Impressive Milestone Achieved by Binance
Binance, the premier cryptocurrency exchange renowned for its high daily trading volume, has recently hit a significant milestone by reaching 200 million users worldwide.
Celebrating a Remarkable Achievement
- On June 8, the exchange took to its social media platforms to celebrate this monumental achievement.
- They emphasized that the 200 million user mark is a stepping stone towards their ambitious goal of onboarding one billion users, representing approximately one-eighth of the world’s population.
Unverified Claims and Noteworthy Feat
- The assertion of having the highest user count among exchanges is yet to be independently verified.
- Nevertheless, this milestone stands as a remarkable achievement for the platform, showcasing its widespread appeal and popularity.
Binance’s Ongoing User Growth
Just two years ago, in 2022, Binance reported a user base of around 130 million.
By 2023, the exchange had added 40 million more users, bringing the total count to 170 million.
Remarkably, in the first half of 2024 alone, Binance has already attracted at least 30 million new users.
If this growth trajectory persists, the exchange is on a trajectory to reach 300 million users by the year 2026, assuming consistent industry and company trends.
To put Binance’s user base into context, global cryptocurrency consumer installations reached 562 million people in 2024, growing by 142 million users from the previous year.
Binance users now represent about 36% of the global cryptocurrency user base, underscoring the platform’s dominance in the industry.
Another Milestone for Binance
- In March, Binance announced that it had surpassed $100 billion in user assets under custody.
- This translates to an average of roughly $500 worth of assets stored on the platform per user.
- Despite facing legal challenges, including the recent imprisonment of founder Changpeng “CZ” Zhao on fraud charges, Binance has navigated through these obstacles relatively unscathed.
Binance’s Global Expansion Plans
In May, the Financial Intelligence Unit of India (FIU-IND) disclosed that Binance had successfully registered with the regulatory body, marking its return to the country after encountering regulatory hurdles.
Prior to this, the exchange obtained a license from Dubai’s regulator, VARA, enabling it to serve retail clients alongside qualified and institutional ones.
According to Bloomberg, the licensing process involved Binance’s founder, Changpeng Zhao, relinquishing voting control of the Dubai unit.
Strategic Ventures and Regulatory Challenges
- Additionally, Binance launched a joint venture crypto exchange, Binance Thailand, in collaboration with Gulf Innova, a subsidiary of Gulf Energy Development.
- Binance Thailand, also known as Binance TH, offers a platform for digital asset exchange services with Thai baht trading pairs.
- Despite its global expansion, Binance has faced increasing regulatory scrutiny worldwide, including legal actions from authorities like the CFTC and SEC.
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