Binance Surpasses 200 Million Registered Users: A Major Milestone 🎉
Binance, the largest crypto exchange globally in terms of trading volume, recently achieved a significant milestone by surpassing 200 million registered users. This accomplishment, announced on June 8, comes almost seven years after the platform’s inception. As per Triple-A research, Binance now constitutes approximately 36% of the global cryptocurrency user base, estimated at 562 million users.
Binance’s Population Comparison: Among Top Countries 🌍
- If Binance were a country, it would rank as the eighth-most populous nation globally, exceeding countries like Bangladesh, Russia, and Mexico.
- CEO Richard Teng credited this success to the community and highlighted the ongoing journey towards achieving one billion users.
In a recent statement, Teng emphasized the impact of Binance’s milestone:
“This achievement is not just about Binance; it reflects the fast-growing crypto adoption which is empowering countless lives, and we’re at the forefront of this transformative technology. Yet, our work is far from done. The road to reaching a billion users is both a challenge and an opportunity we eagerly embrace,” Teng added.
Moreover, this milestone comes less than three months after the exchange crossed $100 billion in assets under custody. The surge in digital asset prices significantly contributed to the increased value of user assets under Binance’s management.
Binance Leads in Liquidity Among Centralized Exchanges 📈
- Binance has been recognized as the top-ranking exchange in liquidity among 43 centralized exchanges by Kaiko.
- Kaiko highlighted Binance’s dominance in trading volume, volume contribution, and market depth, placing it ahead of competitors like Bybit, Coinbase, and Upbit.
Additionally, Kaiko noted that Binance’s average trading volume is $773 billion, significantly surpassing Upbit’s $110 billion. Despite its liquidity leadership, Binance faces legal challenges on a global scale.
Legal Challenges and Global Controversies 🚨
- In the US, Binance agreed to a record $4.3 billion fine last November after pleading guilty to multiple financial law violations.
- As part of the settlement, founder and former CEO Changpeng Zhao resigned and paid a $50 million fine, currently serving a four-month sentence in California.
- In Europe, Binance has exited markets like Austria, the Netherlands, and Cyprus, and withdrawn licensing applications in Germany over regulatory concerns.
- Furthermore, the exchange is confronting money laundering and tax evasion accusations in Nigeria, with executive Tigran Gambaryan facing imprisonment.
Hot Take: Conclusion and Future Prospects 🚀
Despite facing legal challenges, Binance’s milestone of surpassing 200 million registered users signifies its growing influence and impact within the crypto space. As it continues its journey towards one billion users, Binance remains committed to advancing crypto adoption and pushing the boundaries of transformative technology.
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