Tuesday, June 25, 2024
HomeTechnologyBinance Reaches 200M Users With $100B In Assets Under Custody

Binance Reaches 200M Users With $100B In Assets Under Custody

Binance announced that it has achieved a significant milestone by reaching 200 million global users, making it the largest exchange in terms of user base. These figures are self-reported by the company.

The announcement was made on June 8, 2024, highlighting a rapid user growth over the past few years. Binance operates globally, serving an international user base with the company’s major activities spread across various continents.

Binance’s growth trajectory showed a substantial increase in its user base from about 130 million in 2022 to 200 million in mid-2024. This growth was celebrated across the company’s social media platforms, emphasizing its goal to eventually onboard one billion users. The exchange added 40 million users in 2023 and another 30 million in the first half of 2024 alone, setting a pace that could see it reach 300 million users by 2026 if current trends continue.

According to research from Triple-A, the global cryptocurrency consumer installation base reached 562 million people in 2024, up from 420 million in 2023. Binance’s 200 million users represent approximately 36% of the global cryptocurrency user base, underscoring its dominant position in the market. This milestone follows another significant achievement for Binance, as reported in March, when the exchange disclosed having $100 billion in user assets under custody, averaging about $500 worth of assets per user.

Despite facing legal challenges, including a conviction of its founder and former CEO, Changpeng “CZ” Zhao, for fraud charges leading to a four-month prison sentence, Binance continues to thrive in the cryptocurrency market. CZ is currently serving his sentence in a minimum-security facility in California and has reportedly expressed remorse for his actions. The company’s ability to sustain its market leadership and grow its user base amid these challenges highlights its resilience and the robustness of its operational strategies in the competitive and rapidly evolving cryptocurrency industry.

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