News - Binance reaches 200 million users worldwide

By Mike Hesp

Binance reaches 200 million users worldwide

Binance Coin (BNB)

Binance is the largest exchange in the world, not only in terms of daily trading volume, but also in terms of users. That's what's behind it.

Binance, the largest crypto exchange in the industry, claims to have 200 million users worldwide reached.

According to a report of Triple-A, about 562 million people worldwide own cryptocurrency. That makes Binance's user base more than a third of all holders.

The latest Proof-of-Reserves of Binance also shows that the company manages about $100 billion in cryptocurrencies for its users - another industry record.

The crypto exchange is reaching its milestone in the midst of a major upheaval. Founder and former chief executive Changpeng Zhao, known as "CZ," began recently to a prison sentence of four months for violations of US money laundering laws in the US.

Last November, Binance also reached an agreement with the U.S. Department of Justice to establish a fine of $4.3 billion pay. The U.S. Justice Department had been investigating Binance since 2020.

As a result, the exchange is under severe regulatory pressure in several countries. The most recent legal dispute was with Nigerian authorities, who accused the company of money laundering and terrorist financing.

Under the new CEO, Richard Teng, and under the watchful eye of the U.S. government, the company is charting a new course. From now on, the company will be characterized by regulatory compliance and responsibility.

This may be one of the reasons why the exchange's own coin, BNB, recently set a new all-time high reached.

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