Binance reaches a million "small goals" in trading volume, but Richard still urges to look toward the bigger future
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Binance reaches a million "small goals" in trading volume, but Richard still urges to look toward the bigger future
Binance's cumulative spot and derivatives trading volume has surpassed $100 trillion.
Navigating Web3 tides with focused insightsAuthor: Nancy, PANews
Trading is undoubtedly the central narrative of the crypto industry, with most users and capital currently revolving around this core activity. The leading cryptocurrency exchanges have now achieved trading volumes reaching into the hundreds of trillions of U.S. dollars. According to recent data from CCData, Binance's cumulative spot and derivatives trading volume has surpassed $100 trillion—far exceeding other major exchanges and solidifying its position as the world's top crypto exchange. This not only reflects Binance's strength but also highlights the rapid development and growing acceptance of the crypto industry.
The First Exchange to Reach a Quadrillion-Dollar Scale: Surging Users Alongside Strong Market Growth
For cryptocurrency exchanges, trading volume serves as a key measure of market influence and user activity. It acts not only as a barometer for platform liquidity and market depth but also as a critical indicator for market participants assessing platform stability and reliability.
According to the latest data from CCData, Binance’s cumulative spot and derivatives trading volume has exceeded $100 trillion. What does this number mean? The U.S. GDP in 2023 was approximately $27.36 trillion. Binance’s trading volume exceeds four times that amount. For an exchange founded just seven years ago, this signifies extremely high trading activity, massive capital inflows, and a vast user base.
Top 5 CEXs by Historical Trading Volume: Source: CCData
In fact, Binance CEO Richard Teng announced earlier in September that Binance had surpassed $1 quadrillion in historical trading volume. This scale not only demonstrates Binance’s market leadership but also directly reflects the overall prosperity of the crypto industry.
Large-scale trading volume implies broad user participation. In June, Binance announced that its global user base had surpassed 200 million. By September, it further revealed that the number had grown beyond 225 million. Just this year alone, Binance has added over 45 million new users, demonstrating strong growth momentum and sustained appeal. Previously, it took Binance five years to accumulate its first 100 million users, but it achieved another 100 million increase—from 100 million to 200 million—in just over two years.
"This milestone isn’t just Binance’s victory—it’s a sign of the crypto industry’s robust growth and maturation. Throughout this journey, cryptocurrencies have transitioned from 'early adopters' to the 'early majority,' indicating that an increasing portion of the global population is embracing crypto and its boundless potential," emphasized Richard Teng. Looking ahead, Binance will continue focusing on advancing financial inclusion and innovation.
Beyond the broader mainstreaming of the crypto industry, the dual growth in trading volume and user numbers is largely driven by Binance’s continuous iteration and innovation in trading products—reflecting deep insights into and responsive actions toward evolving user demands.
User-Centric Innovation: Binance’s Trading Product Evolution in 2024
The evolution of exchange trading products has long moved beyond basic spot trading. Today’s platforms offer diverse options such as futures, leveraged trading, staking, lending, dollar-cost averaging (DCA), and NFT markets, catering to various types of investors.
Beyond these standard offerings, Binance launched several new products this year, including the token launch platform Megadrop, trading bots, HODLer Airdrops, liquid staking token BNSOL, pre-market trading, and expanded derivatives services.
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Megadrop: In April, Binance launched Megadrop—a token launch platform integrating Binance Earn and the Web3 Wallet. Users can subscribe to BNB locked products or complete tasks via the Binance Web3 Wallet to interact directly with selected projects and receive airdrop rewards—an accessible and multi-benefit channel for users.
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Trading Bots: Crypto trading bots are surging in popularity due to their advantages: more efficient trade execution, elimination of emotional bias, and 24/7 operation. In May, Binance introduced a suite of goal-oriented trading bot services, including spot grid bots, arbitrage bots, smart portfolios, DCA plans, and algorithmic orders. As of October 21, over 112,000 strategies were running on Binance, managing assets worth more than $6.1 billion.
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HODLer Airdrops: To strengthen trust and loyalty among BNB holders, Binance launched the HODLer Airdrop program. Users who stake BNB in Binance Earn’s fixed or flexible products can receive airdropped tokens from high-circulating-supply projects planning to list on Binance.
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BNSOL: Solana’s liquid staking market has seen strong growth this year, attracting widespread participation. In September, Binance launched BNSOL, allowing users to stake SOL and receive BNSOL—Binance’s liquid staking token. This enables users to earn staking rewards while maintaining flexibility to use BNSOL across Binance products (such as DCA, staking loans, and one-click buy) and external DeFi platforms.
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Pre-Market Trading: Fueled by a surge in airdrop and high-profile projects, pre-market trading has become a popular market feature, enabling users to trade tokens before official listing. For investors, pre-market trading serves not only as a rehearsal for capital flows but also as a crucial opportunity to capture market moves and refine strategies. Binance recently launched its pre-market trading function, debuting Scroll as its first pre-market token, tradable before its official Launchpool listing.
These innovations not only enrich Binance’s product portfolio but also reflect its product culture—simple, transparent, innovative, fast, and community-driven. Moreover, in response to shifting market trends, Binance has successively listed multiple trending projects in sectors like TON and MEME ecosystems, actively meeting diverse investment demands while exploring new avenues for user growth.
Ultimately, user demand manifests through products, which best reflect a platform’s systemic capabilities. From this perspective, Binance’s user experience-driven innovation model not only expands trading options and significantly enhances trading flexibility and efficiency but also drives sustained platform growth and accelerates the maturation of the crypto trading market.
CZ’s Exit and Binance’s Path Toward Compliance Advancement
The simple greeting "GM" marked not only CZ’s personal freedom but also the beginning of a new compliance-focused era for Binance. Compliance remains essential for earning user trust and competitive advantage, serving as a secure foundation for product innovation.
During crypto’s early explosive growth phase, Binance demonstrated remarkable expansion under CZ’s leadership. However, as global regulations tightened, Binance underwent significant transformation. Now, under new CEO Richard Teng, Binance is navigating an evolving regulatory landscape from a higher compliance standpoint.
For example, this year Binance secured licenses in multiple jurisdictions: In April, it obtained a Virtual Asset Service Provider license from Dubai’s Virtual Assets Regulatory Authority (VARA); in September, Binance Kazakhstan received full regulatory approval from the Astana Financial Services Authority (AFSA), becoming the first digital asset platform to achieve this; the following month, Binance was included in Argentina’s National Securities Commission (CNV) registry of Virtual Asset Service Providers—marking its 20th global regulatory milestone. These developments underscore Binance’s growing global compliance momentum.
Additionally, Binance has enhanced internal compliance measures. In June, it announced stricter monitoring policies, including technical upgrades and establishing channels to report abusive behavior, to address account misuse on the platform.
To support these efforts, Binance has invested heavily in human and financial resources. As disclosed by Richard Teng, Binance plans to employ over 700 compliance staff by the end of 2024 and spends more than $200 million annually to meet regulatory requirements—including obligations under its U.S. plea agreement.
"Rising tides lift all boats applies to industry-wide compliance upgrades. Once all major players become fully compliant, irresponsible actors will either be forced to meet new standards or exit the market. This creates a virtuous cycle where trust strengthens, accelerating crypto adoption. In the long run, neglecting best compliance practices leads to declining user trust and business deterioration. More importantly, no matter how much tactical advantage some gain from lax AML and KYC policies, such behavior ultimately hinders the entire industry’s development and maturity, causing greater harm to all participants and users. The industry should learn from Binance’s past mistakes—not be mere boats waiting for the tide, but become the tide itself," emphasized Richard Teng during Binance’s seventh anniversary.
The tide of change continues. Over the past seven years, guided by deep understanding of user needs, a rich product lineup, agile adaptability, and relentless innovation, Binance has skillfully navigated the crypto seas—steering clear of market 'reefs' and 'storms' while boldly creating its own currents, ensuring smooth sailing ahead. Today, amid volatile markets and complex regulations, Binance is moving forward into its next growth phase with greater stability and maturity.
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