Financial and Business News

Binance Reaches 200 Million Users amid Crypto Market Surge

Monday, 10/06/2024 | 07:15 GMT by Damian Chmiel
  • The exchange currently serves 36% of all crypto users worldwide.
  • Its goal is to increase the number of customers to 1 billion.
Binance

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.

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.

Topics
crypto exchange
users
binance
About the Author: Damian Chmiel
Damian Chmiel
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Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.

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