After surpassing 200 million registered users, Binance, the largest cryptocurrency exchange in the world by trading volume, has accomplished a significant milestone.
Nearly seven years have passed since the platform’s introduction when this accomplishment was announced on June 8. Triple-A research shows 562 million cryptocurrency users worldwide, of which Binance accounts for roughly 36%.
Binance Would Be Among the Top Ten Most Affluent Nations
In comparison, Exchange would be the eighth most populous country in the world, ahead of countries like Bangladesh, Russia, and Mexico. CEO Richard Teng highlighted the continuous effort to attain one billion users and commended the community for this accomplishment.
“This achievement is not just about Binance; it reflects the fast-growing crypto adoption which is empowering countless lives, and we’re at the forefront of this transformative technology. Yet, our work is far from done. The road to reaching a billion users is both a challenge and an opportunity we eagerly embrace,” Teng added.
This milestone was noteworthy because it was reached less than three months after the exchange’s assets under custody surpassed $100 billion. At the time, the exchange said that the value of user assets under its custody had surged dramatically due to the ongoing rise in the price of digital assets.
In a related development, out of 43 centralized exchanges, Binance has been shown to have the highest liquidity. Kaiko emphasized Exchange’s superiority over rivals Bybit, Coinbase, and Upbit regarding trading volume, volume contribution, and market depth. Additionally, according to the corporation, the exchange’s average trading volume of $773 billion is much higher than Upbit’s $110 billion.
“Looking at the 43 exchanges’ liquidity rankings, Binance, the world’s largest exchange, unsurprisingly takes the lead. However, Binance places third after Coinbase and Bitstamp when considering additional factors like governance scores, where it falls short compared to its top competitors,” Kaiko stated.
Notwithstanding these successes, Exchange continues to confront formidable legal obstacles worldwide. In November of last year, the exchange admitted to several financial law crimes and agreed to pay a record $4.3 billion fine in the US. Changpeng Zhao, the founder and former CEO, resigned and paid a $50 million fine as part of the settlement. He is presently in California, completing a four-month term.
Binance has pulled out of European markets, including Cyprus, Austria, and the Netherlands, and it has retracted its license applications in Germany. The exchange’s Executive, Tigran Gambaryan, is presently incarcerated in Nigeria due to allegations of tax evasion and money laundering.
