The
past
two
years
for
Binance,
the
world’s
largest
cryptocurrency
exchange,
have
been
a
whirlwind.
Regulatory
battles,
hefty
fines,
and
even
the
arrest
of
its
founder
CZ,
the
exchange
painted
a
picture
of
an
industry
titan
under
siege.

Yet,
Binance
has
emerged
unscathed.
On
Saturday,
the
exchange
announced
it
had
surpassed
a
staggering
200
million
users,
solidifying
its
position
as
the
undisputed
king
of
crypto.

 

Richard
Teng,
CEO
of
Binance,
attended
the
company’s
celebration
and
sent
the
users
his
best
wishes.
He
admitted
that
the
community’s
support
was
a
major
factor
in
the
journey’s
success.
His
message
said:

We
have
hit
200M
users
Binance!
This
milestone
wouldn’t
have
been
possible
without
YOU
–
our
incredible
community
…
Thank
you!
The
journey
to
1
billion
users
continues.
Let’s
keep
building
together.

Unfazed
By
The
Storm

This
milestone
comes
amidst
a
backdrop
of
intense
scrutiny.
Since
2022,
the
company
has
faced
a
barrage
of
regulatory
hurdles
from
countries
like
the
UK,
Singapore,
and
the
US.

Accusations
of
lax
anti-money
laundering
measures
and
unregistered
securities
offerings
resulted
in
hefty
fines
and
limitations
on
operations.
In
a
particularly
dramatic
turn,
news
broke
of
CZ’s
arrest
in
China
in
early
2024,
raising
fears
for
the
exchange’s
future.

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!#Binance200M

#Binancian

#Binance

pic.twitter.com/3cWTEHxg7j

—
Binance
(@binance)

June
8,
2024

However,
the
crypto
exchange
seems
to
have
weathered
the
storm
remarkably
well.
Not
only
did
it
maintain
its
user
base,
but
it
also
managed
to
grow
it
significantly.

 

Compared
to
130
million
users
reported
in
2023,
Binance
has
added
a
staggering
70
million
in
just
two
years.
This
resilience
suggests
a
deep
well
of
user
loyalty,
perhaps
due
to
its
wide
range
of
crypto
offerings,
competitive
fees,
and
user-friendly
platform.

Growing
Concerns

While
Binance’s
growth
is
undeniably
impressive,
it
also
raises
concerns
about
the
increasing
centralization
of
the
cryptocurrency
market.
With
a
user
base
representing
a
whopping
35%
of
the
global
crypto
community
(estimated
at
562
million
in
2024),

The
company
wields
immense
power.
A
potential
future
scenario
where
Binance
experiences
a
security
breach
or
faces
stricter
regulations
could
have
a
devastating
ripple
effect
on
the
entire
crypto
market.

Unanswered
Questions

The
announcement
of
this
milestone
credits
the
growth
to
a
perfect
alignment
between
Binance’s
products
and
market
demand.
However,
it
does
not
specify
what
drives
this
demand.

 

Are
users
attracted
by
Binance’s
extensive
coin
selection,
the
convenience
of
its
mobile
app,
or
are
they
simply
unaware
of
the
controversies
surrounding
the
exchange?

Featured
image
from
Alamy,
chart
from
TradingView

Go to Source
Author: Christian Encila

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