Binance Reaches 200 Million Users and Holds 100 Billion in Custodial Assets

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


By Ruholamin Haqshanas
Updated on:
June 9, 2024 04:00 EDT
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Reading time: 2 min


Binance, the top cryptocurrency exchange known for its high daily trading volume, has achieved a significant milestone by reaching 200 million users worldwide.
On June 8, the exchange shared this achievement on its social media platforms, highlighting the 200 million user mark as a stepping stone towards their ambitious goal of onboarding one billion users, which would equate to approximately one in every eight people on the planet.
While the claim of having the highest number of users among exchanges has not been independently verified, it is indeed a remarkable accomplishment for the platform.
Binance’s User Growth Trajectory
Just two years ago, in 2022, Binance reported having approximately 130 million users.
By 2023, the exchange had added 40 million more users, bringing the total count 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 continues, the exchange is on pace to reach 300 million users by 2026, assuming that the industry and company trends remain consistent.
In comparison, research from Triple-A shows that the global cryptocurrency consumer installation base reached 562 million people in 2024, marking an increase of 142 million users from the previous year.
This indicates that Binance users make up approximately 36% of the global cryptocurrency user base, underscoring the platform’s dominance in the industry.
Aside from the substantial user count, Binance also achieved another significant milestone earlier this year.
In March, the company announced that it had surpassed $100 billion in user assets under custody, with each user having an average of around $500 worth of assets stored on the platform.
Despite facing legal challenges, including the recent incarceration of founder and former CEO Changpeng “CZ” Zhao on fraud charges, Binance has successfully navigated through these obstacles.
CZ has expressed regret for his actions and is currently serving his sentence in a minimum-security facility in California.
Binance’s Global Expansion Plans
In May, the Financial Intelligence Unit of India (FIU-IND) revealed that Binance had successfully registered with the regulatory body, marking a return to the country after facing regulatory hurdles.
Prior to this, the exchange announced that it had obtained a license from Dubai’s regulator, VARA, allowing the platform to cater to retail clients as well as qualified and institutional ones.
According to Bloomberg, the licensing process involved Binance’s founder and former CEO, Changpeng Zhao, relinquishing voting control of the Dubai unit.
Additionally, earlier this year, Binance introduced its joint venture crypto exchange Binance Thailand, in collaboration with Gulf Innova, a subsidiary of Gulf Energy Development.
Binance Thailand, known as Binance TH, offers a platform for digital asset exchange services with Thai baht trading pairs.
It is important to note that Binance has faced increased regulatory scrutiny globally.
Last year, the Commodity Futures Trading Commission (CFTC) filed charges against Binance for allegedly operating 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 running unregistered exchanges, broker exchanges, clearing houses, and the unregistered offer and sale of securities.
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