Binance manages $100 billion in assets and reaches 200 million users.

Binance, the world’s largest cryptocurrency exchange by daily trading volume, announced on June 8 that it had reached 200 million users worldwide.

As far as we know, no other exchange can boast this many users. However, it is worth mentioning that these figures are self-reported.

In true celebratory fashion, Binance celebrated the event across its social media platforms, marking 200 million users as a milestone for the company’s efforts to onboard 1 billion people, or 1 in 8 people on the planet.

According to a post from the Binance account on X.com:

“Today we celebrate the 200 million milestone. It’s all thanks to you! Your support is key to our journey to 1 billion users. “Here you are, the main character of our story!”

As of 2022, Binance only had about 130 million users. In 2023, the exchange added 40 million users, bringing the total number of users to 170. Since then, just six months into 2024, at least 30 million more people have already been added. This puts Binance on pace to reach 300 million users by 2026, assuming trends remain the same across both the company and the industry.

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According to research by Triple-A, the global installed base of cryptocurrency consumers will reach 562 million in 2024, up 142 million from 420 million in 2023. These figures 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 had a total of $100 billion in user assets under management. On average, this holds approximately $500 worth of assets per user.

The company’s legal issues are also far behind. Binance appears to be relatively unscathed, with founder and former CEO Changpeng “CZ” Zhao currently serving a four-month prison sentence for fraud.

CZ reportedly apologized for his actions and dutifully served time in a minimum-security facility in California.