Top Crypto Exchange Binance Reaches 200,000,000 User Milestone

June 10, 2024

The world’s largest crypto exchange has reached a new milestone despite facing legal and regulatory battles.

In a post on social media platform X, Binance thanks members of its community for helping the crypto exchange achieve a global user base of over 200 million. 

“Today, we celebrate 200 million – and it’s all because of YOU!

Your support is the heartbeat of our journey to one billion users.”

Aside from growing its users to more than twice the population of Germany, Binance is also the leading crypto exchange in terms of liquidity, according to a new report from digital asset analytics firm Kaiko.

The analytics firm gets its liquidity ranking from a mix of the exchanges’ trading volume, share of volume, market depth, coefficient of variation dispersion score and market quality score.

Binance’s milestone comes following several lawsuits and fines from multiple jurisdictions’ regulatory agencies.

Last month, Canada’s anti-money laundering agency reportedly imposed a nearly $4.4 million fine on the exchange for failing to register as a foreign money services business. In November, Binance co-founder Changpeng Zhao resigned as CEO following accusations from the U.S. Securities and Exchange Commission (SEC) that the company violated US federal laws.

And currently, Binance officials and some US lawmakers are urging the Nigerian government to release one of the company’s employees from prison after the country accused the crypto exchange of contributing to the fall of the Nigerian naira. 

Shortly after he took over as CEO, Zhao’s successor, Richard Teng, said that the exchange would move towards better compliance in a bid to claim a bigger share of the growing crypto market.

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