Binance exchange has managed to cross the 200 million user threshold recently. The significant landmark has arrived at a time when the exchange platform is reeling with regulatory woes at various fronts.
After the latest victory, Binance is now catering to about one-third of all cryptocurrency investors on the planet. The platform is the largest in terms of daily trading volume as per a June announcement.
At the time of the post, other exchanges operating in the same sector cannot boot to the have same amount of followership on an international scale. However, experts have warned to take these assertions with a grain of salt as the statistics are locally sourced.
Binance Aims to Gain One Billion Users
To commemorate their success, Binance posted updates about the occasion on various social media platforms. The firm also talked about the aim of the firm to reach to 1 billion user base.
Binance noticed in their latest celebratory post that that firm was celebrating an important landmark of reaching 200 million investors. The firm further stated that it was only possible with the continued support and loyalty of its investors.
The firm stated that the same dedication will guide the firm to reach the next big milestone of catering to 1 billion users meaning one in eight people on earth. The firm also dedicated its success to user base and followers in the same post.
Binance Continues to Expand Regardless of Hurdles and Obstacles
In 2022, the Binance exchange was serving 130 million investors. During 2023, the total number of investors at Binance expanded to 40 million with the overall total reaching 170 million. Only 6 months in 2024, the platform has now added another 30 million consumers and reached its latest record high of 200 million investors.
The firm has talked about its aim to reach the next big threshold of 300 million users for 2026. These trends are going to remain the same for the firm and the crypto sector.
Taking a look at the total number of cryptocurrency investors across the globe, the numbers show that there are currently 562 million investors at press time.
In comparison to last year, the number has increased by 142 million investors and increased from 420 million users as per statistics provided by Triple-A research. The numbers also show that Binance users make up around 36% of the total international crypto investors.
200 million users milestone for the firm is coincided with another major victory for the exchange platform. As per a report, published in March 2024, Binance now manages around $100 billion in AUM.
It is important to note that Binance has continued to make strides in spite of its legal struggles. At the time, Binance founder CZ is serving a 4-month sentence on account of fraud charges in the United States.
BNB Price Analysis
A recent BNB price analysis indicates that the BNB token associated with the Binance exchange is trading sideways. The analysis indicates that BNB devaluation has stemmed from Binance losing a considerable market share within the crypto sector.
The price of the token turned red following a six-day hike. As per details, BNB recorded a new ATH on 6th June reaching $725. However, since then the token has readjusted to $635 an intraday low.
The shift indicates a 5% decline within 24 hours as per the projections. BNB has performed alongside the league of layer-1 tokens during the last 30 days, gaining 10% and accounting for a 25% raise in the month of June. The new ATH of $725 for BNB was the highest-ever price point since November 2021. However, shortly after investors cashed in on the profits the price of the token tumbled downwards.
The latest ATH of the BNB token has been attributed to the visible increase in the overall user base of Binance. The on-chain activity on Binance Smart Chain or BSC has increased as more investors interact with the network and exchange platform. Data projections form DeFiLlama reveal that the total value locked (TVL) on Binance has declined by 11% from its previous ATHs.
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