Binance Surpasses 200 Million Users, Leads in Liquidity

Binance, the world’s largest crypto exchange by trading volume, has reached a major milestone, surpassing 200 million registered users.

This achievement, announced on June 8, comes nearly seven years since the platform’s launch. Binance now represents about 36% of the global cryptocurrency user base, estimated at 562 million by Triple-A research.

Binance Would Rank Among 10 Most Populous Countries

In perspective, if Binance were a country, it would rank as the eighth-most populous, ahead of nations like Bangladesh, Russia, and Mexico. CEO Richard Teng attributed this success to the community and emphasized the ongoing journey to reach one billion users.

“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.

Notably, this milestone arrived less than three months after the exchange exceeded $100 billion in assets under custody. At the time, the exchange explained that the continued rise in digital asset prices significantly increased the value of user assets under its management.

Read more: 10 Best Altcoin Exchanges In 2024

In a parallel development, Binance has been identified as the leader in liquidity among 43 centralized exchanges. Kaiko highlighted Binance’s dominance in trading volume, volume contribution, and market depth, placing it ahead of competitors like Bybit, Coinbase, and Upbit. The firm also noted that the exchange’s average trading volume stands at $773 billion, significantly 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.

Despite these achievements, Binance faces significant legal challenges globally. Last November, the exchange agreed to a record $4.3 billion fine in the US after pleading guilty to multiple financial law violations. As part of the settlement, founder and former CEO Changpeng Zhao stepped down and paid a $50 million fine. He is currently serving a four-month sentence in California.

Read more: 12 Best Crypto Exchanges and Apps for Beginners in 2024

In Europe, Binance has exited markets such as Austria, the Netherlands, and Cyprus and has withdrawn its licensing applications in Germany. Additionally, the exchange is facing money laundering and tax evasion charges in Nigeria, where executive Tigran Gambaryan is currently imprisoned.