Binance, the leading cryptocurrency exchange by market cap, is approaching 250 million users, according to CEO Richard Teng.
Throughout the year, the exchange recorded a total of $21.6 billion in user fund deposits. This is more than the combined total of the next 10 crypto trading platforms.
The exchange’s average Tether (USDT) deposit has also increased to $230,000. According to Teng, this shows that the trading platform is becoming more popular among professional and corporate investors.
According to Binance, this was a year of “exceptional growth” for both Binance and the industry as a whole. It has managed to become the first centralized crypto exchange to surpass the milestone of $100 trillion in lifetime trading volumes.
It’s a stark contrast compared to the end of 2023. The then-beleaguered exchange was reeling from its legal troubles after agreeing to shell out a total of $4.3 billion in fines to the U.S. government for money laundering and sanctions violations. Changpeng Zhao, the charismatic founder of the cryptocurrency giant, also resigned as CEO and later served a several-month prison sentence.
Teng, a former regulator, stepped up Binance’s regulatory compliance efforts to fix its tainted image. It has significantly expanded the exchange’s compliance while obtaining the necessary regulatory approvals.
Despite moving away from Binance, CZ of course remains its largest shareholder. As U.Today reported, the cryptocurrency mogul recently revealed that he had been approached with an offer to sell his huge stake in the exchange. However, CZ has not revealed his future plans.
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