Crypto exchange Binance surpassed $160B in user assets under custody last year
Binance's cumulative trading volume crossed $100 trillion across all its products in 2024.
Cryptocurrency platform Binance on Wednesday said it surpassed $160 billion in user assets under custody in 2024.
Assets under custody refer to the total value of all assets held by a platform on behalf of its users. The company in a statement said the total funds that flowed onto the platform during the year exceeded $30 billion.
Binance noted that over 50 million new users registered onto the platform in the last six months of 2024, helping it clock 250 million registered users during the period. Additionally, the exchange’s cumulative historical trading volume surpassed $100 trillion across all its products.
“The year 2024 has been pivotal for Binance and the global crypto sector. Our journey to onboard more users is well underway, with over 50 million people joining Binance in only six months between July - December 2024. This milestone highlights the expanding mainstream and institutional adoption of cryptocurrency, and our dedication to empowering users and promoting innovation is stronger than ever,” said Vishal Sacheedran, Head of Regional Markets at Binance.
The news comes when Bitcoin prices have surged to new peaks after Donald Trump got re-elected as the US President. Trump, unlike his predecessor, has held a favourable outlook on the digital asset.
During the year, the company received regulatory certifications in 21 jurisdictions. In August last year, Binance registered as a reporting entity with India’s Financial Intelligence Unit (FIU-IND). The company competes with exchanges such as CoinDCX, CoinSwitch, and Mudrex in India.
“As Binance enters 2025, it does so with unprecedented momentum. Its achievements in 2024, including record-breaking trading volumes, robust compliance measures, and innovative community initiatives, underscore its role in shaping the future of digital assets. By driving adoption and bridging traditional finance with Web3, Binance continues to lead the way toward a more inclusive and secure financial future,” Sacheedran added.
Edited by Suman Singh