
Binance Reaches 200 Million Users, Targets 1 Billion
On June 8, Binance, the cryptocurrency exchange that is considered to be the most prominent in the world in terms of trading volume, announced that it has reached the significant milestone of 200 million members worldwide.
Today, we celebrate 200 million – and it’s all because of YOU!
Your support is the heartbeat of our journey to 1 billion users.
Here’s to the stars of our story – you!#Binance200M #Binancian #Binance pic.twitter.com/3cWTEHxg7j
— Binance (@binance) June 8, 2024
The number represented here represents more than a third of the total number of people that utilise cryptocurrencies all across the world.
This user base is unrivalled by any other exchange; however, it is essential to keep in mind that these figures are derived from internal reporting.
In order to commemorate this accomplishment, Binance took to its various social media channels to emphasise the significance of achieving 200 million users. They viewed this milestone as a significant step towards their objective of recruiting one billion users, which is equivalent to one-eighth of the total population of the world.
With regard to legal issues, it appears that Binance has advanced beyond the difficulties it faced. Changpeng “CZ” Zhao, the creator of the company and the previous CEO, is currently serving a sentence of four months for the violation of fraud charges. According to the reports, CZ is a repentant individual who is currently serving his term in a prison in California that has a minimum level of security. Binance, on the other hand, is continuing to function effectively overall.
Binance’s Growth in Users Over Time
Binance’s user base approximately reached 130 million in 2022, just two years before to the current year.
By the year 2023, the platform had reached a total of 170 million users, having grown by 40 million people. By the time we reach the sixth month of the year 2024, they have already gained an additional thirty million different users.
Provided that the current trends for both the exchange and the industry as a whole continue, it is anticipated that Binance would reach the milestone of 300 million users by the year 2026 if it continues to operate at this rate.
According to research conducted by Triple-A, the global consumer base for cryptocurrencies has grown to its current level of 562 million in the year 2024. This is a 142 million growth from the 420 million that existed in the previous year.
Approximately 36 percent of the total cryptocurrency market is currently represented by Binance’s users.
Additional Achievements of Binance Exchange
In addition to the landmark achievement of acquiring 200 million users, Binance has also reached several other noteworthy milestones:
Binance has successfully re-entered the Indian market by registering with India’s Financial Intelligence Unit (FIU-IND), thereby overcoming past regulatory difficulties. This achievement indicates that Binance has expanded its international reach. The exchange has also expanded its services in the Middle East by obtaining a licence from Dubai’s Virtual Asset Regulatory Authority (VARA). This licence has enabled the exchange to serve a diverse clientele, which includes individual investors, professional investors, and institutional investors.
In an effort to develop a strategic partnership, Binance Thailand was established earlier this year through a joint venture with Gulf Innova, which is a subsidiary of the Gulf Energy Development company.
As of March 2024, Binance has accomplished a key milestone by surpassing $100 billion in user assets that are under its administration. This amounts to an average of around $500 in assets for each user.
Binance was able to overcome competitors like Bybit and Coinbase by recording the greatest trading volume in the first quarter of 2024, demonstrates its dominance in the market, and demonstrates that it is the market leader.
Conclusion
These accomplishments not only serve as evidence of Binance’s consistent growth and adaptation, but they also serve to firmly establish the company’s significant position in the constantly shifting global cryptocurrency environment.