Binance Celebrates Significant Milestone After Six Years In Operation
05 August 2023 - 2:54PM
NEWSBTC
Binance, the world’s largest crypto exchange by trading volume, has
achieved another significant milestone. The firm, which recently
turned six, keeps racking up several achievements despite the FUD
that has surrounded it in recent times. A Worthy Feat For
Binance The world’s largest crypto exchange by daily trading volume
has recently disclosed that its registered users now stand at a
whopping 150 million. This was revealed in a tweet by its CEO,
Changpeng “CZ” Zhao, on Thursday. Related Reading: Bitstamp
Makes Highly Anticipated XRP Announcement, But Does It Live Up To
The Hype? In the tweet, CZ noted his company’s milestone amidst
growing regulatory scrutiny of its operations the world over.
However, despite navigating through different challenges, Binance
has managed to captivate the interest of several millions of users
around the globe. So this is a testament to the platform’s quality
service delivery and amazing features. Just over a year ago,
in July 2022, the exchange’s user base stood at about 120 million.
The astonishing growth of 30 million users within the span of just
12 months tells of Binance’s undeniable hold in the constantly
evolving cryptocurrency ecosystem. A cursory look at the
platform’s traffic data for the last three months shows that the
top five nations contributing to this spike are Vietnam, India,
Russia, Turkey, and Argentina. The increased expansion across
various diverse geographies demonstrates the heightened acceptance
and penetration of digital currencies. BNB price trends at
$241 as users base reaches new high | Source: BNBUSD on
Tradingview.com Navigating Regulatory Challenges As expected, with
growth comes challenges and Binance’s journey has not always been
all growth and triumph. The platform has been the subject of
various legal challenges across diverse jurisdictions. The
exchange was recently charged with “will evasion” and fraud by the
United States Securities and Exchange Commission (SEC) in June this
year. In Europe, Binance is under probe by French regulators who
accused the platform of engaging in money laundering. It has also
been ordered to cease rendering crypto services by Belgium’s
financial watchdog. In China, the services of the platform
are restricted and inaccessible to millions of users within the
country. Binance has also withdrawn its license applications and
canceled its registration bids in several countries. Related
Reading: Crypto Trading Volumes Fall To Lowest Level In 2023 Amid
Bear Market Woes However, Binance has been able to make some gains
in recent times. Earlier this month, it restored services in Japan,
following the purchase of the local exchange Sakura Exchange
BitCoin (SEBC) in November 2022. It has also been given a license
to render cryptocurrency services in Dubai. All these hurdles
make the latest milestone not only remarkable but testamentary. The
road to 150 million registered users has been paved with various
challenges, but Binance has so far emerged victorious and
triumphant. Featured image from Reuters, chart from
Tradingview.com
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