Binance 200 million registered users worldwide

[MrSpasybo]

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.

SAFU is not enough to compensate customers for all losses in the event that all assets managed by Binance are evaporated, it is just a fund to compensate victims of small-scale attacks. I hope that the development of the insurance sector in the crypto market will help us have an extra layer of protection against major market risks.

[NikeFit_7777]

Last month, Binance launched Megadrop, a token launch platform with eirdrop and Web3 quests. It's only been a few days, and the exchange said it blocked a large number of scammers and multi-accounts:

1. Someone purchased a "large amount of KYC" and after receiving an eirdrop tried to pool the funds in one account.

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.

Source link: https://www.binance.com/en/support/announcement/binance-launches-megadrop-a-token-launch-platform-with-airdrops-and-web3-quests-748b7181f5d14d6fb2add4048374d646

[Manna]

Binance has given me a lot to call a complacency.  I have been trading in Binanch for a long time, I have grown up a lot and earned a lot of money doing trading, inshallah.  Binance is a widely known currency exchange market around the world.

[bee]

If I may guess, most of the 200 million are dominated by Chinese users.

1. [/i][/b]Someone purchased a "large amount of KYC" and after receiving an eirdrop tried to pool the funds in one account.

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.

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].


1. https://www.reuters.com/technology/binance-did-monthly-transactions-worth-90-bln-banned-china-market-wsj-2023-08-02/
2. https://www.binance.com/en/square/post/3744246632345

[NikeFit_7777]

Binance exchange confiscates all assets from Palestinians at IDF request - CEO NoOnes.

International crypto exchange refuses to return the detained funds. All appeals have been rejected.

P.S. If anyone else is using Binance - at the very least you should consider that the crypto exchange freely allows themselves to take such measures if they are asked nicely.

Link: https://x.com/ray_noOnes/status/1828006618539212919

[AGM]

Binance is one of the renowned cryptocurrency exchange platforms in the world. I have no doubt that this exchange platform will have more users than other platforms. But I can't agree with the way the number of users is stated here. In 2023, when Binance founder Changpeng Zhao was charged with money laundering in the United States, the number of users began to decline. Moreover, the revenue that Binance made in 2021 will decrease after 2022. In 2022 this platform made revenue of 12 billion which is less than 40% decline in revenue from the previous year. There are 31 million funded accounts in 2022



If we look at a consistent report like before (2017 to 2022), there was a gradual increase in the number of users on the Binance exchange platform but 200 million is not acceptable.
Source

[Asiska02]

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.

All this features that binance has does not still make one to have full trust in the system and never think of it collapsing or even them having access to their users. Proof of reserves and SAFU is not enough in my opinion not to think otherwise. They may be the best and have the most best security in terms of attacks externally to user funds, but we can’t still rule out the possible risk of it not happening. Binance exchange have faced attacks before but how they handle it quickly and recovered the stolen funds made people to have more trust in them. I’m not baffles by the statistics of their users now, they’re definitely going higher than others in terms of trust and number of users.

[target]

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.

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?

[Rikafip]

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.

[robelneo]

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.

Only newbies do that; they are not good at keeping their private keys so they rely on centralized exchanges to do the job for them, All they need is to do KYC and if they forget their password or account, they can always ask the support to help them recover their account ruling out the possibility that the exchange can be hacked or do a rug pull, and we have see this happened on many centralized exchanges.

[TomPluz]

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.

[KryptoBull]

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.

Binance is pivoting its business and focusing on regulatory compliance to avoid accusations that could harm Binance directly, like the 4B USD fine or a decline in reputation and market share. I believe that with its massive user base ~ 200M users, Binance will continue to be the top CEX in the crypto market for many years to come.

[Rikafip]

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?

I think that no one expected for Binance to spread so fast as it only took them a few years to reach a market leading position. The only exchange I remember with similar growth was FTX (it was even called as a "new Binance") and we all know how that ended.