Nigeria’s leading Crypto exchange, Binance, exceeds $100 trillion in trading volume.
Binance has reached a significant milestone, surpassing $100 trillion in crypto trades since its launch in 2017. This achievement was highlighted by CEO Richard Teng in a post on X (formerly Twitter) on September 24, where he stated:
“Earlier this month, the all-time trade volume on Binance surpassed $100 trillion.”
This colossal trading volume is more than twice the total market capitalization of the U.S. stock market, underlining Binance’s dominance in the crypto industry. According to data from Kaiko, Binance is currently the largest crypto exchange by trading volume, controlling over 50% of the market.
Binance’s success follows the announcement earlier this year that it had surpassed 200 million registered users, and that the assets under its custody had crossed the $100 billion mark.
Path to $100 Trillion
Binance’s rise to this level has not been without challenges. The company has faced legal issues and regulatory scrutiny in various jurisdictions. Last year, Binance acknowledged violations related to anti-money laundering and sanctions regulations, resulting in a $4.3 billion fine paid to U.S. authorities, one of the largest corporate settlements in history.
As part of the fallout, founder Changpeng Zhao stepped down, pleaded guilty to violations of the Bank Secrecy Act, and was fined $50 million. Zhao is currently completing a four-month sentence, while his successor, Richard Teng, has committed to bringing enhanced compliance to the exchange.
Despite these hurdles, Binance continues to expand, with recent growth into new markets, including India. Teng emphasized that the company will continue to “keep building” through market highs and lows, as Binance aims to offer the best possible experience for its users.
Focus on Blockchain Accessibility
In addition, Binance co-founder Yi He reiterated the company’s mission to make blockchain technology accessible to everyday users. She noted that while market bubbles may burst, products that truly meet user needs will create history and drive global change.
