Binance Surpasses 150 Million Users Amidst Regulatory Challenges and Global Growth

B. Ali
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Binance, the well-known crypto exchange, has achieved a huge milestone, reaching 150 million registered users. The founder and CEO, Changpeng Zhao, also known as CZ, shared this achievement on social media. This achievement becomes even more remarkable considering the challenges they have faced lately with increased regulatory scrutiny on the platform.

Despite the regulatory challenges, Binance continues to grow and thrive in the world of digital assets. It is impressive to see them reach 150 million registered users. However, this milestone is a testament to the trust and support of millions of people worldwide who find Binance to be a reliable and convenient platform for trading cryptocurrencies.

Binance’s Resilience Amid Regulatory Challenges: Impressive User Growth and Continued Dominance

As we all are well aware that this year has been quite tough for Binance due to some legal issues in key markets. In the United States, they have been facing lawsuits from securities and derivatives commissions over alleged law violations.

On the other hand, European authorities have been investigating the exchange for potential money laundering activities. In fact, the situation got more serious when Belgium’s financial watchdog ordered Binance to stop offering crypto services in their country. Because of all these challenges, Binance decided to withdraw its license applications and registrations in some other countries too.

Despite the hurdles, Binance remains a major exchange in the cryptocurrency market. Its vast user base reflects the trust and confidence people have in the platform for trading digital assets.

This can be witnessed by the reports that Binance has managed to impressively grow its user base by 30 million in just one year. Last July, the exchange proudly announced that it had surpassed 120 million registered users. This remarkable growth, highlighted by crypto journalist Colin Wu, showcases Binance’s ability to overcome obstacles and maintain its popularity in the crypto world.

Binance’s Regulatory Challenges and International Expansion

Famous blogger Wu Blockchain recently provided intriguing info about where Binance gets its website visitors. According to Similarweb’s data for the past three months, the countries sending the most visitors to Binance are Turkey, Vietnam, Russia, Argentina, and India.

Although, Binance is dealing with issues from regulators. The U.S. Department of Justice is checking if Russians used the platform to dodge sanctions due to Ukraine. This made Binance’s U.S. branch lose a lot of market share. 

Despite China’s 2021 ban on crypto trading, a surprising Wall Street Journal report disclosed that Binance users in China managed an astonishing $90 billion in crypto exchanges in just a month, establishing China as their primary market.

Hence, this revelation underlines Binance’s remarkable popularity and the persistent demand for cryptocurrencies even in the face of regulatory constraints.

Binance Overcomes Regulatory Hurdles: Resumes Operations in Japan and Expands to Dubai

Despite facing regulatory challenges, Binance CEO Changpeng Zhao shared some positive news. Binance fully resumed operations in Japan and recently acquired a regulated exchange there. They also got a license to offer crypto services in Dubai. Binance’s ability to grow and thrive in different markets despite hurdles shows its importance in the cryptocurrency realm.

About B. Ali PRO INVESTOR

Live webinar speaker and derivatives (Forex, Crypto, and Indices) analyst with a broad range of skills for evaluating financial data, investment trends, technical analysis, fundamental analysis, and the best ways to strategies investment selection.  Expertise: Trading Psychology; Speculative Positioning & Market Sentiment; Technical & Fundamental Analysis.