Binance, the world’s largest cryptocurrency exchange, has reached a significant milestone with 200 million users globally.
Binance, a cryptocurrency exchange, recently made the announcement that the average number of users on its site has reached 200 million worldwide.
With the price of Bitcoin (BTC) and alternative cryptocurrencies reaching new highs, this milestone comes on the heels of a surge in the usage of Web3 technology.
Binance Taps 200 Million Users
Despite facing regulatory obstacles in certain jurisdictions, Binance remains a pioneer in the cryptocurrency business. As its user base reaches 200 million, Binance, which is the largest digital asset exchange in terms of trading volume, has experienced significant growth.
A couple of years ago, the exchange reported having 100 million users, which resulted in a doubling of its base in the midst of widespread acceptance of digital assets.
The CEO of Binance, Richard Teng, expressed his joy and called for more extensive collaborations. OmoBinance has witnessed a tremendous expansion of its user base and market over the years, as well as the introduction of new listings and developments.
“We have hit 200M users @binance! 🎉 This milestone wouldn’t have been possible without YOU – our incredible community. From the bottom of our hearts, thank you. The journey to 1 billion users continues. 🚀 Let’s keep building together. #Binance200M.”
The exchange also grew to include new countries that formed relationships with companies that were affiliated with the exchange.
Furthermore, cryptocurrency users praise the exchange for supporting entrepreneurs and providing education on blockchain technology in order to increase web3 usage. Binance, on the other hand, went through a lot of regulatory hurdles in a lot of different jurisdictions, so the path up to this point was not entirely sunny.
The exchange has faced legal action from regulatory authorities in the United States for offering trading services for securities that lack registration. Binance also struck a settlement with the Department of Justice (DOJ) in the amount of $4.3 billion last year, which resulted in the resignation of Changpeng Zhao, the company’s former CEO.
Crypto Adoption Surges
In recent years, blockchain technology and cryptocurrency assets have seen a surge in popularity, with some detractors switching their focus to the asset class. There has been an increase in adoption as a result of the current developments and the price rally of Bitcoin.
This year, the United States Securities and Exchange Commission (SEC) gave its clearance to spot Bitcoin exchange-traded funds (ETFs), which was a step that presented established institutions with an opportunity to engage in the cryptocurrency.
As the price of bitcoin reached an all-time high above $73,000, many predicted that it would continue to rise.