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Binance Surpasses 200 Million Users and $100 Billion in Assets Under Custody Amid Industry Expansion and Legal Challenges

Jun 8, 2024

Binance Surpasses 200 Million Users and $100 Billion in Assets Under Custody Amid Industry Expansion and Legal Challenges
Binance Surpasses 200 Million Users and $100 Billion in Assets Under Custody Amid Industry Expansion and Legal Challenges
Binance Surpasses 200 Million Users and $100 Billion in Assets Under Custody Amid Industry Expansion and Legal Challenges

Binance, the world's largest cryptocurrency exchange by daily trading volume, celebrated a significant milestone on June 8, announcing that it had surpassed 200 million global users. This achievement underscores Binance's dominant position in the industry, representing over a third of all cryptocurrency holders worldwide. The exchange has experienced rapid growth, having added 30 million users in the first half of 2024 alone, following a substantial increase from 130 million users in 2022 to 170 million by the end of 2023. Binance aims to continue its expansion, targeting 300 million users by 2026 if current trends persist. Additionally, Binance reported reaching $100 billion in assets under custody, averaging approximately $500 per user. Despite legal challenges, including founder Changpeng Zhao's current four-month sentence on fraud charges, Binance appears resilient, with Zhao reportedly remorseful and serving his sentence in a California minimum-security facility.