Binance reaches 200M users with $100B in assets under custody

Tristan GreeneJun 08, 2024Binance reaches 200M users with $100B in assets under custodyThe 200 million user mark represents over a third of all cryptocurrency holders worldwide.4809 Total views27 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBinance, the largest cryptocurrency exchange in the world by daily volume, announced on June 8 it had reached 200 million global users. 

No other exchange can boast nearly as many users. However, these figures are self-reported.

In true celebratory fashion, Binance marked the occasion across its social media platforms by framing the 200 million user mark as a milestone on the company’s quest to onboard a billion, or one in every eight people on Earth.Source: Binance

In an X post, Binance said:“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!”

As recently as 2022, Binance only had approximately 130 million users. In 2023, the exchange added 40 million users, bringing its total count to 170 million. Six months into 2024, it’s already added at least 30 million more. This puts Binance on pace to reach 300 million users by 2026, assuming trends remain the same for both the company and the industry.

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The global cryptocurrency consumer installation base reached 562 million people in 2024, up 142 million over 2023’s 420 million users, according to research from Triple-A. These numbers indicate that Binance users account for approximately 36% of the global cryptocurrency user base.

Binance’s 200 million user milestone comes on the heels of another cryptocurrency industry record for the company. As Cointelegraph reported in March, Binance reached a total of $100 billion in user assets under custody. That averages out to about $500 worth of assets in custody per user.

The company’s legal woes are also largely in the rearview. With founder and former CEO Changpeng “CZ” Zhao currently serving a four-month sentence on fraud charges, it appears as though Binance has emerged relatively unscathed.

CZ, for his part, is reportedly apologetic for his actions and dutifully serving his time in a minimum-security facility in California.# Business# Changpeng Zhao# Cryptocurrency Exchange# BinanceAdd reaction