This is how Binance expanded in 2024, according to its annual report

2024 was a remarkable year for the crypto industry, with leading entities and exchanges getting a big slice of the pie. One of these is the leading cryptocurrency exchange, Binance, which has a market share of almost 39% among centralized crypto trading platforms.

According to a year-end report, the company experienced unprecedented growth and smashed several milestones in 2024. The exchange also played a role in driving mainstream adoption and mitigating losses potential hacks and attacks.

Binance releases EOY 2024 report

Binance revealed that it surpassed $160 billion in user assets under custody for the first time in 2024, with inflows of over $30 billion. This exceeded 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, reaching more than 250 million after an increase of 50 million in six months. The platform also recorded a 116% increase in its VIP users.

The Binance Pay service experienced a 226% increase in its active users, while Binance Academy students increased to 44 million, representing a growth of 63%. Binance Earn Total Value Locked (TVL) ended 2024 with a 144% increase in user savings and over 410 tradable assets.

“Binance’s achievements in 2024 weren’t just about records; it was about creating, amplifying and shaping trends that resonate with crypto users. Whether meeting users where they are or being there for them in times of need, Binance’s actions reflected its deep commitment to the community,” the exchange stated.

New products and improved security

Additionally, Binance upgraded its payment methods and supported up to 1000+ and 125+ fiat currencies respectively. Amid this growth in users and supported coins, Binance’s global average daily trading volume increased by 27%, while the exchange’s margin trading volume soared by more than 290%. Additionally, Binance processed an all-time high of 4,444,000 requests per second.

Binance launched new products such as Spot Copy Trading, features such as Token Unlock and Vesting Schedule, and a first-of-its-kind margin asset, BFUSD.

“Our advancements in Spot, Futures, Margin and Convert products and features are critical to expanding access, convenience and usability for both retail and institutional users,” Binance added.

Meanwhile, the trading platform helped avoid potential losses of $4.2 billion from 2.8 million users and recovered $88 million in previously stolen assets.

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