Binance, the leading cryptocurrency exchange by market capitalization, is approaching 250 million users, according to CEO Richard Teng.
Throughout the year, the exchange logged a total of $21.6 billion in user fund deposits. This is more than the combined total of the next 10 crypto trading platforms.
The exchange's average Tether (USDT) deposit has also grown to as much as $230,000. According to Teng, this shows that the trading platform is becoming more popular with professional and corporate investors.
According to Binance, this was a year of "exceptional growth" both for Binance and the broader industry. It has managed to become the first centralized crypto exchange to top the $100 trillion milestone in lifetime trading volumes.
It is a sharp contrast compared to late 2023. The then-beleaguered exchange was reeling from its legal troubles after agreeing to shell out a total of $4.3 billion in penalties to the U.S. government over money laundering and sanctions violations. Changpeng Zhao, the charismatic founder of the crypto behemoth, also stepped down from his CEO role and later served a multi-month prison sentence.
Teng, a former regulator, stepped up Binance's regulatory compliance efforts in order to fix its tainted image. He has significantly expanded the exchange's compliance, while also obtaining necessary regulatory approvals.
Despite stepping away from Binance, CZ, of course, remains its biggest shareholder. As reported by U.Today, the crypto mogul recently revealed that he had been approached with an offer to sell his enormous stake in the exchange. However, CZ has not disclosed his future plans.
Tomiwabold Olajide
Gamza Khanzadaev
Dan Burgin
Vladislav Sopov