Binance Surpasses 250M Users: Aiming for 1B by 2025
Binance, the largest cryptocurrency exchange globally, has achieved a major milestone by surpassing 250 million users. The exchange remains the leader in trading volume, reporting a 24-hour figure of approximately $17 billion. This significantly exceeds the volumes of competitors like Bybit ($5.3 billion) and Coinbase ($3.6 billion), cementing Binance’s dominance in the crypto market.
Navigating Regulatory Challenges
2024 was a challenging year for Binance as it faced heightened regulatory scrutiny. In the United States, the SEC filed lawsuits accusing Binance of securities violations. The impact was particularly severe for its U.S. affiliate, Binance.US, which experienced a 75% decline in revenue and had to lay off over 200 employees—approximately two-thirds of its workforce.
Adding to the challenges, Binance’s co-founder, Changpeng Zhao (CZ), pleaded guilty to allegations of money laundering in the U.S., resulting in a six-month prison sentence. These events underscored the exchange’s struggle to align with complex and varying global regulations.
International Scrutiny and Reforms
Regulatory pressures were not confined to the U.S. In Australia, the Australian Securities and Investments Commission (ASIC) accused Binance of failing to provide adequate consumer protections. Meanwhile, in Nigeria, legal proceedings were initiated against the exchange for operating without proper authorization.
To address these challenges and rebuild trust, Binance appointed Richard Teng as its new CEO in late 2024. Teng’s leadership signals a strategic shift toward prioritizing compliance and ensuring Binance’s operations align with international standards. His vision includes establishing a sustainable business model capable of thriving over the next century.
Decentralized vs. Centralized Exchanges
While Binance remains a centralized exchange leader, decentralized exchanges (DEXs) such as Uniswap and PancakeSwap offer alternative trading models. DEXs eliminate intermediaries, enabling peer-to-peer transactions directly on blockchain networks. However, they face challenges, including limited liquidity and user complexity, which hinder their broader adoption.
Future Ambitions
The achievement of 250 million users solidifies Binance’s role as a pivotal player in driving mainstream cryptocurrency adoption. As the crypto ecosystem evolves, the balance between centralized giants like Binance and decentralized platforms will define the market’s trajectory.
Looking ahead, Binance aims to reach 1 billion users by 2025, a goal that highlights its ambitious vision for global crypto integration. CEO Richard Teng summarized this aspiration: “We are building for the next 50 to 100 years—a sustainable enterprise for future generations.”
