The report underscored two major milestones that came nearly back-to-back toward the end of 2025– Binance became the first crypto exchange to secure full authorization under the Financial Services Regulatory Authority (FSRA) of ADGM’s rigorous regulatory framework, allowing regulated global trading, and our community crossed 300 million registered users worldwide.
Also Read | Parag Parikh Flexi Cap Fund raises stake in ITC, 10 others; trims Infosys exposure in DecThe report also highlighted how expectations in the industry are changing as crypto platforms are increasingly judged as financial infrastructure – on governance, resilience, user protection, and the ability to perform under stress, in addition to scale, liquidity, and the strength of the user community, the report shows.The ADGM framework covers governance, risk management, custody, clearing, and consumer protection, aligning crypto market structure more closely with the expectations placed on traditional financial venues.
It also emphasised that trust can be measured in outcomes. Since 2023, Binance has reduced direct exposure to major illicit funds categories by 96%. In 2025, Binance’s controls helped prevent $6.69 billion in potential fraud and scam losses for 5.4 million users.
Liquidity still determines the trading experience users actually get: spreads, slippage, and execution reliability. In 2025, Binance processed $34 trillion in trading volume across all products, with spot trading volume above $7.1 trillion. All-time traded volume reached $145 trillion across all products.At the same time, participation is becoming more diverse. Binance expanded its spot markets to 490 coins and 1,889 trading pairs, while futures coverage grew to 584 coins. User behaviour also shifted toward more structured engagement, aided by tools such as simulation and automation.
Binance Demo Trading, a unified spot and futures demo environment with virtual funds, was used by more than 300,000 users as a way to learn interfaces and test strategies before trading with real funds. In futures, more than 1.2 million users subscribed to Smart Money, a live suite for tracking aggregated behavior signals from profitable traders.
Also Read | MF Tracker: Axis Large Cap Fund turns Rs 10,000 SIP to Rs 58 lakh in 16 years
The report also highlighted a meaningful shift in where users discover and engage with new projects.
Binance Alpha 2.0 became a major discovery surface integrated into the Binance experience, surpassing $1 trillion in trading volume and onboarding 17 million users in 2025. It distributed $782 million in rewards across 254 airdrops.
Another theme running through the report is institutional adoption shifting from experimentation to integration. Institutions are increasingly looking for crypto infrastructure that fits the governance, collateral, reporting, and settlement requirements they already use.
In 2025, tokenization moved closer to operational use cases, including tokenized funds used as eligible off-exchange collateral under Binance’s institutional collateral framework. The report also describes how modular offerings, including white-label rails through Crypto-as-a-Service, are enabling regulated firms to offer digital assets without rebuilding full exchange infrastructure from scratch.
Beyond trading and discovery, crypto adoption depends on whether users can fund accounts in local currency, move value easily, and choose earning tools that match their risk preferences. Across its line of products, Binance Earn distributed $1.2 billion in rewards to users in 2025.
“2025 demonstrated that crypto platforms are now being assessed as financial infrastructure, not just technology platforms. Becoming the first global crypto exchange to secure full authorization under ADGM while serving over 300 million users worldwide reflects how regulation, scale, and resilience must progress together. Our focus during the year was on delivering measurable outcomes preventing $6.69 billion in potential fraud, strengthening market integrity, and supporting deeper institutional participation alongside record liquidity of $34 trillion traded across products. As adoption expands across markets, including India, long-term growth will depend on governance-led frameworks that protect users, encourage responsible participation, and enable the ecosystem to scale sustainably,” said SB Seker, Head of APAC, Binance.
