In the face of various challenges, Binance, the renowned cryptocurrency exchange, has achieved a remarkable milestone. Changpeng Zhao, the CEO of Binance, proudly announced on social media that the platform has reached a staggering 150 million registered users.
This announcement comes on the heels of recent accusations against Binance for allegedly operating within China. According to a report by The Wall Street Journal, Chinese users were found to have conducted trades amounting to $90 billion in crypto assets during a single month in May.
However, Binance promptly clarified that its website, Binance.com, is inaccessible to users based in China and remains restricted within the country. Data from SimilarWeb revealed that the majority of Binance’s traffic comes from countries such as Turkey, Vietnam, Russia, Argentina, and India.
Astounding Growth amid Bear Market Challenges
Chinese journalist Colin Wu previously reported that as of July 2022, Binance had 120 million registered users. The recent data reveals a staggering increase of 30 million users within just one year, defying expectations, particularly considering the challenging conditions of the bear market experienced during the same period last year.
Dominating the Crypto Market
With a daily trading volume of $7,105,222,583, Binance continues to assert its dominance in the cryptocurrency market. The exchange offers a wide range of assets, encompassing 364 coins and 1389 trading pairs, as reported by CoinGecko. Additionally, Binance receives an impressive monthly visit count of 55.4 million.
Comparatively, Coinbase, the second-largest crypto exchange based in the United States, exhibits a significant disparity with a daily volume of $1,020,533,282 and a relatively lower monthly visit count of 30.1 million.
Despite facing challenges and controversies, Binance’s remarkable growth in registered users solidifies its position as a major player in the global cryptocurrency landscape.
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