Binance is one of the largest cryptocurrency exchanges in the world, responsible for $7.7 trillion crypto exchange volume in 2021. It was founded in 2017 by Changpeng Zhao, who previously worked for Blockchain.info and as CTO of OKCoin.
Launched in Hong Kong, it quickly became one of the leading exchanges, but from the get-go faced increasingly restrictive regulations which forced it to migrate servers and headquarters to Malta.
Binance has one of the widest selections of alt-coins available on its exchange and even launched its own coin, Binance Coin, which is currently the fifth most valuable coin by market cap behind Bitcoin, Ethereum, USD Tether and Cardano.
🚀 Grow Your App! Free ASO Audit by Award-Winning Agency
Discover how Yodel Mobile, the App Marketing Agency of the Year, can transform your app. Gain insights with our free ASO audit, proven in elevating apps like B&Q, Afterpay and Gymshark. 🌟
Get StartedIt has also launched several security tools aimed at improving trust in crypto, these include Binance Smart Chain, which utilises a proof of staked authority to ensure that a transaction is validated.
Binance has suffered somewhat due to investigations in the US and UK into money laundering and tax offenses. Several banks have banned its customers from sending money to Binance. Similar bans are in effect in China, Japan and Thailand.
Even so, Binance continues to be the largest cryptocurrency exchange by volume, even surpassing Coinbase which has more active users.
We have collected data and statistics on Binance. Read on below to find out more.
Binance key statistics
- Binance made $20 billion revenue in 2020, almost four times 2020 figures
- We estimate that Binance has 28.6 million users as of October 2021
- Binance annual spot trading for 2021 is already seven times larger than its 2020 value
- Its peak 24 hour trading volume is $76 billion
Binance overview
| Title | Title 2 |
|---|---|
| Launch date | 3 September 2017 |
| HQ | Cayman Islands |
| People | Changpeng Zhao (CEO, founder) |
| Business type | Private |
| Industry | Cryptocurrency |
Binance revenue
Binance generated $20 billion revenue in 2021, a 263% year-on-year increase.
Binance annual revenue 2020 to 2021 ($bn)
| Year | Revenue ($bn) |
|---|---|
| 2020 | 5.5 |
| 2021 | 20 |
Source: Bloomberg
Binance profit
Binance last reported a profit of between $800 million to $1 billion in 2020. It has not published figures for 2021.
Binance annual net income 2017 to 2020 ($mm)
| Year | Net income ($mm) |
|---|---|
| 2017 | 7.5 |
| 2018 | 850 |
| 2019 | 570 |
| 2020 | 900 |
Sources: Company data, The Information
Binance users
Institutional investors are responsible for most of the trading volume on Binance. So even though it saw a huge upswing in trading volume, there wasn’t as much user growth in 2021.
Binance annual users 2017 to 2021 (mm)
| Year | Users (mm) |
|---|---|
| 2017 | 1.5 |
| 2018 | 13.3 |
| 2019 | 16.5 |
| 2020 | 21.5 |
| 2021 | 28.6 |
Sources: Company data, The Information
Binance peak trading volume
Binance 24 hour trading volume peaked at $76 billion in 2021, double its 2020 peak.
Binance peak 24 hour trading volume 2017 to 2021 ($bn)
| Year | Peak trading volume ($bn) |
|---|---|
| 2017 | 3 |
| 2018 | 19 |
| 2019 | 15 |
| 2020 | 35 |
| 2021 | 76 |
Source: CoinMarketCap
Binance annual crypto exchange volume
Over $9 trillion was traded on Binance in 2021, 794% more than the previous year.
Binance annual crypto exchange volume 2017 to 2021 ($bn)
| Year | Annual exchange volume ($bn) |
|---|---|
| 2017 | 59 |
| 2018 | 516 |
| 2019 | 401 |
| 2020 | 1071 |
| 2021 | 9580 |
Sources: Cryptocompare, The Block Crypto
Binance vs competitors: crypto volume
Want to learn more? Read our cryptocurrency sector profile
Binance FAQ
What percentage of Binance users are hobbyists?
According to Binance Research, only 48% of users are hobbyists. 15% of respondents to a survey said it was their main source of income
How many Binance users own Bitcoin?
65% of Binance users own Bitcoin, with most allocating 1-20% of their crypto portfolio to it
What are the demographics on Binance?
Over 90% of users are male and the average age is 35 years old
What is the market cap of Binance Coin?
Binance Coin has a market cap of $70 billion as of October 2021. 168 million coins are currently in circulation
How many coins are available on Binance?
There are 337 coins available as of October 2021
More Finance App Data
- PayPal Revenue and Usage Statistics (2023)
- FTX Revenue and Usage Statistics (2023)
- eToro Revenue and Usage Statistics (2023)
- Finance App Revenue and Usage Statistics (2023)
- Revolut Revenue and Usage Statistics (2023)
- Cash App Revenue and Usage Statistics (2023)
- NuBank Revenue and Usage Statistics (2023)
- Robinhood Revenue and Usage Statistics (2023)
- Monzo Revenue and Usage Statistics (2023)
- Chime Revenue and Usage Statistics (2023)
