Binance reaches 200M users with $100B in assets under custody

Binance, the largest cryptocurrency exchange in the world by daily volume, announced on June 8 it had reached 200 million global users. 

To the best of our knowledge, no other exchange can boast near as many users. However, it bears mention that these figures are self-reported.

In true celebratory fashion, Binance marked the occasion across its social media platforms by framing the 200 million user mark as a milestone on the company’s quest to onboard a billion, or one in every eight people on Earth.

Per a post from the Binance account on X.com:

“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!”

As recently as 2022, Binance only had approximately 130 million users. In 2023 the exchange added 40 million users to bring its total count to 170. In the time since, just six months into 2024, it’s already added at least 30 million more. This puts Binance on pace to reach 300 million users by 2026, assuming trends remain the same for both the company and the industry.

Related: Can Bitcoin close above $70K amid a strong labor market?

The global cryptocurrency consumer installation base reached 562 million people in 2024, up 142 million over 2023’s 420 million users, according to research from Triple-A. These numbers indicate that Binance users account for approximately 36% of the global cryptocurrency user base.

Binance’s 200 million user milestone comes on the heels of another cryptocurrency industry record for the company. As Cointelegraph reported back in March, Binance reached a total of $100 billion in user assets under custody. That averages out to about $500 worth of assets in custody per user.

The company’s legal woes are also largely in the rearview. With founder and former CEO Changpeng “CZ” Zhao currently serving a fourth month sentence on fraud charges, it appears as though Binance has emerged relatively unscathed.

CZ, for his part, is reportedly apologetic for his actions and dutifully serving his time in a minimum-security facility in California.