Binance’s User Base Hits 200 Million, Totaling $100 Billion in Custodial Holdings

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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June 9, 2024 03:34 EDT

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Binance, the leading cryptocurrency exchange in terms of daily trading volume, has reached a significant milestone of 200 million global users.

On June 8, the exchange took to its social media channels to celebrate the achievement and framed the 200 million user mark as a stepping stone towards their ambitious goal of onboarding one billion users, approximately one in every eight people on Earth.

The claim of having the highest number of users among exchanges is yet to be independently verified, but it is undoubtedly a remarkable achievement for the platform.

Binance Continues to Attract New Users

Just two years ago, in 2022, Binance reported a user base of around 130 million.

By 2023, the exchange had added 40 million more users, bringing the total count to 170 million.

Impressively, in the first half of 2024 alone, Binance has already added at least 30 million new users.

If this growth trajectory continues, the exchange is on track to reach 300 million users by 2026, assuming the industry and company trends remain consistent.

To put Binance’s user base into perspective, research from Triple-A indicates that the global cryptocurrency consumer installation base reached 562 million people in 2024, with an increase of 142 million users compared to the previous year.

This means that Binance users represent approximately 36% of the global cryptocurrency user base, highlighting the platform’s dominance in the industry.

In addition to the impressive user count, Binance achieved another significant milestone earlier this year.

In March, the company reported that it had surpassed $100 billion in user assets under custody.

This means that, on average, each user has around $500 worth of assets stored on the platform.

While Binance has faced legal challenges, including the recent imprisonment of founder and former CEO Changpeng “CZ” Zhao on fraud charges, the exchange has managed to navigate through these obstacles relatively unscathed.

CZ is reportedly remorseful for his actions and is currently serving his sentence in a minimum-security facility in California.

Binance Eyes Global Expansion

In May, the Financial Intelligence Unit of India (FIU-IND) revealed that Binance has successfully registered with the regulatory body, returning to the country after some regulatory hurdles.

Prior to that, the exchange announced that it had obtained a license from Dubai’s regulator, VARA, enabling the platform to cater to retail clients along with qualified and institutional ones.

According to Bloomberg, the licensing process involved Binance’s founder and former CEO, Changpeng Zhao, relinquishing voting control of the Dubai unit.

Furthermore, earlier this year, Binance unveiled its joint venture crypto exchange Binance Thailand, which comes in collaboration with Gulf Innova, a subsidiary of Gulf Energy Development.

Binance Thailand, abbreviated as Binance TH, provides a platform for digital asset exchange services with Thai baht trading pairs.

It is worth noting that Binance has faced increasing regulatory scrutiny worldwide.

Last year, the Commodity Futures Trading Commission (CFTC) filed charges against Binance for allegedly operating an illegal digital asset derivatives exchange and evading federal laws.

Similarly, the US Securities and Exchange Commission charged Binance Holdings LTD and ex-CEO Changpeng Zhao (CZ) for allegedly operating unregistered exchanges, broker exchanges, clearing houses, and the unregistered offer and sale of securities.