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Binance Surpasses 200M Users Worldwide, Sights 1B Target

Highlights:

  • Binance hits 200 million users worldwide and eyes growth to 1 billion. 
  • Crypto adoption has seen a remarkable surge in recent years, driven by new innovations and the upward trajectory of Bitcoin’s price.
  • The CEO of the exchange praised the community and called for more support.

Binance, the largest cryptocurrency exchange in the world by daily volume, announced on June 8 that its user base has surged to an astonishing 200 million users worldwide. This milestone follows the surge in Web3 adoption as the prices of Bitcoin (BTC) and altcoins reach new highs. 

Despite facing regulatory hurdles in some jurisdictions, Binance remains a leader in the crypto industry. This development solidifies its dominance, leaving other exchanges far behind in the race. Bybit, the second-largest exchange, reports a mere 27 million users in comparison.

Per a post from the Binance account on X.com:

“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!”

Binance’s CEO Shows Gratitude for the Community’s Support

Richard Teng, Binance CEO, posted a new message on his X account expressing his gratitude to all supporters. He emphasized that achieving this significant milestone would not have been possible without the support and help of the exchange’s community. He stated that the journey towards reaching 1 billion users is ongoing and invited supporters to continue building together. As a user-centric platform, Binance is committed to prioritizing the needs of an ever-growing user base.

Binance’s Growth and Milestones in the Crypto Industry

In 2022, Binance had around 130 million users. By 2023, the exchange had added 40 million more, reaching 170 million users. Since then, it has added at least 30 million users in the first six months of 2024. This suggests that Binance could potentially reach 300 million users by 2026 if current trends persist for both the company and the industry.

According to research from Triple-A, the global cryptocurrency consumer installation base grew to 562 million people in 2024, marking a significant increase of 142 million users compared to 2023’s 420 million. These figures suggest that Binance users make up around 36% of the global cryptocurrency user base. 

Binance’s achievement of reaching 200 million users follows closely behind another record-setting milestone in the cryptocurrency industry for the company. In March, Binance surpassed $100 billion in total user assets under custody, averaging around $500 worth of assets per user.

Over the years, Binance has broadened its market and increased its user base through the introduction of new listings and developments. The exchange has collaborated with similar businesses to extend its presence into more countries. The crypto community appreciates the exchange’s funding of businesses and the promotion of blockchain education. Binance has faced regulatory challenges in numerous countries, making the journey thus far fraught with difficulties. 

The United States regulator filed a lawsuit against Binance for providing trading services to unregistered securities. Last year, Binance reached a $4.3 billion settlement with the Department of Justice (DOJ), resulting in the resignation of former CEO Changpeng Zhao. With Zhao currently serving a fourth-month sentence on fraud charges, the exchange seems to have emerged relatively unharmed.

Crypto Adoption Surges

In recent years, blockchain and crypto assets have gained increasing popularity, prompting critics to adopt this asset class. The surge in Bitcoin’s price and recent advancements have spurred greater adoption. This year, the approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC) has provided a new investment opportunity for traditional institutions.

The price of Bitcoin soared to a record high, surpassing $73,000, with analysts forecasting further highs ahead.

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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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