Also read | Parag Parikh Flexi Cap Fund raises stake in ITC, 10 others; cuts exposure to Infosys in DecemberThe report also highlighted how industry expectations are changing as crypto platforms are increasingly assessed as financial infrastructure – in terms of 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 found.The ADGM framework includes governance, risk management, custody, clearing and consumer protection, better aligning the structure of the crypto market with the expectations placed on traditional financial platforms.
It was also emphasized that trust can be measured in outcomes. Since 2023, Binance has reduced direct exposure to major categories of illicit funds 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 handled $34 trillion in trading volume across all products, while spot trading volume exceeded $7.1 trillion. Total traded volume reached $145 trillion for all products. At the same time, participation is becoming increasingly diverse. Binance expanded its spot markets to 490 coins and 1,889 trading pairs, while futures coverage grew to 584 coins. User behavior also shifted towards 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 over 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 have subscribed to Smart Money, a live suite for tracking aggregated behavioral signals from profitable traders.
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The report also highlighted a meaningful shift in the way users discover and engage with new projects.
Binance Alpha 2.0 became a major discovery platform integrated into the Binance experience, reaching $1 trillion in trading volume and 17 million users by 2025. It distributed $782 million in rewards across 254 airdrops.
Another theme running through the report is institutional adoption’s shift from experimentation to integration. Institutions are increasingly looking for crypto infrastructure that fits the governance, collateral, reporting and settlement requirements they already have.
In 2025, tokenization moved closer to operational use cases, including tokenized funds used as eligible collateral off-exchange under Binance’s institutional collateral framework. The report also describes how modular offerings, including white-label rails through Crypto-as-a-Service, allow regulated companies to offer digital assets without rebuilding the entire exchange infrastructure from scratch.
Beyond trading and discovery, cryptocurrency adoption depends on users being able to fund accounts in the local currency, move value easily, and choose earning tools that suit their risk preferences. Within its product line, Binance Earn distributed $1.2 billion in rewards to users by 2025.
“2025 has shown 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 evolve together. Our focus throughout the year was on delivering measurable results by 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 In 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.
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