Binance Reaches 200 Million Users amid Crypto Market Surge


Binance,
the world’s leading digital asset exchange, has reached 200 million users. This
milestone comes alongside another notable achievement this year: the platform
now holds $100 billion in user assets under custody.

Binance Achieves Milestone
of 200 Million Users

The 200
million user mark represents a substantial portion of the global cryptocurrency
user base, with Binance users accounting for approximately 36% of the total.
This rapid growth has been particularly evident in recent years, with the
exchange adding 40 million users in 2023 alone and a further 30 million in the
first half of 2024.

Binance
celebrated this milestone across its social media channels, framing the
achievement as a step towards its ambitious goal of onboarding one billion
users, or one in every eight people on Earth. The company expressed gratitude
towards its users, acknowledging their support as the driving force behind its
success.

“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,” the company commented.

The
exchange’s growth trajectory suggests it could reach 300 million users by 2026,
assuming current trends in the company and the industry persist. This
projection is bolstered by the increasing global adoption of cryptocurrencies,
with the total number of cryptocurrency users worldwide reaching 562 million in
2024, up from 420 million in the previous year.

Over $100 Billion in
Assets under Custody

Binance’s
$100 billion in user assets under custody, reported earlier this year, equates
to an average of approximately $500 per user. This figure underscores users’
growing trust and confidence in the platform despite the legal challenges faced
by its founder and former CEO, Changpeng “CZ” Zhao.

CZ is
currently serving a four-month sentence on fraud charges in a minimum-security
facility in California. Reports suggest that he is remorseful for his actions
and is cooperating with authorities. Despite these legal issues, Binance
has emerged relatively unscathed, maintaining its position as the
world’s leading cryptocurrency exchange.

Last week,
Finance Magnates reported on two updates regarding Binance. The first discussed the reintroduction of Mastercard payments for crypto purchases. This
step came after Mastercard paused this service in August 2023 due to legal
challenges facing Binance in the US. In the second update, Binance sought to
dismiss a large portion of a London lawsuit, valued at up to 10 billion pounds
($12.8 billion), over allegations of collusion to “delist” the
Bitcoin Satoshi Vision (BSV) cryptocurrency.

This article was written by Damian Chmiel at www.financemagnates.com.



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