Richard Teng, CEO of Binance, the largest cryptocurrency exchange in the world, has just announced a major achievement of the exchange.
Binance has reached the massive number of 250 million users, demonstrating the level of growth and influence of Binance in the cryptocurrency world. This milestone has brought Binance closer to its big goal of attracting 1 billion users.
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Binance records 250 million users
Richard Teng expressed his excitement through a post on X, expressing gratitude to the Binance community for helping achieve this great success. Teng stated, "We have achieved an incredible milestone of a quarter of a billion users. A heartfelt thank you to our amazing community for making this a reality."
"Together, we are one step closer to the goal of attracting 1 billion users. Let's aim for an even bigger 2025," he added.
The year 2024 is a groundbreaking year for Binance as the exchange records approximately 22.6 billion USD in user deposits, which is more than the total amount of the next 10 largest cryptocurrency exchanges combined.
Binance also became the first centralized exchange to achieve a lifetime trading volume of 100 trillion USD, affirming its leading position in the cryptocurrency market.
Binance has surpassed the milestone of 250 million users, averaging 187 thousand new users each day, highlighting the growing global interest in cryptocurrency. With customer assets increasing by 73.12 billion USD (92.9%) and Binance holding five times the assets of its second-largest competitor, this milestone underscores Binance's role in fostering trust, transparency, and the adoption of cryptocurrency worldwide.
Binance's involvement of institutions, promoting the use of stablecoins, and regulatory advancements have brought cryptocurrency into the mainstream.
Binance makes a strong comeback
This success story is particularly noteworthy considering the challenges Binance faced at the end of 2023. The exchange had to pay a massive 4.3 billion USD fine to the U.S. government for regulatory violations.
Perhaps, under Teng's leadership, Binance has made a strong comeback, focusing on strengthening regulatory compliance and improving its reputation. His efforts have been rewarded as the platform achieved significant regulatory approvals and enhanced compliance measures.
New trading options for Binance users
To further expand its services, Binance has also announced new trading options for users.
On January 2, Binance Futures launched perpetual contracts with leverage of up to 75x for various token pairs, including GRIFFAINUSDT, AI16ZUSDT, and ZEREBROUSDT. This move is expected to enhance the trading experience for Binance's growing user base.