Binance, the world’s largest cryptocurrency exchange by daily volume, announced on June 8 that it has reached 200 million global users, marking a significant milestone in its growth trajectory.
Celebrating a Milestone
Binance celebrated this achievement across its social media platforms, framing the 200 million user mark as a significant step towards its goal of onboarding a billion users. The company emphasized that this success is driven by user support, stating, “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!”
Rapid User Growth
Binance’s user base has grown significantly in recent years. In 2022, the exchange had approximately 130 million users. By 2023, it had added 40 million more users, bringing the total to 170 million. Just six months into 2024, Binance has already added at least 30 million more users, putting it on pace to reach 300 million users by 2026 if current trends continue.
Global Cryptocurrency Market Share
According to research from Triple-A, the global cryptocurrency user base reached 562 million people in 2024, up from 420 million in 2023. Binance’s 200 million users represent approximately 36% of the global cryptocurrency user base, highlighting the platform’s dominant position in the market.
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In addition to reaching 200 million users, Binance also achieved a significant financial milestone, with $100 billion in user assets under custody. This averages out to about $500 worth of assets per user.
Overcoming Legal Challenges
Binance’s growth comes despite legal challenges. Founder and former CEO Changpeng “CZ” Zhao is currently serving a four-month sentence on fraud charges in a minimum-security facility in California. Despite these legal issues, Binance has continued to expand its user base and maintain its position as a leading cryptocurrency exchange. CZ has expressed remorse for his actions and is serving his time dutifully.
