Key Points:
Binance active users achieved growth of more than 30 million in early 2024 despite legal challenges.
The exchange secured regulatory approvals and lifted a 10-month Mastercard restriction.
Binance, the leading cryptocurrency exchange globally, has demonstrated substantial growth in 2024 despite facing significant legal challenges and government scrutiny.
Binance Active Users Achieve Major Growth in 2024
Binance active users increased by over 30 million in the first half of the year, highlighting the platform’s resilience and continued user trust amid ongoing turbulence in the cryptocurrency market.
The increase in users from 100 million to 200 million on Binance took two years and two months. According to Binance CEO Richard Teng, the company is dedicated to putting the demands of its expanding user base first because it is a user-centric platform.
Throughout 2023, Binance faces numerous difficulties, including lawsuits from the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Despite these challenges, the exchange has made considerable strides in compliance and regulation. In 2024, Binance secured regulatory approvals from several countries, marking a significant step towards bolstering its global operations.
Mastercard Restriction Lifted And Founder Changpeng Zhao Sentenced
As Coincu reported, Binance lifted a 10-month restriction on purchasing cryptocurrency with Mastercard. This decision reinstates the ability for Mastercard users to buy digital assets after the card giant deactivated the option in August 2023. Mastercard's initial restriction was due to the legal and regulatory issues Binance faced in the United States, including scrutiny from the SEC and the CFTC.
For comparison, the largest American crypto exchange, Coinbase, currently has around 98 million users, which indicates how strong the growth rate of Binance's active users is.
In a related development, Changpeng Zhao, the billionaire founder of Binance, has surrendered to a low-security federal prison in Lompoc, California. This follows Zhao's guilty plea to facilitate money laundering on the platform, resulting in his judgment in April. His case draws parallels to another high-profile incident in the crypto world involving Sam Bankman-Fried, the founder and former CEO of FTX.
Overall, despite legal hurdles and regulatory pressures, Binance active user base continues to expand, underscoring the platform's robust market presence and ongoing efforts to navigate the complex landscape of digital asset regulation.
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