Binance maintains its dominance in trading volume, outperforming the competition while navigating complex regulatory landscapes.
Binance, the world’s largest cryptocurrency exchange by trading volume, has reached a milestone of 250 million users.
This success strengthens its leading position in the crypto market with a 24-hour trading volume of around $17 billion. Binance significantly outperforms competitors such as Bybit with $5.3 billion and Coinbase with $3.6 billion.
Despite its dominance in trading volume, Binance overcame several regulatory challenges in 2024. In the United States, the company was charged by the SEC with securities violations. In March 2024, Binance.US, Binance’s American subsidiary, faced operational challenges following the SEC’s lawsuit. The exchange experienced a 75% decline in revenue and laid off about two-thirds of its workforce, totaling over 200 employees. These actions were part of the company’s response to regulatory pressure and the resulting impact on its business operations.
Also in 2024, Binance co-founder CZ faced money laundering allegations in the United States amid increasing regulatory scrutiny and ultimately pleaded guilty, resulting in a six-month prison sentence. This was a pivotal moment in Binance’s legal battles and highlighted the company’s ongoing regulatory challenges.
Binance continued to come under scrutiny worldwide. In Australia, ASIC accused it of inadequate consumer protection
