As 2024 comes to a close, Binance stands tall with astonishing achievements that have captivated the crypto world. The platform has expanded its user base significantly, now serving over 250 million registered users. In just six months, an additional 50 million users joined the Binance community. The trading volume reached an unprecedented $100 trillion, underscoring the immense trust and activity Binance commands in the cryptocurrency sector.
Security First: Protecting User Funds
Security and compliance remain at the forefront of Binance’s operations, playing a pivotal role in the platform’s success. The exchange successfully thwarted $4.2 billion in potential user losses, showcasing its robust security measures. Additionally, Binance recovered $88 million from malicious actors, reinforcing its commitment to safeguarding user funds.
With a team of 650 compliance experts, Binance has secured authorizations in 21 jurisdictions, highlighting its dedication to user safety. The platform’s collaboration with global law enforcement agencies resulted in 65,000 responses to requests and the training of over 1,300 investigators across 80 countries, exemplifying its proactive approach to maintaining market integrity.
Binance Pay and DeFi Growth
The year witnessed remarkable growth in Binance’s crypto payments and decentralized finance (DeFi) sectors. Binance Pay’s user base soared by an impressive 226%, while the platform expanded its fiat-to-crypto services to 20 new countries. For DeFi enthusiasts, Binance Earn simplified the process and increased its value by 144%.
Binance’s commitment to education was evident through Binance Academy, which guided 44 million users through the ever-evolving crypto landscape. Innovative tools like the Risk Sniper channel empowered users to identify scams and enhance their safety in the digital realm.
On the philanthropic front, Binance Charity provided $6.9 million in assistance to 72,000 individuals affected by disasters. Initiatives such as the Women in Technology Academy aimed to foster inclusivity and diversity in the technology sector.
For traders, Binance introduced cutting-edge features like Spot Copy Trading and BFUSD, which enhanced activity across Spot, Futures, and Margin products. With $160 billion in user assets under custody and a growing institutional user base, Binance has firmly established itself as a cornerstone of the crypto revolution.
Not All Went Well…
Despite reaching the milestone of 250 million users, Binance faced challenges in 2024. The price of BNB, Binance’s native token, remained stagnant between $700 and $750, disappointing holders who anticipated a price rally. Legal hurdles, including a $4 billion SEC fine and leadership changes, have affected confidence in the token.
Furthermore, several countries, including Bulgaria, Czech Republic, France, Greece, Hungary, Italy, Latvia, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, and Spain, have imposed bans on Binance’s operations to protect crypto users.
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