Binance has long been the largest cryptocurrency exchange by some distance, despite limited publicly available financial information. The company remains private and doesn’t disclose audited financials the way a listed competitor like Coinbase does.
In this article, we’ll give you an overview of some of the key statistics known to date about Binance’s trading volumes, customer reserves, user base, and revenue.
Overview
- Founded: 2017 by Changpeng “CZ” Zhao and Yi He
- Current CEOs: Richard Teng (since November 2023, after CZ stepped down as part of the US settlement) and Yi He (co-CEO since December 2025)
- Headquarters: no official global HQ. Its main regulated base is now Abu Dhabi Global Market (ADGM), UAE
- Employees: about 5,000
- Coins available to trade: about 500
- Spot trading pairs: about 1,900 (end of 2025)
- Users: 323 million+ registered users (July 2026)
Binance has grown enormously through constant product innovation and the sheer breadth of services it offers. No other crypto exchange currently competes at its scale. In July 2026 it handled about 27% of all spot trading and 46% of derivatives trading on centralised exchanges, according to CoinDesk Data, several times its nearest competitor. Its spot share has fallen from around 40% a few years ago, and hit a four-year low of 25% in December 2025.
Binance has long avoided naming a single global headquarters, with founder CZ famously claiming the company was “decentralised” and had no HQ. That began to change in December 2025, when Abu Dhabi’s Financial Services Regulatory Authority (FSRA) approved three Binance entities in ADGM: an exchange, a clearing house and custodian, and a broker-dealer. The global platform moved its operations there on 5 January 2026. Binance describes this as the first full set of FSRA licences for a global crypto exchange, though it still declines to call Abu Dhabi its “headquarters”.
Past journalistic investigations into Binance’s financial records, which span a web of private companies across multiple jurisdictions, have struggled to build a complete picture. Since 2022, however, the company has moved towards greater transparency, publishing monthly proof-of-reserves reports and operating under tighter oversight following its November 2023 settlement with the US Department of Justice (DOJ) and other agencies. That settlement included a $4.3 billion penalty, CZ stepping down as CEO and his guilty plea for failing to maintain an effective anti-money laundering (AML) programme. CZ served four months in prison in 2024 and received a presidential pardon in October 2025. The US Securities and Exchange Commission (SEC) dropped its separate lawsuit against Binance in May 2025.
What services does Binance provide?
To get a better idea of Binance’s business model, let’s look at the main services it offers:
- Exchange services that let you buy and sell crypto assets
- Advanced trading (spot, margin, and convert)
- Staking and Binance Earn (flexible and locked yield products)
- Binance Wallet (self-custody Web3 wallet)
- Institutional, VIP, and business accounts
- Binance Pay (peer-to-peer and e-commerce crypto payments)
- Prepaid and crypto-linked cards
- Trading bots (grid, DCA, rebalancing, and arbitrage)
- Crypto loans (including loans to support Bitcoin mining operations)
- DeFi and on-chain staking
- Derivatives including futures, perpetuals, and options
- Tokenised stocks and ETFs (through Ondo on Binance Alpha since February 2026, and Binance-issued bStocks since June 2026), not available to US users
- Binance Academy (educational content) and Binance Research
Binance closed its NFT marketplace in July 2026, moving users’ NFTs to Binance Wallet.
Ranking of Binance vs its competitors
Below is a comparison of the typical 24-hour spot trading volume of Binance versus some of its largest competitors. Volumes swing widely from day to day (and are lower at weekends), so treat these as orders of magnitude. Binance remains the biggest player in the market by far.
| Exchange | 24-hour spot volume (USD) |
| Binance | $5 billion to $12 billion |
| OKX | About $2 billion |
| Bybit | About $1.3 billion |
| Coinbase | About $1.3 billion |
Typical 24-hour spot volume in early October 2026. Sources: CoinMarketCap and CoinGecko.
In terms of daily spot volume, Binance is typically three to five times as large as its nearest competitor, and its lead is even wider in derivatives.
Binance reported key user statistics
Below is a summary of some key user statistics that were reported for Binance in their 2025 ‘End of Year Report’:
- Total trading volume: $34 trillion across all products
- Spot trading volume: $7.1+ trillion
- Average daily trading volume: up 18% year-over-year
- Registered users: 300+ million (323 million+ by July 2026)
- Binance Pay merchants: 20+ million (Pay users up 30% year-over-year)
- Binance Earn rewards distributed: $1.2 billion
- Potential fraud and scam losses prevented: $6.69 billion, protecting 5.4 million users
Please note these figures have not been audited by any third party.
Binance revenue
As a private company with a complex corporate structure, Binance is not required to disclose financial statements publicly, and the estimates that circulate vary widely:
- Forbes estimate: in March 2026, Forbes estimated Binance’s revenue at around $16 billion to $17 billion in both 2024 and 2025, as part of valuing CZ’s stake (reported at about 90% of the company).
- CZ’s own figure: CZ publicly disputed that estimate days later, saying Binance’s annual revenue is closer to $5 billion.
- Profitability: there is no credible public figure for Binance’s net income.
- Trading volume: about $34 trillion across all products in 2025, with spot volume above $7.1 trillion.
- Comparison: its closest listed competitor, Coinbase, reported $7.2 billion in revenue and $1.3 billion in net income for 2025.
Whichever estimate is closer to the truth, Binance processes far more volume than any rival, but without audited accounts its true profitability remains unknown.
Binance AUM (Assets Under Management)
In response to the industry’s demand for greater transparency following the FTX collapse in 2022, Binance has been publishing monthly Proof of Reserves (PoR) reports since November 2022. These reports aim to show that Binance holds enough reserves to cover all customer assets on deposit.
By September 2026, Binance had published 46 monthly PoR reports, each showing full collateralisation (1:1 or above) across major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH) and stablecoins such as Tether (USDT).
In January 2026, Binance updated its PoR methodology to include its own assets in the net balance calculation. Previously, the displayed ratios excluded those assets, which made reserve ratios look inflated (for example, BTC at around 102%). Under the new method, reported ratios sit much closer to 100%.
Key highlights from Binance’s latest PoR reports (August and September 2026):
- Bitcoin (BTC): about 682,000 BTC in user balances, with a reserve ratio of around 100.25%.
- Ethereum (ETH): about 3.98 million ETH in user balances, with a reserve ratio of around 100.25%.
- Tether (USDT): about 32.3 billion USDT in user balances, with a reserve ratio of around 103.62%.
These figures support Binance’s stated commitment to keep reserves at or above customer balances.
Binance uses a Merkle Tree structure combined with zk-SNARK (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) cryptography in its PoR system, allowing individual users to verify that their account balances are included in the aggregate net balance without revealing private information.
While the PoR reports provide detailed information on reserves held for a selection of major cryptocurrencies, they don’t cover all of the roughly 500 coins listed on Binance’s exchange. The reported figures therefore represent only a portion of the total customer assets held in custody. The most current report is always available at binance.com/en/proof-of-reserves. PoR reports show assets at a point in time and are not a full audit of Binance’s financial position, which would require third-party audited financial statements.
Conclusion
Binance remains the largest cryptocurrency exchange in the world, with $34 trillion in total trading volume in 2025, more than 320 million registered users and roughly a quarter of global spot trading (and nearly half of derivatives trading) on centralised exchanges. Beyond these headline metrics, the lack of public financial statements still makes it difficult to judge the performance of Binance’s group of private companies.
The picture in 2026 is very different from a couple of years ago. Binance now operates its global platform under Abu Dhabi’s ADGM framework, the SEC has dropped its case and CZ has been pardoned. But new challenges have emerged: Binance failed to secure a licence under the EU’s Markets in Crypto-Assets regulation (MiCA) and restricted services in much of Europe from July 2026, and in September 2026 Bloomberg reported a new US probe into alleged sanctions violations. Meanwhile, its spot market share is under pressure from competitors like OKX, Bybit, Coinbase and Kraken.
If you are interested in reading about the statistics of one of Binance’s closest rivals, Coinbase, check out the Coinbase Statistics article.
FAQs
What is the difference between Binance and Binance.US?
Binance.US is a separate US company that shares the Binance brand and beneficial owner but has its own management and a narrower product range designed to comply with US rules. It lost its US dollar banking in 2023 and restored USD deposits and withdrawals in February 2025. Its CEO said in July 2026 that it is rebuilding its market share. Binance.com does not serve US residents.
Will Binance go public?
There is no announced plan. CEO Richard Teng said in 2024 that Binance had no need for an IPO, and in June 2025 only that he would not rule it out, adding that any decision would be for the board and shareholders.
Is Binance safe?
Binance publishes monthly proof-of-reserves reports showing that it holds at least 1:1 reserves for major coins, and its global platform is now supervised by Abu Dhabi’s FSRA. However, crypto exchanges are not covered by the investor compensation schemes that protect clients of regulated stockbrokers, and proof of reserves is not a full audit. If an exchange became insolvent, customers could lose access to their assets, as happened with FTX and Celsius in 2022.
Does Binance hold any licences?
Yes, in several jurisdictions, though its footprint has changed a lot. Its global platform has been authorised in Abu Dhabi (ADGM) since December 2025. Binance Japan is registered with Japan’s Financial Services Agency (PayPay took a 40% stake in 2025), and Binance Australia is registered with AUSTRAC as a digital currency exchange, although AUSTRAC ordered an external audit in 2025 and a Binance derivatives unit was fined A$10 million in March 2026 for client classification failures. Binance also holds registrations or licences in countries such as Bahrain, Dubai, Kazakhstan, Thailand, Indonesia, Mexico and South Africa.
In the EU, Binance does not hold a MiCA licence. Its old national registrations in France, Italy, Spain, Poland, Sweden and Lithuania stopped authorising new business when the MiCA transition period ended on 1 July 2026. Binance had already left the Netherlands and Cyprus, was ordered out of Belgium in 2023, and left Canada in 2023.
Can Europeans still use Binance?
Only in a limited way. After withdrawing its MiCA application in Greece in June 2026, Binance stopped new sign-ups, deposits, spot trading and Earn for users in France, Italy, Spain, Poland and other EU countries from 1 July 2026. Existing users can still withdraw their assets. Binance says it will reapply for a MiCA licence through another EU country.
What would happen if Binance ceased trading in the market I am in?
When Binance has left a market, such as the Netherlands in 2023 or several EU countries in July 2026, new customers were blocked from signing up and existing customers could no longer deposit or trade. They were, however, free to withdraw their assets from the platform.
