This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
Binance is the largest cryptocurrency exchange in the world by trading volume, and Binance.US is one of the largest in the United States.
And Binance's decentralised network – the BNB Chain – is one of the most used blockchains in the world.
In this report, you'll find visualised data on Binance's user base as well as trading volume on Binance and Binance.US. We'll also present visualised data on transactions, total value locked (TVL) and unique addresses on the BNB Chain.
In January 2023, Binance hosted 55% of global crypto spot trading
As of 2022, Binance had 128 million registered users on the platform
Peak 24-hour trading volume on Binance hit US$147.6 billion in 2021 but declined in subsequent years
In 2021, the BNB Chain experienced a peak in 24-hour transaction volume at US$16.26 billion
In 2021, the BNB Chain also experienced a peak TVL at US$21.82 billion
While the amount of unique addresses on the BNB Chain continues to increase slowly and steadily, the amount of daily active users on the chain peaked in November 2021
On May 10, 2021, Binance Coin – the BNB token – reached its all-time high of US$686.31
Binance burned approximately 2.06 billion of Binance Coin (BNB) in Q4 2022, and over 20% of the initial supply of Binance Coin has been burned since the asset came to market
By the end of 2022, Binance had 128 million registered users. Its biggest competitor, Coinbase, had 108 million registered users.
While there isn't a lot of public data around Binance users on a country-by-country basis, we can get some idea of how popular Binance is in certain regions by looking at where the exchange sponsors the most in-person and online meet-ups.
Binance sponsored 213 meet-ups in Africa last year (not including some North African countries), while it only sponsored 102 across all of the Americas.
Binance trading volume
Binance saw its highest peak in 24-hour trading volume in 2021 when it hit US$147.6 billion.
This was over a 400% increase in peak 24-hour trading volume 2020 when it hit US$35.13 billion.
Peak 24-hour trading volume has been in decline since 2021 though as it only hit US$94.75 in 2022 and US$64.58 in 2023.
On 17 February 2023, 24-hour trading volume on Binance hit US$27.99 billion. It only hit a small fraction of that number – US$2.05 billion – on competitor exchange Coinbase.
However, on the same date, the 24-hour trading volume on Coinbase – the largest exchange in the United States by trading volume – was over 5 times that of Binance.US, the US subsidiary of Binance.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
Frank Corva is the senior analyst for digital assets at Finder. Frank has turned his hobby of studying and writing about crypto into a career with a mission of educating the world about this burgeoning sector of finance. He worked in Ghana and Venezuela before earning a degree in applied linguistics at Teachers College, Columbia University. He taught writing and entertainment business courses in Japan and worked with UNICEF in Namibia before returning to the States to teach at universities in New York City. He spent years as a publicist and graphic designer in the music industry, working for record labels like Warner Music Group and Triple Crown Records, and he's also a former music journalist whose writing and photography has been in published in Alternative Press, Spin and other outlets.
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