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Binance Users & Facts

Published by Bowen Khong

Reviewed by Bowen Khong, ACCA

The exchange and financial management product, Binance, is on its way to becoming one of the most popular cryptocurrency platforms in the world.

Yet, due to Binance’s use restrictions in certain countries, many people don’t know the first thing about this platform. That’s why we’re bringing you this guide.

Are you looking for statistics and facts about Binance users around the world? Then, you’ve come to the right place.

Check out our article outline below for the information you’re searching for. Or browse our key takeaways for the most important facts and data you need to know.

Key Takeaways

  1. Binance is the world’s most popular financial management tool by user count, with 13.5 million active users and 250 million visits as of this writing.
  2. In the year after it was founded, Binance had a market cap of $1.3 billion, making it the most valuable cryptocurrency exchange at the time.
  3. The number of institutional clients on Binance has grown by 46% since the end of 2019.
  4. Binance’s average institutional investor has 1–3 years of experience trading cryptocurrencies and 1–6 years of financial industry experience. 
  5. In 2020, Binance supports over 100 cryptocurrencies but only 52 coins on Binance.US.
  6. BTC, Binance Coin (BNB), Ether (ETH), Tether (USDT), and TRON (TRX) are the most popular coins on Binance by number of holders, while BTC, BNB, ETH, TRX, and Ripple’s XRP are the longest-held coins by average holding time.
  7. Binance has launched two cryptocurrencies: Binance Coin (BNB) and Binance Smart Chain. BNB is now the third-biggest cryptocurrency by market cap.
  8. In 2020, Binance hit a trading volume of 3 trillion USDT across spots, futures, options, margin, and leveraged coin markets and an all-time 24-hour trading high, with 52.6B USDT traded.
  9. Also in 2020, Binance’s total trading volume across all markets reached $2 trillion.
  10. High-frequency prop trading, technical analysis, and market-making are the investment strategies employed by the majority (80.2%) of Binance users.
  11. 54% of Binance investors stake their coins, while 46% do not.
  12. 48.3% of Binance’s institutional investors say exchange hacking and other platform-related risks is their top concern when investing in cryptocurrency.
  13. 0% of institutional investors say privacy is a significant concern on Binance.
  14. Binance is available in 180 countries but only 43 US states. Cryptocurrency investors in Hong Kong, Canada, and any other country the UN or US Treasury sanctions can’t use Binance.

How Many Binance Users Are There in 2021?

Binance launched in July 2017 and quickly became a favorite exchange for cryptocurrency investors. But exactly who are the users giving Binance so much love? We’re breaking down Binance’s user stats for you here.

  • Binance is the most popular financial management tool based on total number of users, followed by Binance Savings and BNB Vault.
  • Over the last six months, Binance has accumulated 134.21 million visits.
  • The average Binance user stays on the platform for 8 minutes and 16 seconds.
  • Binance visits hit a six-month high in May 2021, with over 250 million visits.
  • The majority of Binance users (7.1%) are from Turkey, followed by Russia (5.97%) and Brazil (4.51%).
  • Despite that Binance was founded in China, the Republic of Korea (4.25%) and the Philippines (4.16%) have the most Binance users in the Asia-Pacific region.
  • In a survey of its institutional and VIP clients, Binance found that its average investor has 1–3 years of experience trading cryptocurrencies.
  • In the same survey, Binance Research found that the majority of its investors have 1–6 years of financial industry experience.
  • 27% of Binance’s investors have seven or more years of experience in the financial industry.

Past experiences in the traditional financial industry and cryptoasset industry (according to Binance survey from 76 institutional and large VIP clients)

How many years of experience?Less than 1 (crypto-industry)1-3 (crypto-industry)4-6 (crypto-industry)7+ (crypto-industry)
Less than 1 (financial industry)0.010.10.06-
1-3 (financial industry)-0.190.130.01
4-6 (financial industry)0.010.130.06-
7+ (financial industry)-0.160.10.01
  • Binance has approximately 13.5 million users as of this writing.
  • There are more than 210,000 daily Binance Earn users.
  • In January 2018, Binance added 240,000 new users in one hour.
  • The number of active Binance users increased by 760% in 2020.
  • In 2020, Binance Academy had 4.7 million total users, and Binance Research had 1.8 million total users.
  • The number of institutional clients on Binance has grown by 46% since the end of 2019.

Source [1, 2, 3, 4, 5, 6, 7]

What Coins Are On Binance?

Bitcoin (BTC) may be the most well-established and popular cryptocurrency out there, but it’s not the only one on Binance. We discovered the top-performing coins on Binance in 2021. Here’s what our research revealed:

  • BTC, Binance Coin (BNB), Ether (ETH), Tether (USDT), and TRON (TRX) are the most popular coins on Binance by number of holders.
  • The longest-held coins on Binance by average holding time are BTC, BNB, ETH, TRX, and Ripple’s XRP.
  • BTC/USDT is the most traded spot pair on Binance, followed by ETH/USDT, ETH/BTC, XRP/USDT, and BTC/BUSD.
  • In Q2 2020, Binance listed 10 new coins, including HIVE, Solana (SOL), and the Binance Korean Won (BKRW).
  • Binance performed one token swap for Storm (STMX) on June 11th, 2020.

New listings on Binance.com in Q2 2020

Asset/TickerPair assetDate
Binance Korean Won (BKRW)BTC, ETH, BNB2020-04-06
Solana (SOL)BNB, BTC, BUSD2020-04-09
Indonesian Rupiah (IDRT)BNB, BTC, USDT, BUSD/2020-04-17
Cartesi (CTSI)BNB, BTC, USDT, BUSD2020-04-23
HIVE (HIVE)BNB, BTC, USDT2020-04-26
Chromia (CHR)BNB, BTC, USDT2020-05-07
Measurable Data Token (MDT)BNB, BTC, USDT2020-06-05
Storm (STMX)BNB, BTC, ETH, USDT2020/06/11 (token swap)
Everipedia (IQ)BNB, BUSD2020-06-18
DigiByte (DGB)BTC, BNB, BUSD2020-06-22
Compound (COMP)BTC, BNB, BUSD, USDT2020-06-25
  • The number of cryptocurrencies supported by Binance grew from 151 to 184 in 2020.
  • Only 52 coins are supported by Binance.US.
  • Binance has launched cryptocurrencies which it developed itself: Binance Coin (BNB), launched June 2017, and Binance Smart Chain, launched September 2020.
  • The number of trading pairs listed on Binance grew from 396 to 591 in 2020.
  • Binance supports 600+ spot trading pairs and 30+ futures trading pairs.

Source [1, 2, 3, 4, 5, 6, 7, 8]

How Has Binance and BNB Use Changed Over Time?

Binance and its coin, BNB, are highly popular with cryptocurrency investors, which is shown by their massive valuations. How much volume goes through Binance, and exactly how valuable is BNB? We’re answering these questions and more next.

  • Binance is the world’s largest cryptocurrency spot market in terms of 24-hour trading volume, followed by HitBTC ($2.11B), Upbit ($2.04B), and Huobi Global ($2.02B).
  • Binance users made $8,659,481,017 ($8.6B) in swaps on July 10th, 2021.
  • Despite having a higher 24-hour trading volume, Binance has fewer coins (320) and trading pairs (1150) compared to 24-hour trading volume runner-up HitBTC, with 526 coins and 1182 trading pairs.
  • Binance hit a total trading volume of 3 trillion USDT across spots, futures, options, margin, and leveraged coins in 2020.
  • In 2020, Binance also hit an all-time 24-hour trading high, with 52.6B USDT traded across the same markets.
  • After debuting in 2017, BNB quickly reached over $20 in January 2018.
  • BNB hit an all-time high of nearly $40 in July 2019, up from an all-time low of $5 in January 2019.
  • Only a few months after the coin debuted on Binance, BNB offered investors a 575% return in Q4 2017.
  • In Q4 2019, BNB’s quarterly returns plummeted to negative 13%.
  • The annual return of BNB was 204% in 2019, which was 214% higher than BNB’s return in 2018.

BNB quarterly returns

PeriodReturn
Q4 2017575%
Q1 201828%
Q2 201833%
Q3 2018-32%
Q4 2018-39%
Q1 2019182%
Q2 201986%
Q3 2019-51%
Q4 2019-13%
  • In the year after it was founded, Binance was the largest cryptocurrency exchange with a market capitalization of $1.3 billion.
  • Binance’s average daily trading volume increased by 36% to $3.88 billion in 2020.
  • In 2020, the total trading volume of Binance reached $2 trillion, and BNB is now the third-biggest cryptocurrency by market cap.
  • The total Binance P2P transaction volumes increased to $6B USD last year.
  • There is $2,900,000,000 worth of crypto assets currently on Binance Earn.
  • In 2020, Binance Earn distributed $70,850,000 worth of total rewards.
  • Binance reached an all-time high 24-hour spot trading volume of $15 billion in 2020.
  • The price of BNB has increased by 900% in two years.
  • The total number of BNB burned in 2020 was 13,384,040, or nearly $219 million. That’s more than double the number of BNB burned in 2019.

Source [1, 2, 3, 4, 5, 6, 7, 8]

How Do Investors Use Binance?

Binance is an exchange, first and foremost. As such, investors turn to Binance for spots, futures, options, margin, and leveraged coin trading. Here are some other investing activities investors use Binance for:

  • High-frequency prop trading, technical analysis, and market-making are the top three investment strategies employed by the majority (80.2%) of Binance users.
  • 35.5% of Binance investors use high-frequency prop trading strategies.
  • 25% of Binance investors use technical analysis trading strategies, including relative strength index (RSI) and moving average convergence divergence (MACD) strategies.
  • 19.7% of Binance investors use market-making strategies when trading on the exchange.
  • The remaining investing strategies 19.8% of Binance users employ include long-term value investing, macro long/short strategies, and rule-based rebalancing.
What is your core investment/trading strategy?1-10 cryptoassets traded11-20 cryptoassets traded21-50 cryptoassets traded51+ cryptoassets traded
High-frequency prop trading (e.g., Stat Arb, Vol. Break Out, ORB)8465
Technical Analysis (e.g., RSI, MACD)1331-
Market-making4413
Long-term fundamental value investment5---
Macro long/short2---
Rule-based rebalancing approach (e.g., equal weighting, Black Litterman)1--1
Others22--
  • The majority (92.1%) of investors use exchanges like Binance to store their cryptocurrency coins.
  • The second-most popular storage option is cold wallets, with 32.9% of Binance’s investors choosing this option when moving crypto to self-storage.
  • When moving crypto to self-storage, hot wallets (18.4%) and custodial services (2.6%) are the least popular storage method among Binance’s institutional and VIP clients.

  • 54% of Binance investors participate in staking, while 46% do not.
  • When staking cryptocurrencies, the majority of Binance investors (29%) stake themselves.
  • 25% of Binance investors go through third-party services to stake coins, with 22% relying on an exchange like Binance and 3% going through another third-party service.
Staking by respondents (according to Binance survey from 68 institutional and large VIP clients)   
NoIndividuallyThrough an exchangeThrough a third-party delegation service
0.460.290.220.03

Source [1, 2]

Is Binance Safe?

As with any new technology, concerns about safety and privacy abound with Binance and similar cryptocurrency exchanges. After all, exchanges get hacked all the time. We compiled these Binance risk stats to help you stay in the know.

  • 48.3% of Binance investors say exchange hacking and other platform-related risks is their top concern when investing in cryptocurrency.
  • Other risks to cryptocurrency include legal issues with USDT (43.4%) and a lack of retail trading activity in altcoins (30%).
  • Regulatory uncertainty is another top concern, with a total of 60% of Binance investors saying they’re concerned about global (38.3%) and domestic (21.7%) regulations, respectively.

Largest five risks according to client responses (according to Binance survey from 68 institutional and large VIP clients)

Largest RisksPercentage of Clients
(1) Platform-specific failure (e.g., exchange hack, etc.)0.483
(2) Tether ongoing legal issue0.433
(3) Global regulatory uncertainty0.383
(4) Lack of retail interest in altcoins0.3
(5) Domestic regulatory changes0.217
  • On the other hand, none (0%) of the investors Binance Research polled said privacy was a significant concern.
  • Fears about individual security on exchanges and scalability of cryptocurrency investing were also minor concerns for Binance investors.
  • Only 5% of Binance investors consider Facebook’s Libra coin and countries’ Central Bank Digital Currencies as significant threats.

Lowest five risks according to client responses (according to Binance survey from 60 institutional and large VIP clients)

Lowest risksPercentage of clients
(1) Privacy risk0
(2) Libra0.05
(3) Central Bank Digital Currencies (e.g., China’s CBDC)0.05
(4) Scalability issues0.0833
(5) Individual security issues (e.g., phishing, SIM-swapping)0.1
  • In May 2019, hackers stole more than $40 million worth of bitcoin from Binance.
  • A 2019 leak exposed the customer data of 60,000 individual Binance users active between 2018 and 2019 due to Know Your Customer (KYC) regulations.
  • Also in 2019, an unidentified individual threatened and harassed Binance, demanding 300 BTC in exchange for withholding 10,000 photos that bear similarity to Binance KYC data.

Source [1, 2, 3, 4]  

What Are the Limits On Binance?

Binance isn’t available in every country. Even the United States has placed restrictions on its use. Check out the below facts about Binance limitations in certain regions across the globe.

  • Users in over 180 countries can trade on Binance, but only 43 US states can use Binance.
  • In August 2021, Binance stopped offering derivatives products to new users in Hong Kong. The platform also gave current users 90 days to close out all open derivatives positions.
  • Binance denies access to individuals and countries sanctioned by the UN Security Council and the Office of Foreign Assets Control of the US Treasury Department. This does not affect Russian customers.
  • On July 26th, 2020, Binance began a full ban on users in Ontario, Canada.
  • Unverified Binance users can only withdraw a maximum of 0.06 BTC daily, while those with verified accounts can withdraw up to 100 BTC daily.

Source [1, 2, 3, 4, 5]

Binance Facts

Still haven’t found the Binance user data you’ve been searching for? Check out our list below of additional Binance facts for everything else you need to know.

  • During the pandemic, Binance raised over 300 BTC, which it donated to more than 20 countries.
  • According to Binance CEO Changpeng “CZ” Zhao, Binance doesn’t have a headquarters.
  • Binance bought the world’s most-referenced price-tracking website for crypto assets, CoinMarketCap, in April 2020.
  • 39 languages are currently available on the Binance website. This is up from 26 in 2020 and 16 in 2019.
  • Binance Customer Service supports 11 languages, according to Binance’s 2020 Milestones.
  • 150 payment options are available in Binance worldwide.
  • Binance’s CEO spends ‘80% or more’ of his work time on tackling regulatory issues.
  • Binance’s international compliance team and advisory board has grown by 500% since last year, according to Binance’s CEO.
  • Binance Pool offers the lowest mining fees for BTC (2.5%) and ETH (0.5%) in the entire crypto mining industry.
  • Binance offers the lowest trading fees at only 0.10%.
  • 3,000,000 orders were processed on Binance P2P in 2020.
  • There are over 60 projects running on Binance Smart Chain today.
  • Binance Pool was established in April 2020 and now ranks #3 amongst global mining pools.

Source [1, 2, 3, 4, 5, 6, 7, 8]

Bowen Khong
Bowen Khong
Bowen specialises in global online brokerage research. Head of research and founder of ForexToStocks.
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