Binance Reaches 200 Million Users with 100 Billion in Custodial Holdings

Binance Reaches 200 Million Users and $100 Billion in Custodial Holdings


By Ruholamin Haqshanas
Published on June 9, 2024 at 04:00 EDT
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Reading Time: 2 mins


Binance, the top cryptocurrency exchange known for its high daily trading volume, has achieved a significant milestone by reaching 200 million users globally.
On June 8, the platform took to its social media platforms to celebrate this accomplishment, viewing it as a crucial step towards their ambitious goal of attracting one billion users, which would equate to about one in every eight individuals on the planet.
Although the claim of having the largest user base among exchanges has not been independently confirmed, it is undeniably a noteworthy achievement for Binance.
Continuing to attract new users, just two years ago in 2022, Binance reported around 130 million users. By 2023, they had added 40 million more users, bringing the total to 170 million. Impressively, in the first half of 2024 alone, Binance has already welcomed at least 30 million new users.
If this growth trend persists, the platform is on track to reach 300 million users by 2026, assuming industry and company trends remain stable.
Putting Binance’s user base in context, research from Triple-A reveals that the global cryptocurrency consumer installation base reached 562 million individuals in 2024, with an increase of 142 million users compared to the previous year. This means that Binance users make up around 36% of the global cryptocurrency user base, showcasing the platform’s dominance in the industry.
In addition to the impressive user count, earlier this year, Binance achieved another significant milestone. In March, the company announced that they had surpassed $100 billion in user assets under custody, translating to an average of around $500 worth of assets per user stored on the platform.
Despite facing legal challenges, such as the recent imprisonment of founder and former CEO Changpeng “CZ” Zhao on fraud charges, Binance has managed to navigate through these obstacles with minimal damage. CZ is said to be regretful for his actions and is currently serving his sentence in a minimum-security facility in California.
Binance has its sights set on global expansion. In May, the Financial Intelligence Unit of India (FIU-IND) revealed that Binance had successfully registered with the regulatory body, overcoming some regulatory hurdles to return to the country. Prior to that, the exchange obtained a license from Dubai’s regulator, VARA, allowing the platform to serve retail clients as well as qualified and institutional ones.
According to Bloomberg, the licensing process required Binance’s founder and former CEO, Changpeng Zhao, to relinquish voting control of the Dubai unit. Additionally, earlier this year, Binance launched its joint venture crypto exchange Binance Thailand in collaboration with Gulf Innova, a subsidiary of Gulf Energy Development. Binance Thailand, also known as Binance TH, offers a platform for digital asset exchange services with Thai baht trading pairs.
It is worth noting that Binance has faced growing regulatory scrutiny worldwide. Last year, the Commodity Futures Trading Commission (CFTC) brought charges against Binance for allegedly running an illegal digital asset derivatives exchange and evading federal laws. Similarly, the US Securities and Exchange Commission charged Binance Holdings LTD and ex-CEO Changpeng Zhao (CZ) for allegedly operating unregistered exchanges, broker exchanges, clearing houses, and the unregistered offer and sale of securities.
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