People use it to buy and sell cryptocurrencies like Bitcoin, Ethereum, BNB, and more.
Because of its popularity, Binance has been put under investigation in many countries.
In fact, Binance was banned in the United States in 2019 due to regulatory and legal issues.
In response, Binance.us (a separate exchange) was created to comply with U.S. laws.
The UK banned Binance in 2021 as it failed to meet anti-money laundering requirements.
Binance has one of the lowest commissions 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 ultimate cryptocurrency exchange for both beginners and professionals.
On February 10, 2022, Binance invested $200 million in Forbes to educate consumers about cryptocurrency and blockchain.
If you don’t have a Binance account yet, you can create one using this referral link or use “73583477” as your referral code.
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).
In 2017, Binance had 4,000 to 6,000 new registrations per day.
In addition, more than 50% of users have at least one traceable action per day.
This includes accessing, depositing, withdrawing, and more.
Binance’s 24-hour trading volume is the highest among all cryptocurrency exchanges at $10 billion.
In 2020, the average daily trading volume of the exchange 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 the Binance.com in 2017:
- June 14: Binance made an ICO that started the project.
- June 18: The white paper is distributed in English and Chinese.
- June 20: The private tour of the angels 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 code of the ICO functions is completed.
- June 26: ICO starts with 5 sessions in a week.
- July 3: The ICO ends, with each session lasting from a few hours to a few minutes.
- July 14: The Binance exchange is launched with BNB, BTC, ETH, LTC and NEO.
- July 19: API trading is released.
- July 24: A zero trading fee is launched for a month.
- July 27: 4 new coins are listed: QTUM, SNT, EOS and BNT.
- July 29: KYC (Know Your Customer) is added.
3. Binance revenue
Binance made $20 billion in revenue in 2021, according to an analysis by Bloomberg.
To put this into perspective, one of their biggest competitors, Coinbase, is expected to make $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 January 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 depends heavily on the cryptocurrency market.
However, the market is very volatile: Bitcoin reached an all-time high of $68,990.90 on November 10, 2021 and fell to $35,000 on January 1, 2022.
4. How does Binance make money?
Binance earns most of its money from transaction and withdrawal fees.
Transaction fees include spot trading, margin loan 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 the 30-day trading volume is less than 1,000,000 BUSDs.
Users are required to pay a fixed fee to make 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’s a table of Binance’s pricing plans:
| level | 30d Trading Volume (BUSD) | or | BNB Scale | Creator / 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 have banned Binance?
Binance is banned in the UK, China and Singapore.
The exchange was 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 United States for regulatory reasons.
As a result, Binance.us was created, a separate exchange, compliant with US laws.
In 2021, the UK banned Binance because the exchange did not meet anti-money laundering requirements.
According to the UK Financial Conduct Authority, they said binance Markets Limited is not authorised to engage in any regulated business in the UK.
In 2022, Binance will withdraw its licensing efforts in Singapore on February 13.
As of December 13, 2021, user registrations are not allowed, and the ability to deposit fiat cryptocurrency will be removed.
If Binance has been banned in your country, one alternative cryptocurrency exchange you can use is Coinbase.
Get $10 USD in free Bitcoin using this referral link: https://www.coinbase.com/join/lim_di1.
6. Binance evaluation
Binance is valued at around $300 billion in early 2022.
According to a Q&A with Changpeng “CZ” Zhao, he says Binance’s valuation is very subjective.
However, it points to an IPO for Binance.us in 2024, which is estimated to be worth more than $10 billion in mid-2021.
“Binance.US will do what Coinbase did,” Zhao quoted.
Binance’s competitor, Coinbase, went public on April 14, 2021.
At the beginning of 2022, Coinbase is worth about $40 billion to $194.53 per share, down from $328.28 in its nasdaq debut.
7. Who founded Binance?
Binance was 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 its cryptocurrency holdings).
They assumed he owned a 90% stake in Binance.
Zhao was born on September 10, 1977 in Jiangsu, China.
Prior to founding Binance, he worked at Blockchain (.com) as head of development.
In February 2021, Zhao stated 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 over 20 locations.
About 4,470 users on LinkedIn have listed that they are working at Binance.
According to LinkedIn, Binance has about 1,001-5,000 employees.
Binance’s core values include freedom, collaboration, integrity and more.
If you are interested in working at Binance, you can view their open positions here.
They have an interview process of 2 to 4 weeks with 4 interviews.
9. Which country uses Binance the most?
According to SimilarWeb, Turkey uses Binance more at 6.40% of its total traffic.
Russia contributes to Binance’s second highest traffic with 5.94%.
Unlike other Asia-based cryptocurrency exchanges, Binance’s user base is very diverse, connecting the West and East.
The United States does not contribute to Binance.com because it uses a separate exchange, Binance.us.
10. Binance traffic
Here are some quick statistics on Binance traffic (as of February 2022):
- Binance has approximately 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 duration of the site visit is 8 minutes and 41 seconds.
- Most of Binance’s traffic comes from Turkey (6.40%).
- 72.64% of Binance’s traffic comes from Direct.
- 4.39% of Binance’s traffic comes 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 comes from Referrals.
Conclusion
As the largest cryptocurrency exchange, Binance is under pressure from multiple countries.
In fact, Binance was shut down in Singapore and the UK because it didn’t comply with their regulations.
In December 2021, Binance withdrew its crypto license to operate 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 founder Changpeng Zhao said Binance embraces regulations because it hopes for mass adoption of cryptocurrency and better integration with banks.