Binance, the world’s largest cryptocurrency trading platform by trading volume, has announced that it has surpassed 200 million global users, representing over a third of all crypto holders worldwide.
Besides reaching 200 million users, Binance now has $100 billion in assets under custody.
Binance Reaches Major Milestone
Since its inception, Binance has offered users a secure and user-friendly option for crypto trading, offering an array of services that include decentralized finance (DeFI), spot trading, futures contracts, and more. The exchange has announced that it has surpassed 200 million users, a hugely significant milestone. Binance announced the news by posting the news across all of its social media platforms as it continues its journey to onboard a billion, or one in every eight people in the world, on its platform. However, the numbers reported by Binance are self-reported.
“Today, we celebrate 200 million users, and it is 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 aims to become more than just a cryptocurrency exchange; it is looking to extend its influence in blockchain education and innovation through Binance Academy and Binance Research. Both offerings help Binance provide valuable resources that help educate the public about blockchain and crypto, helping democratize access to information and promoting wider adoption. Binance has also entered into strategic partnerships to promote crypto, helping shape a future in which cryptocurrencies are seamlessly integrated with users’ daily lives.
Growth Trajectory
In 2022, Binance reported a total of 130 million users. The platform added 40 million users in 2023, bringing the total to 170 million. Now, 6 months into 2024, the platform has already added 30 million users, bringing its total to 200 million. If this level of growth stays constant, Binance could reach 300 million users by 2026.
According to data from Triple-A, the global cryptocurrency consumer installation base has reached a staggering 562 million in 2024. This is up by around 140 million, given there were around 420 million users in 2023. Based on these numbers, Binance users account for 36% of the global cryptocurrency user base.
Another Major Milestone
Binance’s 200 million user milestone comes shortly after the exchange hit another milestone in March, crossing $100 billion in assets under custody. According to Binance, user assets under Binance have more than doubled since the beginning of the year, thanks to a sustained uptick in digital asset prices, significantly elevating the value of the assets under the exchange’s custody.
“We hold all user funds at a 1:1 ratio, plus additional reserves, which anyone can verify using Binance’s proof-of-reserves (POR) system. Recent weeks have witnessed a remarkable, sustained uptick in digital asset prices, a trend that has undoubtedly played a significant role in elevating the value of user assets under Binance’s custody.”
The cryptocurrency exchange’s legal hassles are also firmly behind it, with former CEO Changpeng Zhao currently serving a four-month sentence for fraud. Zhao has apologized for his actions and apologized for his time in a minimum security facility in California.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
