Richard Teng, CEO of Binance, the world’s largest cryptocurrency exchange, just unveiled a major achievement for the platform. Binance has reached a whopping 250 million users, which shows how much it is growing and gaining influence in the crypto world. This milestone brings the platform closer to its big goal: onboarding 1 billion users.
Binance registered 250 million users on Exchange
Richard Teng expressed his excitement via a tweet post on X, expressing his gratitude to the Binance community for helping him achieve this monumental success. He said: “What a year. We’ve reached an incredible milestone of a quarter of a billion users. Thank you to our amazing community for making this possible.
Together we are one step closer to our vision of onboarding 1 billion users. On to an even bigger 2025.”
However, 2024 was a year of tremendous progress for Binance, with the platform recording approximately $22.6 billion in user deposits, which is more than the combined total of the next 10 largest crypto exchanges.
Binance also became the first centralized platform to reach $100 trillion in lifetime trading volumes, cementing its leadership in the crypto market.
Binance strong comeback
This success story is especially notable when we consider the challenges Binance faced at the end of 2023. The exchange paid a hefty $4.3 billion fine from the US government for money laundering and sanctions violations.
Additionally, Binance’s former founder Changpeng Zhao (CZ) resigned as CEO and served a prison sentence.
Perhaps Binance has made a strong comeback under Teng’s leadership, with a focus on improving regulatory compliance and improving its reputation. His efforts have paid off as the platform has received important regulatory approvals and strengthened its compliance measures.
New trading options for Binance users
To further expand its offering, Binance has also announced new trading options for its users. On January 2, Binance Futures launched perpetual contracts with up to 75x leverage for several pairs including GRIFFAINUSDT, AI16ZUSDT, and ZEREBROUSDT. This move is expected to improve the trading experience for Binance’s growing user base.