According to CoinMarketCap, Binance is the number one cryptocurrency exchange in the world.
People use it to buy and sell cryptocurrencies like Bitcoin, Ethereum, BNB, and more.
Due to its popularity, Binance has been put under investigation in many countries.
In fact, Binance was banned in the US in 2019 due to regulatory and legal issues.
In response, Binance.us (a separate exchange) was created to comply with US laws.
The UK banned Binance back in 2021 as it failed to meet anti-money laundering requirements.
Binance has one of the lowest fees with a spot trading fee of 0.01%.
In addition, you can use BNB for a 25% discount.
With its low fees and extensive features, Binance is the quintessential cryptocurrency exchange for both beginners and professionals alike.
On February 10, 2022, Binance invested $200 million in Forbes to educate consumers about cryptocurrency and the blockchain.
If you don’t have a Binance account yet, you can create one using this referral link or use “73583477” as the referral code.
Here are 10 Binance statistics to know in 2022.
- How many users does Binance have?
- When was Binance founded?
- Binance revenue
- How does Binance make money?
- Which countries banned Binance?
- Binance valuation
- Who founded Binance?
- How many employees does Binance have?
- Which country uses Binance the most?
- Binance traffic
1. How many users does Binance have?
As of early 2022, Binance has about 30 million users.
This is up from 120,000 users in 2017.
Currently, Binance has over 29 million weekly visitors (via SimilarWeb).
Back in 2017, Binance had about 4,000 to 6,000 new registrations per day.
In addition, more than 50% of users have at least one trackable action per day.
This includes logging in, depositing, withdrawing, and more.
Binance’s 24-hour trading volume is the highest among all cryptocurrency exchanges at $10 billion.
Back in 2020, the exchange’s average daily trading volume is $3.88 billion.
2. When was Binance founded?
Binance was founded in 2017 by Changpeng Zhao.
Binance.com was launched on June 24, 2017, and 9,000 people registered on the first day.
Here is a brief timeline of Binance.com in 2017:
- June 14: Binance did an ICO which started the project.
- June 18: The white paper is distributed in English and Chinese.
- June 20: The private angel round is closed.
- June 22: Binance.com is created and 60% of the ICO was done there.
- June 24: Binance.com launched with 9,000 registrations.
- June 25: The ICO functions code is completed.
- June 26: ICO begins with 5 sessions over a week.
- July 3: ICO ends, with each session lasting from a few hours to a few minutes.
- July 14: The Binance exchange launches with BNB, BTC, ETH, LTC, and NEO.
- July 19: The API trading is released.
- July 24: A zero trading fee is launched for a month.
- July 27: 4 new coins is listed—QTUM, SNT, EOS, and BNT.
- Jul 29: KYC (Know Your Customer) is added.
3. Binance revenue
Binance did $20 billion in revenue in 2021, according to a Bloomberg analysis.
To put this into perspective, one of their biggest competitors, Coinbase, is expected to do $7 billion in revenue in 2021.
This means that Binance’s revenue is almost 3 times higher than Coinbase’s in 2021.
Binance’s trading volume is the highest among all cryptocurrency exchanges.
As of Jan 6, 2022, Binance had a 24-hour spot trading volume of $26 billion and a derivatives trading volume of $80 billion.
On the other hand, Coinbase had a 24-hour spot trading volume of $6 billion.
In 2021, Binance’s transaction volume was $10 billion.
That said, the revenue of cryptocurrency exchanges like Binance is highly dependent on the cryptocurrency market.
However, the market is very volatile—Bitcoin hit an all-time high of $68,990.90 on Nov 10, 2021, and dropped to $35,000 on Jan 1, 2022.
4. How does Binance make money?
Binance makes most of its money from transaction and withdrawal fees.
The transaction fees include spot trading, margin borrow interest, USD-M futures trading, COIN-M futures trading, cross collateral interest, liquidity swap fee, and P2P.
Binance’s spot trading fee starts at 0.1% if your 30-day trading volume is under 1,000,000 BUSD.
Users are required to pay a flat fee for making cryptocurrency withdrawals.
For example, Bitcoin has a withdrawal fee of 0.0005 BTC.
On the other hand, Ethereum has a withdrawal fee of 0.00625 ETH.
Here is a table of Binance’s fee schedules:
|Level||30d Trade Volume (BUSD)||and/or||BNB Balance||Maker / Taker||Maker / Taker (BNB 25% off)|
|VIP 0||< 1,000,000 BUSD||or||≥ 0 BNB||0.1000% / 0.1000%||0.0750% / 0.0750%|
|VIP 1||≥ 1,000,000 BUSD||and||≥ 25 BNB||0.0900% / 0.1000%||0.0675% / 0.0750%|
|VIP 2||≥ 5,000,000 BUSD||and||≥ 100 BNB||0.0800% / 0.1000%||0.0600% / 0.0750%|
|VIP 3||≥ 20,000,000 BUSD||and||≥ 250 BNB||0.0700% / 0.1000%||0.0525% / 0.0750%|
|VIP 4||≥ 120,000,000 BUSD||and||≥ 500 BNB||0.0700% / 0.0900%||0.0525% / 0.0675%|
|VIP 5||≥ 200,000,000 BUSD||and||≥ 1,000 BNB||0.0600% / 0.0800%||0.0450% / 0.0600%|
|VIP 6||≥ 500,000,000 BUSD||and||≥ 1,750 BNB||0.0500% / 0.0700%||0.0375% / 0.0525%|
|VIP 7||≥ 1,000,000,000 BUSD||and||≥ 3,000 BNB||0.0400% / 0.0600%||0.0300% / 0.0450%|
|VIP 8||≥ 2,500,000,000 BUSD||and||≥ 4,500 BNB||0.0300% / 0.0500%||0.0225% / 0.0375%|
|VIP 9||≥ 5,000,000,000 BUSD||and||≥ 5,500 BNB||0.0200% / 0.0400%||0.0150% / 0.0300%|
5. Which countries banned Binance?
Binance is banned in the UK, China, and Singapore.
The exchange has been under pressure from regulators around the world because it was not doing enough to mitigate money laundering and financial crimes.
In 2019, Binance.com was banned in the US on regulatory grounds.
As a result, Binance.us, a separate exchange, was created that complies with US laws.
In 2021, the UK banned Binance because the exchange failed to meet anti-money laundering requirements.
According to Britain’s Financial Conduct Authority, they said that Binance Markets Limited is not permitted to undertake any regulated activity in the UK.
In 2022, Binance will withdraw its licensing efforts in Singapore on 13 February.
As of 13 Dec 2021, user registrations are not permitted and the ability to deposit cryptocurrency of fiat will be removed.
If Binance has been banned in your country, an alternative cryptocurrency exchange that you can use is Coinbase.
Get $10 USD in free Bitcoin by using this referral link: https://www.coinbase.com/join/lim_di1.
6. Binance valuation
Binance is valued at around $300 billion as of early 2022.
According to a Q&A with Changpeng “CZ” Zhao, he says that Binance’s valuation is very subjective.
However, he targets an IPO for Binance.us in 2024, which is estimated to be worth more than $10 billion as of mid-2021.
“Binance.US is just going to do what Coinbase did.”, Zhao quoted.
Binance’s competitor, Coinbase, went public on April 14, 2021.
7. Who founded Binance?
Binance is founded by Changpeng Zhao (also known as “CZ”) in 2017.
In 2018, Binance became the world’s largest cryptocurrency exchange by trading volume.
According to Bloomberg, Changpeng Zhao is worth about $76.8 billion as of February 14, 2022 (excluding his cryptocurrency holdings).
They assumed that he owns a 90% stake in Binance.
Zhao was born on September 10, 1977, in Jiangsu, China.
Before founding Binance, he worked in Blockchain(.com) as the head of development.
In February 2021, Zhao said on Twitter that he holds 0 fiat money.
8. How many employees does Binance have?
According to Binance’s official website, they have about 2000+ employees in 20+ locations.
About 4,470 users on LinkedIn listed that they are working in Binance.
According to LinkedIn, Binance has about 1,001-5,000 employees.
Binance’s core values include freedom, collaboration, integrity, and more.
If you’re interested in working in Binance, you can view their open positions here.
They have a 2 to 4 weeks interview process with 4 interviews.
9. Which country uses Binance the most?
According to SimilarWeb, Turkey uses Binance the most at 6.40% of its total traffic.
Russia contributes the second-highest traffic to Binance at 5.94%.
Unlike other Asia-based cryptocurrency exchanges, Binance’s user base is very diverse—bridging the west and east.
The US does not contribute to Binance.com’s traffic because they use a separate exchange—Binance.us.
10. Binance traffic
Here are some quick statistics about Binance’s traffic (as of Feb 2022):
- Binance has about 142 million monthly visitors.
- Binance is the 262nd most popular site in the world.
- Binance is the 143rd most popular site in Turkey.
- The average visit duration of the site is 8 minutes and 41 seconds.
- The majority of Binance’s traffic is coming from Turkey (6.40%).
- 72.64% of Binance’s traffic is from Direct.
- 4.39% of Binance’s traffic is from Social Media.
- Twitter accounts for 13.63% of Binance’s social traffic.
- YouTube accounts for 55.85% of Binance’s social traffic.
- 3.09% of Binance’s traffic is from Referrals.
Being the largest cryptocurrency exchange, Binance is under pressure from multiple countries.
In fact, Binance was shut down in Singapore and the UK because it failed to comply with their regulations.
In December 2021, Binance withdrew its crypto license to run in Singapore.
That said, cryptocurrency is still relatively new and more regulation needs to be put in place to prevent money laundering and other financial crimes.
Binance’s founder Changpeng Zhao, said that Binance embraces regulations because he hopes for the mass adoption of cryptocurrency and better integration with banks.