Binance, the leading cryptocurrency exchange, recently celebrated reaching 200 million global users. The platform aims to onboard one billion users in the future. This milestone is a significant achievement, as Binance continues to attract new users consistently. The exchange reported a user base of around 130 million in 2022, which increased to 170 million by 2023. In the first half of 2024 alone, Binance added at least 30 million new users. With this growth trajectory, the exchange is projected to reach 300 million users by 2026, representing approximately 36% of the global cryptocurrency user base.
In addition to its impressive user count, Binance reported surpassing $100 billion in user assets under custody earlier this year. Each user has an average of around $500 worth of assets stored on the platform. Despite facing legal challenges, including the imprisonment of founder Changpeng Zhao on fraud charges, Binance has managed to navigate through these obstacles relatively unscathed. Zhao is reportedly serving his sentence in a minimum-security facility in California. The exchange has also made strides in global expansion, successfully registering with the Financial Intelligence Unit of India and obtaining a license from Dubai’s regulator, VARA, allowing it to cater to retail clients and institutional ones.
Binance unveiled its joint venture crypto exchange Binance Thailand earlier this year in collaboration with Gulf Innova, a subsidiary of Gulf Energy Development. Binance Thailand, also known as Binance TH, provides digital asset exchange services with Thai baht trading pairs. Despite these accomplishments, Binance has faced increasing regulatory scrutiny worldwide. Charges were filed against the exchange by the Commodity Futures Trading Commission for allegedly operating an illegal digital asset derivatives exchange and evading federal laws. The US Securities and Exchange Commission also charged Binance Holdings LTD and ex-CEO Changpeng Zhao for allegedly operating unregistered exchanges and the unregistered offer and sale of securities.
Although Binance continues to face legal challenges and regulatory scrutiny, the exchange remains resilient and has managed to achieve significant milestones, such as reaching 200 million global users and surpassing $100 billion in user assets under custody. The platform’s growth trajectory is impressive, with projections indicating a user count of 300 million by 2026. Binance’s global expansion efforts, including registering with regulatory bodies in India and Dubai, and launching Binance Thailand, demonstrate its commitment to serving clients worldwide. As the cryptocurrency industry evolves, Binance will continue to adapt and innovate to maintain its position as a leading exchange in the market.
