“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.”
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.Congratulations on Binance's growth, I am also one of the 200M Binance 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)
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.
Congratulations on Binance's growth, I am also one of the 200M Binance users ^^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 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.
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.
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.
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.
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)Quote“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
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)
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.
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.
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.
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.
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.
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.
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
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.Reserve proof lies not only in the total value of crypto assets, but also in the number of each token stored by Binance CEX, meaning that customers can always withdraw tokens from their accounts to personal wallets. Binance has done a very good job of this in the past and has gained the trust from crypto investors.
1. [/i][/b]Someone purchased a "large amount of KYC" and after receiving an eirdrop tried to pool the funds in one account.They don't like being dairy cows, while they like to graze in fields where they shouldn't be. I remember the old news[1] about the violation, while on Binance own news portal, they justified themselves through the journalist writing[2].
2. This resulted in 297 main accounts being blocked.
3. One user amassed 9000 accounts with KYC.
4. In total, more than 1 million participants registered, of which 102,000 accounts were identified as fraudulent.
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.
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.
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.
I don't think Binance would do that.If history of centralized exchanges taught us anything is that they shouldn't be trusted, no matter how big and reputable they are. Yet people still see them as a sort of crypto bank which they aren't. Not even close.
They are playing the long game unlike other exchanges that really just make thing hard for its users.They were one of the first centralized exchanges to introduce mandatory KYC in order to appeal to governments so its not like they were always on the users side.
If history of centralized exchanges taught us anything is that they shouldn't be trusted, no matter how big and reputable they are. Yet people still see them as a sort of crypto bank which they aren't. Not even close.
I don't think Binance would do that. They are playing the long game unlike other exchanges that really just make thing hard for its users. They dominate the market and would pay $Billions for them to continue their business which they did pay to US.
US government asking some other exchange to pay that much to them, they will probably close down in matter of weeks. Which exchange has paid Billions to US since but them?
Founded by Changpeng Zhao (CZ) in 2017, Binance has proven to be one of a kind as a centralized cryptocurrency exchange platform...and based on my own experience it is very user0friendly and so far it did not made any decision that jeopardized a big portion of its members. Binance has a long-term vision and hopefully it will on the market for the next 100 years even if we are already so dead at that time. Now, we should note that since Binance is CEX, no user should use it like a wallet nor a bank...it is an exchange and as such we should use it as one. Binance is still not perfect and yes it is under the power of the government where it is doing business so we have to also be careful all the time. I don't see Binance going down the drain like what happened to FTX especially so that CZ experienced the big lessons of incarceration.I still remember the Binance ICO, but unfortunately, I didn't buy BNB because I thought it was just a CEX from China, a country not friendly to crypto. And I was wrong. Binance and BSC were very successful in 2021 and brought profits to investors, including me.
I still remember the Binance ICO, but unfortunately, I didn't buy BNB because I thought it was just a CEX from China, a country not friendly to crypto.Tbh, isn't that waht they initialyl were, another exchange from China?