Binance has long been the largest cryptocurrency exchange by some distance, despite almost no publicly available financial information allowing anyone to do any proper due diligence on their operations.
In this blog post, we will give you an overview of some of the key statistics known to date about Binance’s revenues, customer reserves, and user statistics.
Overview
- Founded: 2017
- Headquarters: No formal global HQ (formerly registered in the Cayman Islands)
- Number of Employees: 11,000+
- Coins available to trade: 350+
- Trading Pairs: 1,400+
Binance has grown massively through its constant innovation and the sheer breadth of services they offer. No other exchange can compete on their level right now.
But did you know that Binance has never confirmed which company holds their main exchange Binance.com? It is believed to be held by a company in the Cayman Islands.
Many journalistic efforts to dig deep into Binance’s financial records through their web of private companies across multiple markets have come up short. Most of these companies were not reporting any material trading.
What services does Binance provide?
To get a better idea of Binance’s business model, let’s first look at a list of services they offer:
- Exchange services allow you to buy/sell crypto assets
- Advanced trading
- Staking
- NFTs
- Self-Custody Wallets
- Institutional, VIP, and business accounts
- E-commerce business payments
- Prepaid Cards
- Trading bots
- Crypto loans
- DeFi
- Derivatives such as options, futures, and leveraged tokens.
Ranking of Binance vs its competitors
Below is a comparison of the typical 24-hour trading volume of Binance versus some of its competitors. Binance remains the biggest player in the market by far.
| Exchange | 24-Hour Trading Volume (millions) |
| Binance | $36,637,913,166 |
| Bybit | $7,846,346,302 |
| OKX | $6,478,934,665 |
| Coinbase | $5,634,959,705.22 |
| Kraken | $2,068,554,529.73 |
Source: coinmarketcap.com
In terms of daily trading volume, Binance is almost nine times as large as its nearest competitor.
Binance reported key user statistics
Below is a summary of some key user statistics that were reported for Binance in their 2024 ‘End of Year Report’:
- Average Daily Volume: $76bn
- Spot Transactions: $300bn
- Registered Users: 250 million
- Binance cards issued in EEA: 2+ million
- Binance P2P users: 20+ million
- Binance Pay users: 40+ million
Please note these figures have not been audited by any third party.
Binance revenue
As a private company with a complex corporate structure, Binance does not need to disclose comprehensive financial statements publicly. However, based on available information, we can provide the following insights into Binance’s financial performance:
- Revenue: In 2024, Binance reported revenue of $16.8 billion, marking a 40% increase from the previous year.
Despite the lack of detailed financial disclosures, these figures indicate Binance’s significant growth and dominant position in the cryptocurrency exchange market.
Binance AUM (Assets Under Management)
In response to the industry’s demand for greater transparency following events like the FTX collapse in 2022, Binance has been publishing monthly Proof of Reserves (PoR) reports since November 2022. These reports aim to demonstrate that Binance holds sufficient reserves to cover all customer assets on deposit.
As of May 2025, Binance’s PoR report confirms that the exchange maintains full collateralization, holding more than 100% of customer assets across major cryptocurrencies such as Bitcoin (BTC), Tether (USDT), and Ethereum (ETH).
Key Highlights from the May 2025 PoR Report:
- Bitcoin (BTC): Binance holds 616,886.378 BTC, equating to 102.06% of users’ total Bitcoin balances, which stand at 604,886.378 BTC.
- Tether (USDT): The exchange’s USDT reserves remain robust, with over 29.6 billion USDT under custody, about 600 million more than customers collectively hold, resulting in a 102.07% collateralization ratio
- Ethereum (ETH): Binance controls 5,289,954 ETH, exceeding user balances by over 8,000 ETH.
- Solana (SOL): Reserves show a surplus of roughly 2,000 SOL, translating to a 0.01% margin above customer deposits.
- Ripple (XRP): Binance’s XRP reserves stand at 102.99%, with approximately 2.6 billion XRP on hand, around 76 million more than customers currently hold.
- Binance USD (BUSD): The platform’s most overcollateralized asset, with reserve levels reaching 206.04%—more than double the customer-held balances.
- USD Coin (USDC): Binance holds over 8.6 billion USDC, representing 152.19% of the 5.6 billion users hold.
- First Digital USD (FDUSD): Reserves stand at 107.84%, surpassing customer assets by more than 82 million FDUSD.
These figures underscore Binance’s commitment to maintaining reserves well above the required minimum, ensuring that customer balances are safe and fully backed.
Binance employs a Merkle Tree structure in its PoR system, allowing individual users to verify their assets on the platform through a cryptographic tool.
While the PoR reports provide detailed information on reserves held for a selection of major cryptocurrencies, they do not encompass all 350+ crypto assets offered on Binance’s spot exchange. Therefore, the reported figures represent only a portion of the total customer assets held in custody.
Conclusion
Binance remains the top-dog cryptocurrency exchange in the world, as evidenced by its daily trading volumes. Outside of this metric, it is difficult to dig deeper into user statistics and the financial performance of Binance’s group of private companies.
On all fronts, Binance is now facing challenges, and the next couple of years will determine whether it can survive the increased regulatory scrutiny or fall like many of its previous competitors.
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 U.S.?
Binance US was created specifically to enable Binance to offer its services to the valuable US market. Many of the products and services offered on their main Binance.com platform would not comply with U.S. regulations. Therefore, this was a workaround they created to be still able to target U.S. consumers.
Will Binance go public?
CZ has stated publicly in recent years that Binance was targeting an IPO in 2024. However, this may now be derailed by ongoing litigation with US regulators.
Is Binance safe?
Binance, like all other cryptocurrency exchanges, are not forced to comply with stringent regulations to safeguard customer assets like their investment broker peers.
As a result, if the worst were to happen and Binance were to become insolvent, you would have no recourse or claim to your assets. We have already seen this play out many times recently when customers Celsius and FTX lost virtually all their assets.
Does Binance hold any licenses?
Binance often boasts about the licenses, registrations, and authorisations it holds.
In Europe, Binance has been managed to be registered as a VASP/DASP (Virtual/Digital Asset Service Provider) in the following countries:
- France: Binance Italy S.R.L
- Spain: Binance Spain, S.L
- Italy: Binance Italy S.R.L.
- Lithuania: Bifinity UAB
- Poland: Binance Poland Spółka z Ograniczoną Odpowiedzialnością
They have also managed to register as a Financial Institution in Sweden. Binance Nordics AB has been granted a license for management and trading in virtual currency by the Swedish Financial Supervisory Authority.
However, the regulatory environment in the EU will become a lot more challenging for Binance when the Markets in Crypto Assets (MiCA) legislation starts to be written law next year. Binance has recently been told to cease offering services to customers in Belgium and the Netherlands and has voluntarily decided to leave the Cyprus market.
Another high-profile market that Binance has left is the Canadian market.
In the Asia Pacific region, Binance has been granted the following:
- Australia: InvestbyBit Pty Ltd (trading as Binance Australia) has been granted a Digital Currency Exchange (DCE) provider registration by the Australian Transaction Reports and Analysis Centre (AUSTRAC).
- New Zealand: Investbybit Limited (trading as Binance New Zealand) is registered on the New Zealand register of financial service providers.
- Japan: Binance acquired a local crypto exchange which allows them to operate as a Crypto Asset Exchange Service Provider in Japan.
Binance also holds licenses, registrations, and authorisations for different service levels in South Africa, Thailand, Mexico, Abu Dhabi, Indonesia, Bahrain, Dubai, and Kazakhstan.
What would happen if Binance ceased trading in the market I am in?
What we have seen happen in the Netherlands is that when Binance was ordered to leave the market, new customers were restricted from signing up, existing customers were restricted from purchasing more crypto assets or trading one cryptocurrency for another, and are also not able to make any further deposits to their account.
Users are, however, free to withdraw their assets from the platform.
