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
- Current CEO: Richard Teng (since November 2023, following CZ’s resignation as part of the US settlement)
- Headquarters: no single official global HQ; most comprehensive regulatory presence now in Abu Dhabi, UAE (previously registered in the Cayman Islands)
- Employees: approximately 5,000-6,000 (significantly reduced from previous peaks following 2023-2024 restructuring)
- Coins available to trade: 500+
- Trading pairs: 1,500+
- Users: 280 million+ registered users
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 – it holds roughly 38-40% of the global spot trading market share, several times its nearest competitor.
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 late 2025, when Binance received approval from Abu Dhabi’s Financial Services Regulatory Authority (FSRA) to operate three licensed entities (exchange, clearing house, and broker-dealer) in the ADGM – its most comprehensive regulatory footprint to date – though the company still officially declines to call it a “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 – most of these entities historically reported little or no material trading activity. Since 2024, however, the company has moved towards greater transparency, publishing regular proof-of-reserves reports and operating under tighter regulatory oversight following its US settlement with the Department of Justice and other agencies in November 2023 (which included a roughly $4.3 billion penalty, CZ stepping down as CEO, and his guilty plea on AML-related charges).
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)
- NFT marketplace
- 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 real-world assets and stocks (xStocks, launched on Binance in 2025)
- Binance Academy (educational content) and Binance Research
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 (USD) |
| Binance | $25,000,000,000 – $30,000,000,000 |
| Bybit | $7,000,000,000 – $9,000,000,000 |
| OKX | $6,000,000,000 – $8,000,000,000 |
| Coinbase | $3,000,000,000 – $5,000,000,000 |
| Kraken | $1,500,000,000 – $2,500,000,000 |
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 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
- Binance Pay merchants: 20+ million (user base up 30% YoY)
- Fiat and P2P volume: up 38% year-over-year
- Binance Earn rewards distributed: $1.2 billion
- Potential fraud prevented: $6.69 billion
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 comprehensive financial statements publicly. Based on available information and credible reporting (notably from Forbes and crypto industry analysts), we can summarise the following insights into Binance’s financial performance:
- Revenue: Binance reported approximately $16.8 billion in revenue in 2024, a roughly 40% year-on-year increase, with Forbes estimating 2024-2025 revenue in the $16-17 billion range.
- Net income: around $464 million in 2024, a 7% decline from the previous year despite the revenue growth – reflecting higher compliance, legal, and operational costs in the wake of its 2023 US settlement.
- Trading volume: roughly $34 trillion across all products in 2025, with spot volume exceeding $7.1 trillion and average daily volume up around 18% year-on-year.
- Market position: Binance held roughly 38% of global spot trading market share in 2025, generating more than 2x the revenue of its closest listed competitor, Coinbase (~$6.6 billion in 2024).
Despite the lack of detailed audited financial disclosures, these figures reinforce Binance’s significant growth and continued dominance of 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 2026, Binance has published more than 40 monthly PoR reports, with the latest confirming that the exchange maintains full collateralisation (1:1 or above) across major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and stablecoins such as Tether (USDT) and USDC.
It’s worth noting that in January 2026, Binance updated its PoR methodology to expand the scope of net account balances and more accurately reflect a true 1:1 backing. Previously, the displayed ratios excluded Binance’s own assets, which resulted in inflated reserve ratios (for example, BTC was previously shown at ~102% and BUSD at over 200%). Under the new methodology, reported ratios are now much closer to the 100% threshold, while customer assets remain fully backed on-chain.
Key highlights from Binance’s recent 2026 PoR reports:
- Bitcoin (BTC): approximately 618,000 BTC held in custody, with a coverage ratio of around 100.06%. Customer BTC balances grew 1.41% from the previous period.
- Ethereum (ETH): roughly 4.17 million ETH under custody, up 8.55% versus the previous report.
- Tether (USDT): approximately 38.2 billion USDT in reserves, with a coverage ratio of around 101.69%; user balances up 2.86%.
- USD Coin (USDC): reserves remain above customer liabilities, with continued growth in stablecoin balances.
- XRP: roughly 2.6 billion XRP in net account balances as of April 2026, an increase of 16+ million tokens during the month.
These figures underscore Binance’s stated commitment to maintaining reserves at or above the required minimum, helping ensure that customer balances remain fully backed.
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 500+ spot 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. It’s also worth noting that PoR reports show assets at a point in time and don’t constitute a full audit of Binance’s financial position – which would require comprehensive third-party audited financial statements.
Conclusion
Binance remains the top-dog cryptocurrency exchange in the world, with $34 trillion in total trading volume in 2025, more than 300 million registered users, and roughly 38% of global spot trading market share. Outside of these headline metrics, the lack of public financial statements still makes it difficult to dig deeper into the granular performance of Binance’s group of private companies.
The picture in 2026 is meaningfully different from a couple of years ago. Binance has now secured full authorization under Abu Dhabi’s ADGM regulatory framework, becoming the first global crypto exchange to do so, and has settled most of its major US legal exposure following the 2023 plea agreement. The challenge has shifted from survival to execution: maintaining its lead as institutional adoption accelerates, ETF flows reshape capital allocation, and competitors like Coinbase, Kraken, and OKX continue to push for market share in regulated jurisdictions.
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.
