Binance has reached a new milestone in its already dominant trajectory, with CEO Richard Teng recently announcing that the black-and-yellow crypto behemoth has crossed an all-time trading volume of $100 trillion.
Teng shared this impressive news on social media, putting Binance in a league of its own. It is not just a new record but also puts it far ahead of major financial benchmarks, like the entire market capitalization of the S&P 500.
Twice the market cap of a key U.S. stock market index, this figure solidifies Binance’s lead on the crypto market and highlights its ability to outpace its competitors, maintaining a level of performance that few, if any, can rival.
Fun fact: Earlier this month, the all-time trade volume on #Binance surpassed $100 trillion! 🎉
Through the highs and lows, Binance will keep building. Because our users only deserve the best.
Thank you for your trust and support! 🤝
— Richard Teng (@_RichardTeng) September 24, 2024
How did it go?
The journey from its humble beginnings to this staggering achievement started in 2017 when Changpeng Zhao (CZ) founded Binance, an exchange that quickly gained momentum, thanks to its user-friendly interface and attractive fee structure.
After raising $15 million in a highly successful initial coin offering that same year, Binance leveraged its new capital to fuel parabolic growth and international expansion.
Despite facing some big challenges along the way, including a 7,000 BTC hack, regulatory scrutiny from authorities worldwide and a $4 billion fine, Binance has not only survived but thrived. Even the arrest of its founder, CZ, has not slowed the company down.
It is proof of how far Binance has come. Backing this statistic is $13 billion in trading volume today, which is lower than the exchange’s norm but still eight times more than that of its nearest competitor.