Binance, the world’s largest crypto exchange by trading volume, has reached another major milestone. The company, which recently turned six, continues to achieve several successes despite the FUD that has surrounded it in recent times.
A worthy achievement for Binance
The world’s largest crypto exchange by daily trading volume recently revealed that the number of registered users is now 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 amid increasing regulatory scrutiny of its operations around the world. However, despite navigating several challenges, Binance has managed to capture the interest of several million users around the world. So, this is a testament to the platform’s high-quality services and great features.
Just over a year ago, in July 2022, became the user of the exchange base stood at about 120 million. The astonishing growth of 30 million users in the space of just 12 months is testament to Binance’s undeniable grasp of the constantly evolving cryptocurrency ecosystem.
A cursory glance at the platform’s traffic data for the past three months shows that the top five countries contributing to this spike are Vietnam, India, Russia, Turkey and Argentina. The increased expansion in various diverse geographies demonstrates the increased adoption 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, growth brings challenges and Binance’s journey has not always been one of growth and triumph. The platform has been the subject of several legal challenges in various jurisdictions.
The exchange was recently charged with “evasion of will” and fraud by the US Securities and Exchange Commission (SEC) in June this year. In Europe, Binance is below question by French regulators who accused the platform of money laundering. It has also been ordered to hold up the provision of crypto services by the financial watchdog of Belgium.
In China, the platform’s services are limited and inaccessible to millions of users in the country. Binance also has withdrawn its license applications and cancelled are registration bids in different countries.
However, Binance has been able to post some gains in recent times. Earlier this month, it restored services in Japan, after purchasing local exchange Sakura Exchange BitCoin (SEBC) in November 2022. It has also been licensed to provide cryptocurrency services in Dubai.
All these hurdles make the latest milestone not only remarkable, but also testamentary. The road to 150 million registered users has been paved with several challenges, but Binance has emerged victorious and triumphant so far.
Featured image from Reuters, chart from Tradingview.com