Binance wrapped up 2024 with remarkable results amid certain challenges. The platform boasts over 250 million users and a significant trading volume, highlighting trust in its services.
Binance Growth and Security
The platform achieved 250 million registered users, adding 50 million within six months. Its trading volume reached $100 trillion, highlighting the high level of trust in Binance. Security and compliance were key pillars of its success. Binance prevented $4.2 billion in potential user losses and recovered $88 million from malicious actors, securing authorizations in 21 jurisdictions. Through collaboration with global law enforcement, it responded to 65,000 requests and trained over 1,300 investigators across 80 countries.
Expansion of Binance Pay and DeFi
The year saw significant growth in crypto payments and decentralized finance. Binance Pay's user base soared by 226%, and fiat-to-crypto services expanded to 20 new countries. Binance Earn simplified DeFi participation, boosting its value by 144%. Binance Academy educated 44 million users, offering tools to navigate the fast-evolving crypto landscape. In the charitable domain, Binance Charity provided $6.9 million in aid to 72,000 people affected by disasters.
Issues and Challenges for Binance
Despite the milestone of surpassing 250 million users, BNB's price remains between $700 and $750, disappointing holders expecting a rally. Legal challenges, including a $4 billion SEC fine and leadership changes, have dented confidence in the token. Additionally, countries like Bulgaria, the Czech Republic, and others are actively blocking Binance operations to safeguard users.
Binance concludes 2024 with outstanding achievements but also faces several challenges. Effective security measures and scaling of DeFi and educational initiatives demonstrate Binance's commitment to the crypto space development.
