Binance has surpassed a serious milestone, processing over $100 trillion in crypto trades since its 2017 launch.
The achievement was shared by CEO Richard Teng in a submit on the X platform on Sept. 24, saying:
“Earlier this month, the all-time commerce quantity on Binance surpassed $100 trillion.”
The determine is double the whole market capitalization of the US inventory market, cementing Binance’s dominance within the crypto trade. The numerous quantity displays the platform’s dominance and its central function within the rising trade.
Knowledge from Kaiko exhibits that Binance is the biggest crypto alternate by buying and selling quantity and controls greater than 50% of the market.
The milestone comes 4 months after Binance revealed its registered customers had surpassed 200 million. Earlier within the yr, the platform additionally disclosed that belongings underneath its custody had crossed the $100 billion threshold.
The street to $100 trillion
Binance’s journey to this buying and selling quantity has been something however easy, marked by authorized challenges and regulatory scrutiny throughout a number of jurisdictions.
Final yr, the alternate admitted to violations associated to anti-money laundering, unlicensed cash transmission, and sanctions. It agreed to pay $4.3 billion in fines to US authorities, a cost that ranked among the many largest company settlements in historical past.
Within the aftermath, Binance’s founder Changpeng Zhao agreed to step down, pled responsible to violating the Financial institution Secrecy Act, and pay a $50 million advantageous. He’s about to end serving a four-month sentence.
In the meantime, Zhao’s successor Teng has pledged to usher in a new period of compliance for Binance, though the corporate nonetheless faces hurdles. Regardless of these challenges, the platform has made strides, increasing its operations into new areas, together with India.
He added:
“By the highs and lows, Binance will preserve constructing. As a result of our customers solely deserve the most effective.”
Furthermore, Binance co-founder Yi He additionally emphasised the alternate’s renewed concentrate on serving a broader viewers, stating:
“Our purpose is to make blockchain know-how accessible to on a regular basis individuals. Bubbles will burst, however merchandise that genuinely meet consumer wants will change the world and create historical past.”