World Crypto Global
- Written by: Damian Chmiel
- Mon, 10 Jun 2024
- Israel
Binance,the world's leading digital asset exchange, has reached 200 million users. Thismilestone comes alongside another notable achievement this year: the platformnow holds $100 billion in user assets under custody.Binance Achieves Milestoneof 200 Million UsersThe 200million user mark represents a substantial portion of the global cryptocurrencyuser base, with Binance users accounting for approximately 36% of the total.This rapid growth has been particularly evident in recent years, with theexchange adding 40 million users in 2023 alone and a further 30 million in thefirst half of 2024.Binancecelebrated this milestone across its social media channels, framing theachievement as a step towards its ambitious goal of onboarding one billionusers, or one in every eight people on Earth. The company expressed gratitudetowards its users, acknowledging their support as the driving force behind itssuccess.Today, wecelebrate 200 million and it's all because of YOU! Your support is theheartbeat of our journey to 1 billion users. Here's to the stars of our story you, the company commented.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!#Binance200M #Binancian #Binance pic.twitter.com/3cWTEHxg7j Binance (@binance) June 8, 2024Theexchange's growth trajectory suggests it could reach 300 million users by 2026,assuming current trends in the company and the industry persist. Thisprojection is bolstered by the increasing global adoption of cryptocurrencies,with the total number of cryptocurrency users worldwide reaching 562 million in2024, up from 420 million in the previous year.Over $100 Billion inAssets under CustodyBinance's$100 billion in user assets under custody, reported earlier this year, equatesto an average of approximately $500 per user. This figure underscores users'growing trust and confidence in the platform despite the legal challenges facedby its founder and former CEO, Changpeng "CZ" Zhao.CZ iscurrently serving a four-month sentence on fraud charges in a minimum-securityfacility in California. Reports suggest that he is remorseful for his actionsand is cooperating with authorities. Despite these legal issues, Binancehas emerged relatively unscathed, maintaining its position as theworld's leading cryptocurrency exchange.Last week,Finance Magnates reported on two updates regarding Binance. The first discussed the reintroduction of Mastercard payments for crypto purchases. Thisstep came after Mastercard paused this service in August 2023 due to legalchallenges facing Binance in the US. In the second update, Binance sought todismiss a large portion of a London lawsuit, valued at up to 10 billion pounds($12.8 billion), over allegations of collusion to "delist" theBitcoin Satoshi Vision (BSV) cryptocurrency.This article was written by Damian Chmiel at www.financemagnates.com.
