Binance, founded in 2017 by Changpeng Zhao, emerged as a major player in the cryptocurrency industry. With a large crypto exchange volume of $7.7 trillion in 2021, it ranks among the world’s largest exchanges. According to 2021 estimates, Binance has over 28 million users.
The platform’s inception was marked by rapid growth and success, with its headquarters in Hong Kong. However, due to mounting regulatory constraints, Binance relocated its servers and headquarters from Hong Kong to Malta. Below are the must-know Binance statistics highlighting everything you need to know about the giant crypto exchange.
Key Binance Statistics 2023
- Binance generated $20 billion in revenue in 2021, a 263% increase from the previous year.
- In 2020, Binance reported a profit of between USD 800 million and USD 1 billion.
- Binance last reported a profit of between $800 million and $1 billion in 2020.
- In 2019, the company’s net income declined to $570 million from $850 million.
- In 2020, it recovered from the downturn, generating over $900 million.
- Binance is the world’s largest exchange by trading volume.
- As of October 2021, Binance had an estimated 28.6 million users.
- Institutional investors are responsible for most of the trading volume on Binance.
- Binance’s 24-hour trading volume reached $76 billion in 2021, more than twice its 2020 peak.
- Binance dominated Bitcoin spot trading in 2022, accounting for 92% of all spot Bitcoin trading by the end of 2022.
- Data shows that 55% of global spot crypto trading was hosted on Binance in January 2023.
What is Binance?
Binance is one of the world’s largest and most well-known cryptocurrency exchanges. The platform allows users to buy, sell, trade, and invest in cryptocurrencies. Binance has gained popularity in the cryptocurrency community for its user-friendly interface, extensive range of supported cryptocurrencies, and competitive trading fees.
Binance Coin (BNB) is the cryptocurrency with the 4th-highest market capitalization, only behind Tether, Ethereum, and Bitcoin. It also acquired Trust Wallet, a decentralized cryptocurrency wallet, in July 2018. Binance Smart Chain supports smart contracts and is compatible with the Ethereum virtual machine (EVM)
However, there have been multiple criticisms of Binance Smart Chain concerning its level of centralization, which has led to several exploits on the network. Overall, Binance is a popular and reputable cryptocurrency exchange that offers a wide variety of coins for trading with low fees. Binance generated $20 billion in revenue in 2021, a 263% year-on-year increase. In 2020, Binance reported a profit of between $800 million and $1 billion.
It has yet to publish its 2021 figures. Binance’s annual revenue grew tenfold in the last two years, topping around $12 billion in 2022. However, its trading volumes have been declining, which could impact its revenues. It is important to note that Binance is a private company that does not disclose its revenue but reports its profits. Binance’s revenue and profits have been growing in recent years, and it remains the largest cryptocurrency exchange in the world.
Binance Statistics for 2023 in Detail
1. Binance has experienced consistent growth in its user base since its inception. In 2017, the cryptocurrency exchange platform boasted more than 1.5 million users.
2. This number significantly jumped the following year, reaching 13.3 million users. By 2019, Binance had 16.5 million users, and this upward trend has continued.
3. In 2020, Binance reported having 21.5 million active users, which climbed to 28.6 million in 2021. Binance’s number of users was 89.5 million in August 2023.
4. Binance’s research reveals that 48% of its users are enthusiasts in the cryptocurrency space, while 15% rely on the platform as their primary source of income. A majority, around 65%, of Binance users hold Bitcoin in their portfolios, with most allocating between 1% and 20% of their crypto holdings to Bitcoin.
5. Additionally, more than 90% of Binance’s user base consists of males, and the average age of its users is approximately 35 years old.
6. Binance remains the world’s biggest crypto exchange, boasting 6,440 employees, with about 45 million American crypto users and 420 million global crypto users in 2023. Its revenue grew tenfold in the last two years, topping around $12 billion in 2022.
7. Binance Coin has a $70 billion market cap as of October 2021. As of October 2021, Binance Exchange has 337 coins on its platform. Its stablecoin, BUSD, exceeded $17 billion in market capitalization during the first half of 2023.
8. Overall, Binance remains the world’s largest cryptocurrency exchange by trading volume,
