Binance, the world’s largest crypto exchange by trading volume, has achieved another significant milestone. The firm, which recently turned six, keeps racking up several achievements despite the FUD that has surrounded it in recent times.
A Worthy Feat For Binance
The world’s largest crypto exchange by daily trading volume has recently disclosed that its registered users now stand at a whopping 150 million. This was revealed in a tweet by its CEO, Changpeng “CZ” Zhao, on Thursday.
In the tweet, CZ noted his company’s milestone amidst growing regulatory scrutiny of its operations the world over. However, despite navigating through different challenges, Binance has managed to captivate the interest of several millions of users around the globe. So this is a testament to the platform’s quality service delivery and amazing features.
Just over a year ago, in July 2022, the exchange’s user base stood at about 120 million. The astonishing growth of 30 million users within the span of just 12 months tells of Binance’s undeniable hold in the constantly evolving cryptocurrency ecosystem.
A cursory look at the platform’s traffic data for the last three months shows that the top five nations contributing to this spike are Vietnam, India, Russia, Turkey, and Argentina. The increased expansion across various diverse geographies demonstrates the heightened acceptance and penetration of digital currencies.
BNB price trends at $241 as users base reaches new high | Source: BNBUSD on Tradingview.com
Navigating Regulatory Challenges
As expected, with growth comes challenges and Binance’s journey has not always been all growth and triumph. The platform has been the subject of various legal challenges across diverse jurisdictions.
The exchange was recently charged with “will evasion” and fraud by the United States Securities and Exchange Commission (SEC) in June this year. In Europe, Binance is under probe by French regulators who accused the platform of engaging in money laundering. It has also been ordered to cease rendering crypto services by Belgium’s financial watchdog.
In China, the services of the platform are restricted and inaccessible to millions of users within the country. Binance has also withdrawn its license applications and canceled its registration bids in several countries.
However, Binance has been able to make some gains in recent times. Earlier this month, it restored services in Japan, following the purchase of the local exchange Sakura Exchange BitCoin (SEBC) in November 2022. It has also been given a license to render cryptocurrency services in Dubai.
All these hurdles make the latest milestone not only remarkable but testamentary. The road to 150 million registered users has been paved with various challenges, but Binance has so far emerged victorious and triumphant.
Featured image from Reuters, chart from Tradingview.com