Binance, the largest cryptocurrency exchange globally, has experienced significant headwinds over the past two years.
But despite the hurdles, Binance announced on Saturday that it had exceeded 200 million users.
Users, followers, community
Richard Teng, CEO of Binance, marked the milestone by acknowledging the essential role of the community in achieving this point, and during the celebration, he expressed his gratitude towards the users, cheering their support as a key factor in the company’s success.
“We have hit 200M users Binance! This milestone wouldn’t have been possible without YOU – our incredible community … Thank you! The journey to 1 billion users continues. Let’s keep building together.”
Against all odds
This achievement comes despite intense pressure from regulators, as since 2022, Binance has faced numerous regulatory issues in countries such as the UK, Singapore, and the US.
The company has been accused of insufficient anti-money laundering measures and offering unregistered securities, resulting in giant fines and also operational restrictions, and ont he top of this, the arrest of CZ, its founder in China in early 2024 added to the uncertainty surrounding the exchange’s situation.
Yet, Binance has not only maintained its user base but successfully expanded it.
From 130 million users in 2023, the platform has grown by an additional 70 million users in just two years.
This growth indicates strong user loyalty, likely driven by its diverse crypto offerings, competitive fees, and user-friendly platform.
Important player
While Binance’s rapid expansion is impressive, it also brings concerns about increasing centralization in the cryptocurrency market, because now with its 200 million users, Binance represents approximately 35% of the global crypto users’ community, estimated at 562 million in 2024.
This concentration of power means that any significant issues at Binance, such as a security breach or stricter regulatory actions, could have widespread implications for the entire crypto market, as it could hurt 200 million users.
Not a big surprise the future of Binance, its massive user base and of course, the regulatory challenges, remains a topic of significant interest among investors, traders, or average crypto enthusiasts too.
