Binance has reached 200 million global users. The crypto exchange could reach 300 million users if it continues to maintain the current pace.
Binance announced that it had reached 200 million users on June 8, 2024 . The crypto exchange celebrated this achievement on its numerous social media platforms. It frames 200 million users as a milestone on the company’s quest to onboard a billion users- or one in every eight people on Earth.
Binance Solidifies Status
This largest cryptocurrency in the world by daily volume has become a third of all cryptocurrency holders worldwide. It has solidified its status where no other exchange can come near it in terms of online active users. The second-largest exchange on earth, Bybit reports only 27 million active users.
In 2022, the platform had only 130 million users further adding 40 million users in 2023 it reached 170 million. In just six months of the year 2024, the exchange added 30 million users. If the trend remains the same for both the company and the industry at this pace, it could reach 300 million users by 2026.
According to research from Triple-A, the global crypto user base reached 562 million in 2024, up 142 million over 2023’s 420 million users. It shows that the world’s largest crypto exchange users hold 36% of the global crypto user base.
Binance Assets Under Custody Surpass $100B
On March 18, 2024, Binance’s assets under custody surpassed $100 billion. That averages out to about $500 worth of assets in custody per user.
It wrote, “In the past few weeks, there has been no shortage of records, all-time highs, and crypto industry firsts”. The platform users’ assets under custody have more than doubled from $40 billion at the beginning of the year.
It further said “We hold all user funds at a 1:1 ratio, plus additional reserves, which anyone can verify using our proof-of-reserves (POR) system,” further adding: “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 our custody”.
A high-user asset custody value holding by this crypto exchange assures strong growth in the cryptocurrency market.
Binance Remains Unharmed
The crypto exchange faced various challenges over the past two years, be it legal showdowns, regulatory crackdowns, billion-dollar fines, or the incarceration of its founder.
It faced various challenges over the past two years, be it legal showdowns, regulatory crackdowns, billion-dollar fines, or the incarceration of its founder. Binance’s current legal cases are also in media limelight. Changpeng “CZ” Zhao, Binance founder is currently serving a four-month sentence on fraud charges in a minimum-security prison facility in California.
Despite these hurdles Binance exchange continues to grow and meet investors crypto exchange requirements . In the world of volatile crypto market Binance stands as a beacon of Hope for new and investors alike.
With Binance at the helm this crypto market journey is bound to make a smooth sale for crypto coin investors.
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