Binance Statistics 2021: How Many Users Does Binance Have?

Last Updated: November 24, 2021

Jason Wise

Jason Wise

Here are some key Binance statistics to give you an overview of this behemoth crypto exchange platform. 
Binance Statistics
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The largest cryptocurrency exchange in the world is Binance. This platform saw a crypto exchange volume of over USD 7.7 trillion in the year 2021. And the company has barely even started as it was founded only a few years back in 2017. 

Binance was created by Changpeng Zhao, the ex-CTO of OKCoin, and he worked with Blockchain.info too. Binance was launched in Hong Kong, and it became one of the leading crypto exchanges in the world. 

However, it grew so fast that it has repeatedly faced restrictive regulation. As a result, they have had to migrate their headquarters and servers to Malta, where regulations aren’t as restrictive.

Key Binance Statistics

Here are some key Binance statistics to give you an overview of this behemoth crypto exchange platform. 

  • In 2020, Binance reported its profit between USD 800 million and USD 1 billion.
  • As of October 2021, according to an estimate, there are over 28.5 million Binance users. 
  • The annual spot trading for Binance in 2021 is already 7x bigger than the value in 2020. 
  • The peak 24-hour trading volume of this crypto exchange is USD 76 billion.
  • Net income in second year of trading was USD 850 million.
  • In 2018, 13.3 million people used Binance.
  • In 2021, 28.6 million people used Binance.
  • More than 48% of Binance users are hobbyists.

What is Binance?

Binance

Binance is a platform that has a wide selection of alt-coins available in its exchange. The platform has also released its coin named Binance Coin (BNB). BNB is the fifth most valuable coin by market capitalization after Bitcoin, Ethereum, USD Tether, and Cardano. 

The crypto exchange platform has different security tools for improving the overall trust in cryptocurrency. One of these tools is Binance Smart Chain, and it utilizes authority proof to make sure that all the transactions are valid. 

The platform has suffered a lot due to its investigations in the US and the UK. These investigations are mostly associated with tax offenses and money laundering. Several banks have banned their customers from using Binance and spending their money on this platform. 

Similar scrutiny is in effect in Thailand, Japan, and China. Still, this platform remains the largest crypto exchange by volume, and it surpasses Coinbase that has more active users. 

Binance Profit Statistics

Binance had a rollicking start in 2017 when it reported its net income to be USD 7.5 million. And only in the second year of business did the net income numbers swell to a whopping USD 850 million.

In the third year, the company slightly retreated and reported a net income of USD 570 million. 

But in 2020, it was back on its way up and reported a profit of USD 900 million. However, you have to keep in mind that Binance does not disclose its revenue and only focuses on profit.

So, expenses need to be treated here to get the final number. But these figures are still pretty promising. 

Binance Usage Statistics

Binance

Binance users grew steadily right from the word go. In 2017, the crypto exchange platform had over 1.5 million users. The number increased significantly in the next year, and the platform reported its users to be 13.3 million. 

In 2019, the total number of Binance users increased to 16.5 million, and since then, the number has been growing steadily.

Binance has reported its active users to be 21.5 million in 2020 and 28.6 million in 2021, and we are still not finished yet. 

According to research conducted by Binance, more than 48 percent of the users of this platform are hobbyists. Over 15 percent of the platform users say that they use this platform as their primary source of income. 

More than 65 percent of Binance users own Bitcoin, and most allocate 1 percent to 20 percent of their crypto portfolio to Bitcoin. Over 90 percent of the users of this platform are males, and their average age is around 35 years. 

Binance Peak Trading Volume 

Binance has recorded its peak trading volume in 24 hours, and the numbers are quite staggering here too. The crypto exchange started with a peak trading volume of USD 3 billion in 2017. And from there, it never looked back. 

In the following year, its peak trading volume increased to USD 19 billion. However, the figure retreated slightly in 2019 to USD 15 billion when it faced some regulatory backlash from different countries across the globe. 

But the platform bounced back pretty strongly in 2020 and increased its peak trading volume to USD 35 billion. This number currently stands at a whopping USD 76 billion. 

So, it goes to show that the platform is picking up some pace here. Binance Coin has a market cap of over USD 70 billion, with 168 million coins currently circulating. 

When talking about crypto exchanges, Binance again has a significant market share with over USD 26 billion as of November 8, 2021.

The second spot was the Mandala Exchange, with USD 21.76 billion trade volume. Finally, OKEx took the third spot with USD 6.83 billion. 

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Binance Annual Exchange Volume 

The annual exchange volume of crypto on this platform is making some serious jumps from the first year of business. In 2017, the company reported an annual exchange volume of USD 59 billion. 

The number increased almost tenfold when it reached over USD 515 billion in 2018. Next year the exchange volume saw a little drip and stood at USD 401 billion, which is still a pretty impressive number. 

But it will be immense in 2020 and soar to USD 1.07 trillion. In 2021, we are still not finished, and it has already crossed USD 7.5 trillion, which is quite astounding. 

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Binance Usage by Country

This crypto platform sees the highest traffic from Turkey, with 6.57 percent of the users from this part of the world. In the second position is Russia, with just over 5.51 percent of the total Binance users. 

Brazil takes the third spot, with 5.18 percent of the users from this country. In the fourth position is Argentina, with 4.46 percent of the total Binance users. The fifth spot goes to the Philippines with 4.21 percent of the total Binance users. 

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Binance Pricing and Earnings

Binance daily maximum trading amount is unlimited. This means you can trade to whatever amount using this platform. Binance earns by collecting fees by changing its customers 0.1 percent of the amount of the transaction. 

It also charges its clients 3.5 percent per transaction that is higher than USD 10. There are different payment methods, including card payments and wire transfers. 

Binance Surges Despite Regulatory Crackdown

Trading volume at major crypto exchanges skyrocketed from July to September 2021. It suggests that recent regulatory crackdown throughout the globe has had a slight impact on the Binance business. 

Different regulatory authorities across the globe are worrying about consumer protection and anti-money laundering practices. That is why they are pushing Binance even more. 

Some countries have already banned this platform. Other countries have issued a warning that this platform is not licensed to operate within their jurisdiction. 

In response, Binance has tightened its checks against anti-money laundering and reduced its product line-up, responding positively to the regulations. 

This might seem to affect the overall business of this platform. But in reality, the situation is quite different. 

The crypto giant saw its trading volumes reaching USD 789 billion in September compared to USD 454 billion in July. The figures show that Binance has established its place as the world’s largest digital asset platform. 

Its derivatives volume has jumped from 25 percent to USD 1.7 trillion, according to the data. The volume growth showed growth across all other platforms like Coinbase, with cryptocurrency prices increasing. 

The price of Bitcoin, which is the biggest cryptocurrency, jumped by more than three times in July and August while it remained flat in September.

Singapore has recently issued a warning that Binance could breach local laws and stop payment services to the residents. 

Binance also started to dial back its derivatives business in Europe and restricted its Hong Kong. In these regions, Binance has stopped issuing digital tokens that are linked to stocks. 

But Binance is still going pretty strong as it turned out to be the best performing cryptocurrency exchange platform.

So, it is still going pretty intense if you compare it with other cryptocurrencies and compare the current numbers with the past year’s numbers in terms of performance. 

How Did Binance Become the Number 1 Crypto Exchange? 

Binance

The boom of bitcoin and other crypto made digital assets precious and the first choice of any investor. Therefore, a crypto exchange platform has a significant role to play in assessing and evaluating its ecosystem. 

Binance is simply the best crypto exchange due to some of its most innovative decisions. And that too when it has no formal address or a head office. The platform also lacks licenses in various countries where it operates. 

The platform began its journey just a few years ago, and now it is a significant player in the USD 2.6 trillion crypto industry.

Its ecosystem has different crypto exchanges, various cryptocurrencies, TWT token launchpad, and Trust Wallet, and other products. 

This platform trades more in Bitcoin and Ethereum daily. Its daily trade volume is USD 76 billion, more than the combined numbers of four of its biggest rivals. 

The platform has been highly trustworthy for its security since the time it entered the market. However, Binance CEO Zhao has mentioned multiple times that this industry needs to have regulations. 

He has also responded to all the regulatory restrictions positively and has reduced the company’s product and service offerings according to the guidelines of local regulators. This allows the company to gain more trust from its users. 

It has also added more security features to its services offered. Another one of the significant reasons why Binance became a huge hit is its growth in countries that do not have developed financial systems. 

These include the likes of Russia, India, and South Africa. When residents of these countries joined in, Binance became a pretty popular crypto exchange platform. And with the increase in demand, the price skyrocketed. 

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Final Word

Binance is the number one cryptocurrency exchange platform in the world today. It has garnered plenty of users since the time of its inception not very long ago.

But the platform is facing some backlash from countries that have more developed financial systems. 

However, it continues to grow rampantly in the developing economies that have less developed financial systems. These are the more populated countries, and it justifies why the platform is still going strong despite the regulatory scrutiny from various developed economies.

The regulators have been concerned about money-laundering issues associated with this platform. But Binance and its CEO, Zhao, are highly receptive to these regulations.

You can expect the company to be more transparent in its products and services in the coming years.

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Written by Jason Wise

Hi! I’m Jason. I tend to gravitate towards business and technology topics, with a deep interest in social media, privacy and crypto. I enjoy testing and reviewing products, so you’ll see a lot of that by me here on EarthWeb.