Binance, the world's leading cryptocurrency exchange, has reached a monumental milestone of 300 million registered accounts, eight years after its launch in July 2017. This represents an addition of 30 million new users in 2024 alone, growing from 270 million at the start of the year.
The achievement was confirmed by Binance Co-CEO Richard Teng during a 'CEO Connect AMA' event on Binance Square on December 19. Teng attributed the growth to robust and rising global utility of crypto assets, sustained customer trust, and community support.
A comprehensive report by data provider Kaiko reveals the core driver behind this success: a sophisticated, self-reinforcing liquidity engine. From its early days facing infrastructure challenges like fragmented liquidity and network outages, Binance focused on building deep, stable order books. This attracted traders, which in turn drew more liquidity, creating a powerful compounding effect.
Key structural elements fueling this engine include effective liquidity management, rapid listing of new assets, and the expansion of derivative products. The dominance of the USDT stablecoin market simplified global access, while the later diversification into FDUSD and USDC reduced issuer-specific risk without fragmenting liquidity.
The exchange's infrastructure proved resilient during stress tests, including the 2020-2021 bull run and the regulatory uncertainty of 2022-2023. Even as daily spot volume exceeded $60 billion in October 2024, spreads on core pairs like BTC-USDT and ETH-USDT remained near one tick, with order books replenishing rapidly after shocks.
External catalysts like the approval of U.S. Bitcoin spot ETFs in January 2024, which brought institutional capital, and Europe's MiCA regulation in June 2024, which clarified rules, further boosted market maker confidence and participation.
Recent data underscores Binance's execution efficiency and scale. On December 1, 2025, Binance processed $20 billion across 61.9 million trades, dwarfing competitors like Coinbase ($3.6B) and OKX ($3B). High retail activity, supported by algorithmic strategies, has narrowed cross-exchange price gaps, with BTC-USDT spreads between Binance and Coinbase typically within a single basis point.
