Key Points:
Binance reaches 150 million users amid US legal challenges.
According to reports, Chinese users traded $90 billion on Binance in May.
The exchange also expands into Japan, Dubai and introduces new Launchpools.
Binance has once again demonstrated its remarkable resilience and growth as it celebrates reaching an impressive milestone of 150 million registered users.
The announcement was made by Changpeng Zhao, the CEO, and co-founder of Binance, on Twitter. This achievement comes despite the ongoing legal battles the exchange faces with United States regulators.
This week at #Binance (so far):– Binance Japan officially launched– Binance secured an Operational MVP License in Dubai (first exchange in the world to do so)– 2x new Binance Launchpools – $CYBER & $SEI– Hit 150M registered Binance usersKeep building.
— CZ Binance (@cz_binance) August 3, 2023
In a significant move, Binance has recently re-entered the Japanese market and obtained a license in Dubai. This expansion reflects the exchange’s commitment to catering to diverse global markets. In Japan, the exchange has officially launched its services, offering spot trading for 34 tokens, including popular cryptocurrencies like BTC, ETH, BNB, DOGE, DOT, ENJ, ETC, and LINK. The local cryptocurrency exchange service provider, formerly known as SAKURA Exchange BitCoin, Inc. (SEBC), has undergone a rebranding and now operates under the name Binance Japan Inc.
Despite navigating through various obstacles, the exchange has managed to capture the attention of millions of users around the world. However, recent allegations surrounding its operations in China have brought the exchange into the spotlight. The Wall Street Journal reported that users conducted an astonishing $90 billion worth of crypto trades within China during May, as revealed through Binance’s internal platform “Mission Control.”
It’s important to note that Binance.com is restricted in China and inaccessible to users within the country. Despite this, SimilarWeb data shows that the exchange attracts significant traffic from various countries, including Turkey, Vietnam, Russia, Argentina, and India.
As the SEC increases its scrutiny of Binance’s activities in the United States, the exchange is exploring alternative markets for growth.
Surprisingly, Binance has witnessed an impressive increase of 22 million users in just three months, bringing its user base from 128 million in May to the current 150 million. Notably, in July 2022, the exchange had 120 million registered users, indicating a remarkable surge of 30 million users in one year despite the challenging conditions of the bear market experienced during the same period last year, according to Wu Blockchain.
Amidst the legal challenges, the exchange remains determined to expand its user base and enhance its services. The exchange has recently introduced two new Launchpools to attract more users.
Binance’s growth is indeed impressive, but it is essential to recognize the legal challenges it faces in various jurisdictions. The Commodity Futures Trading Commission has sued the exchange and its CEO for allegedly operating an “illegal” exchange and a “sham” compliance program. The U.S. Department of Justice is reportedly considering fraud charges against the exchange but is concerned about potential repercussions on the exchange’s users.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Read more...
Coincu News
