Binance, the leading cryptocurrency exchange in terms of trading volume globally, has reached a major milestone by exceeding 200 million registered users.
This milestone comes almost seven years since the platform’s inception. Binance now accounts for approximately 36% of the worldwide cryptocurrency user base, which is estimated to be 562 million.
Binance 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 said.
According to a recent analysis by Kaiko Research, among the top 10 ranked exchanges for Q1 2024, Binance appears to be both the most liquid exchange globally and the one that registered the highest trading volume on average over the three months considered.
It has not always been easy going for Binance, the exchange has faced legal hurdles worldwide. In November 2023, the exchange agreed to a record $4.3 billion fine in the U.S. after admitting to several financial law violations. As part of the agreement, founder and former CEO, Changpeng Zhao, resigned and paid a $50 million fine, and is currently serving a 4-month sentence in California.
Furthermore, in 2024, Binance has been grappling with accusations of money laundering and tax evasion in Nigeria and was forced to stop its P2P offering back in March 2024.
The exchange, which is accused of foreign exchange manipulation, has had two of its officials detained in Nigeria. Head of Financial Crime Compliance, Tigran Gambaryan, along with Nadeem Anjarwalla, Binance’s Regional Manager for Africa, were detained on February 26 2024 upon their arrival in the country to meet government officials.
In Europe, Binance has exited markets such as Austria, the Netherlands, and Cyprus and has withdrawn its licensing applications in Germany.
Follow us on Twitter for latest posts and updates
Join and interact with our Telegram community
____________________________________________
____________________________________________
