Markets
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 in custody.
The 200 million user milestone represents a substantial portion of the global cryptocurrency user base, with Binance users representing approximately 36% of the total. This rapid growth has been particularly evident in recent years, with exchange adding 40 million users in 2023 alone and another 30 million in the first half of 2024.
Binance celebrated this milestone on 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 to its users, recognizing their support as the driving force of its success.
“Today we celebrate 200 million – and it’s all because of you! Your support is the heart of our journey to 1 billion users. A toast to the stars of our history – you”, commented the company.
The exchange’s growth trajectory suggests it could reach 300 million users by 2026, assuming current trends in the company and industry persist. This projection is reinforced by the growing global adoption of cryptocurrencies, with the total number of cryptocurrency users worldwide expected to reach 562 million in 2024, up from 420 million in the previous year.
More than US$100 billion in assets under custody
The $100 billion in user assets under Binance’s custody reported earlier this year equates to an average of approximately $500 per user. This number highlights users’ growing trust in the platform, despite the legal challenges faced by its founder and former CEO, Changpeng “CZ” Zhao.
CZ is serving a four-month sentence on fraud charges at a minimum security facility in California. Reports suggest he is remorseful for his actions and is cooperating with authorities. Despite these legal issues, Binance emerged relatively unscathed, maintaining its position as the world’s leading cryptocurrency exchange.
Last week, Finance Magnates reported two updates on Binance. The first discussed the reintroduction of Mastercard payments for crypto purchases. This move came after Mastercard stopped this service in August 2023 due to legal challenges faced by Binance in the US. In the second updateBinance sought to dismiss much of a London lawsuit worth up to 10 billion pounds ($12.8 billion) over allegations of collusion to “delete” the
Bitcoin Satoshi Vision Cryptocurrency (BSV).
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 in custody.
The 200 million user milestone represents a substantial portion of the global cryptocurrency user base, with Binance users representing approximately 36% of the total. This rapid growth has been particularly evident in recent years, with exchange adding 40 million users in 2023 alone and another 30 million in the first half of 2024.
Binance celebrated this milestone on 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 to its users, recognizing their support as the driving force of its success.
“Today we celebrate 200 million – and it’s all because of you! Your support is the heart of our journey to 1 billion users. A toast to the stars of our history – you”, commented the company.
The exchange’s growth trajectory suggests it could reach 300 million users by 2026, assuming current trends in the company and industry persist. This projection is reinforced by the growing global adoption of cryptocurrencies, with the total number of cryptocurrency users worldwide expected to reach 562 million in 2024, up from 420 million in the previous year.
More than US$100 billion in assets under custody
The $100 billion in user assets under Binance’s custody reported earlier this year equates to an average of approximately $500 per user. This number highlights users’ growing trust in the platform, despite the legal challenges faced by its founder and former CEO, Changpeng “CZ” Zhao.
CZ is serving a four-month sentence on fraud charges at a minimum security facility in California. Reports suggest he is remorseful for his actions and is cooperating with authorities. Despite these legal issues, Binance emerged relatively unscathed, maintaining its position as the world’s leading cryptocurrency exchange.
Last week, Finance Magnates reported two updates on Binance. The first discussed the reintroduction of Mastercard payments for crypto purchases. This move came after Mastercard stopped this service in August 2023 due to legal challenges faced by Binance in the US. In the second updateBinance sought to dismiss much of a London lawsuit worth up to 10 billion pounds ($12.8 billion) over allegations of collusion to “delete” the
Bitcoin Satoshi Vision Cryptocurrency (BSV).