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Binance user base surpasses 240 million as institutional onboarding doubles

Author: Content Editor
Binance, the world's largest cryptocurrency exchange, has revealed that it now boasts over 240 million users globally, having added 70 million new users this year alone. This places Binance's user base ahead of the populations of countries like Brazil, Nigeria, and Russia. The exchange's CEO, Richard Teng, attributed this growth to both retail and institutional adoption, highlighting a significant increase in institutional onboarding in the past year. Binance currently holds $130 billion in user assets and has set a record in the industry by surpassing $100 trillion in cumulative spot and derivatives trading volume. The exchange credits its growth to the integration of digital assets into mainstream finance, with the approval of Bitcoin ETFs in various markets driving global adoption. Binance has maintained its position by focusing on compliance and innovation, securing over 20 regulatory approvals worldwide and investing in compliance systems. Despite past legal and financial hurdles, including a $4.3 billion fine and the resignation of its founder, the exchange has remained a dominant player in the cryptocurrency industry.

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