The leading crypto exchange, Binance, has surpassed 300 million registered accounts eight years after its July 2017 launch. The exchange’s growth is attributed to effective liquidity management and fast asset listings. It also benefited from stablecoin markets and strategies that appeal to both retail and institutional participants.
From the start, Binance lowered barriers for global users and offered deep order books, creating a liquidity flywheel. Professional market makers and the expansion of derivative products further improved execution quality and kept spreads tight even during periods of volatility.
Liquidity, Market Structure, and Resilience
According to a recent Binance report researched by Kaiko, by 2019 and 2020, spot and perpetual futures markets expanded together. This allowed market makers to hedge efficiently and improved structural market quality, with faster order book replenishment and lower execution costs.
The 2020-2021 bull run tested the exchange’s infrastructure as volumes surged. Trade counts increased, and directional moves were larger, but spreads on core pairs like BTC-USDT and ETH-USDT remained near one tick. It shows the resilience of Binance’s matching engine and professional market-making strategies.
Even amid regulatory uncertainty and banking restrictions in 2022-2023, the exchange maintained liquidity advantages. Spreads and order book depth recovered quickly after shocks, reflecting a robust ecosystem and well-capitalized participants.
Structural improvements in 2023-2024 strengthened liquidity further, setting the stage for institutional participation. Bitcoin spot ETFs approved in January 2024 brought institutional capital, and Europe’s MiCA regulation in June clarified rules, boosting market maker confidence.
Stablecoin composition also diversified, with USDT remaining dominant while FDUSD and USDC gained traction. This reduced issuer-specific risk without fragmenting liquidity and supported tighter spreads with faster recovery after market disruptions.
Trade Activity and Execution Efficiency
Data from December 1, 2025, shows Binance processed $20 billion across 61.9 million trades, compared to $3.6 billion on Coinbase and $3 billion on OKX. Smaller average order sizes reflect a broad retail base supported by algorithmic strategies, maintaining frequent prints and continuous price discovery.
The high activity has narrowed cross-exchange price gaps, with BTC-USDT spreads between Binance and Coinbase usually within a basis point. Efficient arbitrage, strong matching performance, and mature settlement infrastructure help keep execution costs low for users.
During high-volatility periods, Binance’s order books have remained resilient. In October, spot volume exceeded $60 billion in a single day. Order books replenished rapidly, allowing users to execute strategies with minimal disruption.
Notably, the exchange’s growth shows that liquidity, clear rules, diversified stablecoins, and resilient infrastructure create a reliable trading environment.
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