Binance achieves 250m users, setting sights on 1b in 2025

Binance maintains its dominance in trading volume, outpacing its competitors while navigating complex regulatory environments.

Binance, the world’s largest cryptocurrency exchange by trading volume, reached 250 million users.

1 billion users is the benchmark for mass adoption, and today we’ve reached an incredible milestone: 250M users—one quarter of the way there!

Crypto is growing stronger every day. Together, we’re building the future and bringing our collective vision closer to reality. 🚀 pic.twitter.com/2gTgDa5xUW

— Binance (@binance) January 2, 2025

This success strengthens its leading position in the crypto market with a 24-hour transaction volume of approximately $17 billion. Binance significantly outperforms rivals such as Bybit, which reported $5.3 billion, and Coinbase, which reported $3.6 billion.

Cryptocurrency exchange volume | Source: Coinmarketcap

Despite its dominance in trading volume, Binance has faced several regulatory challenges in 2024. He faced securities violation allegations from the SEC in the US. In March 2024, Binance’s American subsidiary, Binance.US, encountered operational difficulties following a lawsuit filed by the SEC. The exchange suffered a 75% drop in revenue and laid off nearly two-thirds of its workforce, more than 200 employees in total. These measures were part of the company’s response to regulatory pressures and the impact this had on its business operations.

Also in 2024, at a time of increased regulatory scrutiny, Binance co-founder CZ faced money laundering allegations in the US, pleading guilty to charges that ultimately led to a six-month prison sentence. This was a pivotal moment in Binance’s legal battle and highlighted the company’s ongoing regulatory challenges.

Binance faced more scrutiny around the world. In Australia, ASIC accused the company of inadequate consumer protection, and in Nigeria legal action was taken for illegal operations. These events reflect the complexity of complying with global regulatory frameworks while maintaining market leadership.

To rebuild trust and overcome these challenges, Binance appointed Richard Teng as the new CEO in 2024. This strategic move reflects a shift towards prioritizing compliance and strengthening leadership in complex regulatory environments.

Unlike centralized exchanges like Binance, decentralized exchanges like Uniswap and PancakeSwap operate without intermediaries, allowing users to trade directly through blockchain protocols. While DEXs advocate decentralization and privacy, they often struggle with challenges such as user complexity and low liquidity, which can limit their appeal to less experienced users.

Binance’s milestone of surpassing 250 million users underscores the continued reliance on centralized platforms to drive mainstream adoption. As the crypto ecosystem evolves, the balance between centralized and decentralized models will shape the future of digital assets.

For now, Binance remains at the forefront, balancing growth with the challenges of navigating an increasingly complex regulatory environment. Looking ahead to the company, Binance CEO Teng said in an interview: “This is about building a sustainable enterprise that will not only succeed in the next few years, but will continue to thrive for the next 50 to 100 years. “This is absolutely our desire.”