Binance hits 250 million users, celebrating growth and aiming for 1 billion. A strong comeback under CEO Richard Teng - IcoHolder.
Binance, the world’s largest cryptocurrency exchange, has announced a monumental achievement, reaching 250 million users on its platform. This milestone is a testament to the exchange’s rapid growth and its increasing influence in the cryptocurrency world. The company is now one step closer to its ambitious goal of onboarding 1 billion users.
Richard Teng, CEO of Binance, shared the exciting news on social media, expressing his gratitude to the platform's loyal community for helping reach this extraordinary milestone. “What a year. We’ve hit an incredible milestone of a quarter billion users,” Teng wrote in a tweet on X. “A huge thank you to our amazing community for making this possible. Together, we’re one step closer to our vision of onboarding 1 billion users. Here’s to an even bigger 2025.”
The achievement comes after an impressive year for Binance in 2024, during which the platform recorded approximately $22.6 billion in user deposits—more than the next 10 largest crypto exchanges combined. Binance’s dominance in the market also extended to trading volume, as it became the first centralized platform to surpass $100 trillion in lifetime trading volumes, further solidifying its position as a leader in the crypto space.
The platform’s remarkable success story is even more notable when considering the challenges it faced in late 2023. Binance was hit with a hefty $4.3 billion fine by the U.S. government over money laundering and sanctions violations. Additionally, the exchange’s former CEO, Changpeng Zhao (CZ), resigned and faced legal consequences, leaving the company at a crossroads.
Under Richard Teng’s leadership, Binance has made a strong comeback. The new CEO has prioritized enhancing the platform’s regulatory compliance and rebuilding its reputation. His efforts have paid off, with Binance securing key regulatory approvals and strengthening its compliance measures. These strategic moves have positioned Binance for continued success, despite the challenges of the past.
In line with its rapid growth, Binance has also expanded its offerings to further enhance the trading experience for its users. On January 2, Binance Futures launched perpetual contracts with up to 75x leverage for various trading pairs, including GRIFFAINUSDT, AI16ZUSDT, and ZEREBROUSDT. This addition is expected to provide more opportunities for Binance’s growing user base to engage with the platform’s advanced trading tools.
Looking ahead, Binance’s ambitious plans and innovative strategies are set to make 2025 an even bigger year for the platform as it continues to push the boundaries of cryptocurrency trading.
