Binance 200 million registered users worldwide

[hugeblack]

The company announced on June 8 that it had reached 200 million registered users worldwide — the most of any cryptocurrency exchange to date as its number of users rose from 100 to 200 million in just 26 months, assuming the majority of those users are KYCed. accunts I think that Binance is used by a large number of cryptocurrency users.


What do you think of these statistics? Are they accurate? I did not expect the number of users to be 20 million, let alone 200.
(Last time I used the service in ~2021)

“We are deeply honored and humbled to have welcomed 200 million registered users and counting,” wrote Teng in commentary provided via email, adding, “This achievement is an embodiment of the trust that the crypto community and industry players continue to have in the Binance ecosystem.”

source ------> https://cointelegraph.com/news/binance-ceo-richard-teng-crypto-industry-shifted-early-adopters-majority

[MrSpasybo]

The company announced on June 8 that it had reached 200 million registered users worldwide — the most of any cryptocurrency exchange to date as its number of users rose from 100 to 200 million in just 26 months, assuming the majority of those users are KYCed. accunts I think that Binance is used by a large number of cryptocurrency users.


What do you think of these statistics? Are they accurate? I did not expect the number of users to be 20 million, let alone 200.
(Last time I used the service in ~2021)

Congratulations on Binance's growth, I am also one of the 200M Binance users ^^

I think this data is real because we have known for a long time that Binance has nearly 200M users. KYC has become mandatory for users on Binance, so Binance can fully verify the real number of users, not just multi-accounts.

200M users are an extremely large asset in the crypto market. With this strong development, I believe that Binance will soon regain market share from other CEXs in the market thanks to its reputation, liquidity, number of trading pairs and customer service. I still always use Binance as the main CEX and have no plans to give up Binance to go to another CEX or just use DEX to trade and invest.

[joniboini]

Other reports suggest that we have around 500 million crypto users globally, not surprised if the numbers reported by Binance are correct. Although we can't verify and be sure that they don't count an account with a $1 balance as active users to skew the conclusion. I no longer use their exchange regularly and failed to do their KYC check after they reminded me multiple times. I'm pretty sure I'm not the only one who does this.

I still always use Binance as the main CEX and have no plans to give up Binance to go to another CEX or just use DEX to trade and invest.

I believe it's not a wise choice to trust them blindly though. They're still an exchange at the end of the day, and making sure they stay on the line is a must if you like them for one reason or another There's no harm in looking for alternatives, especially if they behave weirdly. CMIIW.

[hugeblack]

Congratulations on Binance's growth, I am also one of the 200M Binance users ^^

I think this data is real because we have known for a long time that Binance has nearly 200M users. KYC has become mandatory for users on Binance, so Binance can fully verify the real number of users, not just multi-accounts.

Wow, if we say that the number of people who can access the Internet is 5.35 billion, then the number of users represents about ~4% of the total number of people who can access the Internet, and assuming that everyone who created an account in Binance has bought or dealt with cryptocurrencies even once, then we are talking about more than 4% of Internet users, I thought the percentage would be less than 1%.

I believe it's not a wise choice to trust them blindly though. They're still an exchange at the end of the day, and making sure they stay on the line is a must if you like them for one reason or another There's no harm in looking for alternatives, especially if they behave weirdly. CMIIW.

If something happens to them, their impact on the market will be very large.

[Aanuoluwatofunmi]

Binance exchange is the leading crypto exchange among all others in the world, this is because they have been found consistent in what they do and they need to maintain this if they still want to retain having the position of the top lead in crypto exchanges, there are many others coming in and they were also considering making their way to the top, I've also observed the way binance exchange have been having it tough with some countries of recent towards regulations among others.

[MrSpasybo]

Wow, if we say that the number of people who can access the Internet is 5.35 billion, then the number of users represents about ~4% of the total number of people who can access the Internet, and assuming that everyone who created an account in Binance has bought or dealt with cryptocurrencies even once, then we are talking about more than 4% of Internet users, I thought the percentage would be less than 1%.

I am not surprised by this as crypto has matured and reached hundreds of millions of potential investors globally. I just believe that Binance has enough KYC to verify the identities of unique users, I don't know if they actually trade or not, maybe some people just create accounts but haven't experienced buying and selling tokens. I also created an account on Binance and performed KYC since 2020 but only officially traded on Binance since 2021.

I really hope that we will soon have 1B crypto investors globally when crypto becomes a financial wave and everyone can access crypto easily through smartphone apps. 200M users on Binance is just the beginning!

[bitterguy28]

The company announced on June 8 that it had reached 200 million registered users worldwide — the most of any cryptocurrency exchange to date as its number of users rose from 100 to 200 million in just 26 months, assuming the majority of those users are KYCed. accunts I think that Binance is used by a large number of cryptocurrency users.


What do you think of these statistics? Are they accurate? I did not expect the number of users to be 20 million, let alone 200.
(Last time I used the service in ~2021)

“We are deeply honored and humbled to have welcomed 200 million registered users and counting,” wrote Teng in commentary provided via email, adding, “This achievement is an embodiment of the trust that the crypto community and industry players continue to have in the Binance ecosystem.”

source ------> https://cointelegraph.com/news/binance-ceo-richard-teng-crypto-industry-shifted-early-adopters-majority

While I salute Binance of being the highest registered users in all existing exchange but  how would they be more effective if they are facing issues around the world? in my country and other asian country Binance is nearing to be banned and yet they are not updating what is the status of their service.
hope that instead of counting their registered users , why not act accordingly to whatis their users facing things that can be prevented if they are doing things ahead of time.

[MUGNIA]

What do you think of these statistics? Are they accurate? I did not expect the number of users to be 20 million, let alone 200.
(Last time I used the service in ~2021)

I provided accurate data because as we know Binance does KYC to carry out transactions, so for multi I have not counted from their data,
I'm proud to be part of the Binance community even though I rarely use it now, mostly using local exchanges since my country's currency was removed from withdrawals and P2P

[hugeblack]

While I salute Binance of being the highest registered users in all existing exchange but  how would they be more effective if they are facing issues around the world? in my country and other asian country Binance is nearing to be banned and yet they are not updating what is the status of their service.

Due to the lack of regulatory clarity, Binance operates as an international exchange, and then with the increase in the number of users, the government intervenes to request local licenses or even force Binance to open offices within that country. Then, either Binance complies with these legislations (if its market share in that country is large) or Restrict access to those countries while allowing them to use a VPN or cooperate with a local exchange.

[target]

While I salute Binance of being the highest registered users in all existing exchange but  how would they be more effective if they are facing issues around the world? in my country and other asian country Binance is nearing to be banned and yet they are not updating what is the status of their service.

Due to the lack of regulatory clarity, Binance operates as an international exchange, and then with the increase in the number of users, the government intervenes to request local licenses or even force Binance to open offices within that country. Then, either Binance complies with these legislations (if its market share in that country is large) or Restrict access to those countries while allowing them to use a VPN or cooperate with a local exchange.

Almost banned in my country also but many of js are still using binance. There is a telegram group made for my countrymen and thousands of memebers are actively using Binance.They were not using VPN but mobile app.

They are used to it and it hard for them to leave the exchange. Old habits die hard and its still the most convenient exchange. People are also afraid to use the new exchanges since they think FTX could repeat itself.

[hugeblack]

They are used to it and it hard for them to leave the exchange. Old habits die hard and its still the most convenient exchange. People are also afraid to use the new exchanges since they think FTX could repeat itself.

Yes, but this should not be a reason to use Binance, especially since it is banned in your country. They may change the TOS rules to comply with that, which means that all accounts may be frozen in the future because they violate the terms of use.

[joniboini]

They are used to it and it hard for them to leave the exchange. Old habits die hard and its still the most convenient exchange. People are also afraid to use the new exchanges since they think FTX could repeat itself.

Are they suggesting that new exchanges will fail as FTX did? Wouldn't Binance share more similarities to FTX though? Both of them are popular, have some history with the market, do so much marketing, and get some lawsuits here and there. I dunno, I believe it's riskier to continue using Binance if they don't plan on complying with your national law as mentioned above, even if they have insurance or whatever there's no guarantee they will return your money if some terrible stuff happens to them. I can see why trying new exchanges is not appealing though, especially if you need to do KYC to trade $100/week.

[NikeFit_7777]

The Binance exchange has introduced new security measures "to prevent misuse of account features and enhance the integrity of the platform." The exchange also encourages users to report any suspected cases of account misuse and offers rewards for confirmed cases.

Source link: https://www.binance.com/en/support/announcement/binance-addresses-account-misuse-in-commitment-to-uphold-compliance-and-market-integrity-476b16f529d54f9fbb39e4d4ec84837c

[MrSpasybo]

Are they suggesting that new exchanges will fail as FTX did? Wouldn't Binance share more similarities to FTX though? Both of them are popular, have some history with the market, do so much marketing, and get some lawsuits here and there. I dunno, I believe it's riskier to continue using Binance if they don't plan on complying with your national law as mentioned above, even if they have insurance or whatever there's no guarantee they will return your money if some terrible stuff happens to them. I can see why trying new exchanges is not appealing though, especially if you need to do KYC to trade $100/week.

FTX collapsed due to misusing user funds and being unable to meet withdrawal demands as users lost trust in Sam BF and FTX. The same is not happening at Binance: Binance's proof of reserves is transparently published to the community, and Binance even has SAFU to protect users rights, so we don't need to worry too much about Binance collapsing.

Binance has regained market share after CZ settled the US DOJ lawsuit and continues to be the world's largest CEX. I think Binance is still a worthy top choice for investors due to its high liquidity and best services, but it is important that investors do not store too many crypto assets on CEXs!

[hugeblack]

FTX collapsed due to misusing user funds and being unable to meet withdrawal demands as users lost trust in Sam BF and FTX. The same is not happening at Binance: Binance's proof of reserves is transparently published to the community, and Binance even has SAFU to protect users rights, so we don't need to worry too much about Binance collapsing.

Although Binance is much better than FTX, proof of reserves and SAFU do not mean anything, as proof of reserves does not mean that they own that money, but rather it could be in the form of debts, especially since part of the platform’s reserves are in the form of BNB and the other is customer funds. If the value of these two turns to zero, Binance will collapses, and the funds in SAFU represent only less than 10% of the clients’ funds^[1], which means that in the best case scenario, you will receive 10% of the funds you deposited.

As of April 2024, the SAFU fund wallet comprises of 1 billion USDC

Proof of Reserves Binance has Customer Net Balances 582,292.651 BTC which is 35845469761.44 USD