Binance Surpasses 240 Million Users Globally
Binance, the world’s largest crypto exchange, has reached a milestone of over 240 million users globally, as reported on Nov. 22.
Impressive Growth
This year alone, Binance has added 70 million new users, marking a significant increase from the 170 million users it had in 2023. If Binance were a nation, it would rank sixth globally in terms of population, surpassing countries like Brazil, Nigeria, and Russia.
Institutional and Retail Adoption
CEO Richard Teng attributes this growth to both retail and institutional adoption. The exchange has experienced a doubling in institutional onboarding rates over the past year, with $130 billion in user assets currently held on the platform.
Industry Record
Binance has set an industry record by becoming the first centralized exchange to exceed $100 trillion in cumulative spot and derivatives trading volume, demonstrating growing investor confidence in the platform.
Factors Driving Success
Binance credits its success to the increasing integration of digital assets into mainstream finance, as well as the approval of Bitcoin ETFs in key markets. Retail adoption has also been on the rise, bringing the industry closer to reaching one billion global users.
Focus on Compliance and Innovation
In addition to market trends, Binance has prioritized compliance and innovation, securing over 20 regulatory approvals worldwide. The exchange has invested in compliance systems and partnerships with authorities to enhance security measures.
Overcoming Regulatory Challenges
Despite facing regulatory hurdles in the past, Binance has successfully navigated these challenges. In 2023, the company settled allegations of regulatory violations and paid a fine of $4.3 billion. The firm’s founder, Changpeng Zhao, resigned as CEO and served a four-month prison sentence in the US.
Industry Leader
Despite these setbacks, Binance has maintained its position as an industry leader. Teng emphasized the company’s commitment to growth, responsibility, and innovation, setting benchmarks for the industry as a whole.
