, and device management.
The Binance.us platform for use in the United States only offers FDIC insurance on USD balances.
How Does Binance Handle Customer Service?
There are three methods for contacting customer support on Binance.
You can submit a ticket for email assistance, send a message to their Twitter account, or contact them via the chatbox at the bottom right corner of the website’s screen.
Does Binance Have Its Own Wallet Option?
At this time, Binance has no dedicated wallet of its own. Instead, it recommends Trust Wallet to its users.
Crypto wallets are a pretty secure space to store your digital assets.
Besides what we have already covered here, we have a few more quick Binance statistics for you to look over.
- Binance managed to raise more than 300 in Bitcoin during the global pandemic and donated it to over 20 countries.
- Binance doesn’t have a headquarters, according to its CEO, Zhao.
- The customer support service on Binance supports 11 languages according to 2020 Binance statistics.
- Binance’s CEO claims 80% or more of his time is used trying to combat regulatory problems.
According to Nextadvisor, Binance.US offers low fees as compared to other crypto exchanges and offers a 25% trading fee discount if you use Binance Coin to pay your fees.
Here are a few quick stats about Binance.US.
- Binance.US offers over 65 currencies.
- Binance.US cannot be used in Vermont, Texas, New York, Louisiana, or Idaho.
- Binance.US is in compliance with US regulations unlike the original Binance management exchange.
These Binance statistics 2024 show you how the world’s number one crypto exchange is thriving in today’s financial environment.
Even in the face of legal and regulation restrictions, this platform has managed to overcome to become number one in its industry.
It may be facing some challenges due to more sophisticated country regulations, but the team behind the exchange are constantly working on ways to fix their problems and get back to business as usual.
Growth in large countries where it’s legal and unrestricted isn’t surprising. This is how it’s endured among all the regulation issues.
Regulators in some countries have expressed concern over the issue of money laundering. The CEO is receptive about this issue and is actively working on a resolution.
In the future, Binance is likely to make the changes necessary to be accessible in almost all if not all countries where investing in cryptocurrency is allowed.
Transparency in its products and services is the keyword as Binance moves forward into the future.
We hope the above Binance statistics have been informative and interesting. You can use these Binance statistics to boost your profits in digital coins while you mitigate your risk.