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Let's begin this blog with one of my favorite sayings from Binance CZ's founder: "The best opportunity was yesterday, the next best one is today. Keep building.’ Even though Binance had some problems in the last few months, they continued to improve and update themselves to fulfill the rules. They remain one of the leading cryptocurrency exchanges in the world because of this.
In 2024, Binance proved itself as the top crypto exchange globally, setting new records and overcoming significant challenges. Even after the legal issues from many countries, CZ got jailed, and under a new CEO, Binance never got back from its goal and operated with a determination to dominate the market.
As the global adoption of cryptos shows a slight increase in value, investors are seeking a better feature-rich exchange in this world. That’s why most entrepreneurs are choosing to start an exchange in this industry.
In this blog, we will learn about what Binance has done in 2024, and what lessons the business owners must keep in mind to succeed in 2025 with a crypto exchange like Binance.
Binance had an exceptional year so far, showing it is far ahead of its competitors. The platform saw user deposits reach $21.6 billion, 36% more than the combined deposits of the next ten exchanges, which totaled $15.9 billion. It also attracted a user base of 244 million people and gained over 25 million followers on its social media accounts.
One reason for Binance’s success was its introduction of creative programs like Binance Launchpool. This program attracted users by supporting new tokens allowing them to stake their funds and earn rewards. These kinds of features not only brought in more users but also increased the total funds managed by the platform.
We all know that Binance’s journey wasn’t free from obstacles. Changpeng Zhao, known as CZ and Binance’s founder, faced legal trouble that culminated in this resignation. CZ was sentenced to four months in prison for not following anti-money launchering (AML) regulations properly. The company was fined $4.3 billion as part of the settlement with U.S. authorities.
CZ’s departure was a challenging moment for Binance. But, his approach to adversity inspires resilience. As he said, ‘It may take some effort, but what else have we got to do? Let’s rebuild.’ It reflects his ability to turn setbacks into comebacks. The employees have done it, even without the presence of CZ.
After CZ stepped down, Richard Teng became Binance’s new CEO. Teng concentrated on rebuilding trust, improving compliance, and making the platform even better. He introduced stricter security measures and ensured Binance followed legal requirements more closely, helping the platform restore its reputation.
Under Teng’s leadership, Binance continued to set records. For example, on November 6, 2024, the platform recorded $130 billion in a single day. Teng also adapted to new upgrades like Bitcoin ETFs, which gained approval in countries like the United States, Brazil, and Australia. These ETFs brought more institutional investors into the crypto market.
The success of Binance offers clear lessons for those dreaming of creating their crypto exchange. Entrepreneurs can build an exchange like Binance using Binance Clone Script software, or create an exchange from scratch.
It's a pre-made software that comes with basic features needed for a cryptocurrency exchange. You can buy and use this script to quickly start your exchange without building it from scratch. Using clone software, or building from scratch business owners must keep some things in their mind.
Legal problems can harm your business, as countries are planning on regulating the cryptocurrency industry after Trump’s win in the US elections. The cryptocurrency sector has gone to new heights $3.7 Trillion market cap, and Bitcoin hit its all-time high by crossing $100,000.
Binance’s issues with AML regulations are a reminder to always follow legal requirements. Entrepreneurs should hire legal experts, adopt strict security measures, and work closely with regulators to confirm compliance.
Adding features that users find valuable can set your platform apart. Binance’s trading competitions, copy trading options, and token launch platforms like Launchpool kept users engaged. Entrepreneurs should consider including similar features to attract more users to keep them active on the platform.
Building a crypto exchange is technically challenging. Working with a crypto exchange development company or using a Binance clone script can save time and reduce costs. Engaging with users is important for long-term success. Binance’s large social media following and active community are important backbone of its growth.
Cryptocurrency exchanges are often targeted by hackers who are looking for weaknesses to use. On July 18, WazirX experienced a security compromise in one of its multisig wallets, resulting in the loss of almost 45% of its cryptocurrency holdings. To safeguard consumers' money, exchanges must implement the best security requirements.
43% of cryptocurrency investors use hardware wallets to protect their money, per a survey by AMBCrypto. Hardware wallets provide extra security by storing private keys offline, which keeps them out of hackers' reach. So, entrepreneurs must concentrate on high-end security to ignore issues like these to stay strong in an industry like Binance.
Binance’s 2024 performance sets a high bar for the industry. Its ability to recover from setbacks, creativity, and lead the market provides a clear example for others to follow. For entrepreneurs, 2025 offers a chance to use these lessons and create the next big success story in the crypto world.
