Binance’s User Base Hits 200 Million, Custodial Holdings Reach $100 Billion

Binance, the leading cryptocurrency exchange by daily trading volume, has reached a significant milestone with 200 million global users. This achievement was celebrated on June 8 through the exchange’s social media channels, marking it as a crucial step towards their goal of onboarding one billion users.

Rapid Growth and Dominance

In 2022, Binance reported a user base of around 130 million. By 2023, this number had grown to 170 million, and in the first half of 2024 alone, the platform added 30 million new users. If this growth continues, Binance could reach 300 million users by 2026.

To put this in perspective, research from Triple-A indicates the global cryptocurrency user base reached 562 million in 2024. Thus, Binance’s users represent approximately 36% of the global cryptocurrency user base, highlighting the platform’s significant influence in the industry.

Custodial Holdings and Financial Milestones

Earlier this year, Binance reported surpassing $100 billion in user assets under custody. This averages out to about $500 worth of assets per user. Despite facing legal challenges, including the recent imprisonment of founder and former CEO Changpeng “CZ” Zhao on fraud charges, Binance has managed to maintain its growth trajectory and operational stability.

Legal Challenges and Resilience

Binance has faced legal scrutiny worldwide. The Commodity Futures Trading Commission (CFTC) charged Binance for allegedly operating an illegal digital asset derivatives exchange, and the US Securities and Exchange Commission (SEC) accused Binance and CZ of operating unregistered exchanges and offering unregistered securities.

Despite these challenges, Binance has continued to expand its global footprint. In May, the Financial Intelligence Unit of India (FIU-IND) announced Binance’s successful registration, allowing it to re-enter the Indian market. Additionally, Binance obtained a license from Dubai’s VARA to serve retail, qualified, and institutional clients, after CZ relinquished voting control of the Dubai unit.

Global Expansion Efforts

Binance has also ventured into joint ventures, unveiling Binance Thailand in collaboration with Gulf Innova, a subsidiary of Gulf Energy Development. This platform offers digital asset exchange services with Thai baht trading pairs, further cementing Binance’s position in the global cryptocurrency market.

Binance’s continued growth, despite regulatory hurdles, underscores its resilience and strategic expansion efforts. As the company moves forward, it aims to strengthen its dominance while navigating the complex regulatory landscape.