Binance onboards 40 million users in six months

Despite ongoing legal and regulatory challenges, Binance’s growth remains strong. The world’s largest cryptocurrency exchange expanded its user base to 100 million customers.

The figure places Binance far ahead of its competitors in terms of user base, although these figures are self-reported. The crypto giant also said that the assets held on behalf of its users have exceeded $100 billion. It claims that it holds all user assets at a 1:1 ratio, plus additional reserves, as verified through its proof-of-reserves (POR) system for 31 supported digital assets.

To celebrate the occasion, Binance highlighted the milestone across its social media platforms, framing it as a major step towards the company’s goal of onboarding one billion users. In a post on X, Binance said:

“Today, we celebrate 200 million – and it’s all because of YOU! Your support is the heartbeat of our journey to 1 billion users. Here’s to the stars of our story – you!”

In 2022, Binance had 130 million users. The exchange added 40 million users in 2023, bringing the total to 170 million. Within the first six months of 2024, Binance added at least 30 million more users, putting it on pace to reach 300 million users by 2026 if current trends continue.

Despite facing legal challenges, including the founder and former CEO Changpeng “CZ” Zhao serving a four-month sentence for fraud charges, Binance appears to have weathered these issues. Zhao is reportedly apologetic for his actions and is serving his time in a minimum-security facility in California.

On-chain data indicates that the total value locked on Binance’s centralized exchange has nearly doubled over the past year, rising from $67 billion to $115 billion. Recent strong inflows and rising cryptocurrency prices have pushed the total past this threshold for the first time since the exchange began disclosing its user asset holdings in November 2022