Binance user number has passed the 210 million mark

What’s new? The new head of the world’s largest centralized crypto exchange (CEX), Binance, Richard Teng, has announced that it has crossed the 210 million user mark worldwide. In an article titled “Seven Years at The Frontier of Financial Innovation” published ahead of Binance’s birthday, Tan noted that the exchange is still a growth-oriented young startup that “had withstood multiple crises and learned many important lessons the hard way.”

Article by Richard Teng

What else is known? Teng, previously responsible for Binance’s regional markets outside the United States, took over the exchange last November, replacing founder Changpeng Zhao, who stepped down as part of a settlement with US federal agencies over money laundering and securities law violations. The exchange itself agreed to pay$4,3 billion in fines, and Zhao was sentenced to four months in prison.

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Teng assured that Binance continues to adhere to the principles of user-centeredness and commitment to innovation. He described the past year as “typical in the sense that it saw both tough challenges and exhilarating moments of success.” In particular, trust in the platform has been restored, leading to rapid growth in the number of users, many of whom are new to the crypto space.

Teng also shared some of the exchange’s metrics. For instance, as a result of the growing number of customers, the amount of funds on deposit surpassed the $100 billion mark for the first time earlier this year. Teng, meanwhile, emphasized that all assets are safe and fully secured.

Binance currently supports 541 cryptocurrencies and 2632 trading pairs, and the number of queries per second (QPS) is 2,58 million, reflecting its resilience to congestion, the CEO noted.

The Binance Pay payment system is used by 24 million users worldwide for safe and efficient domestic and international fund transfers, while another 43,6 million people have utilized the Binance Academy education platform.

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Separately, Teng emphasized the growth in institutional participation in the crypto market that has been seen in the current cycle and is contributing to the global adoption of blockchain technology. For example, between January and June 2024, the number of institutional registrations on Binance increased by more than 36%.

The head of Binance also stressed that the exchange is actively improving its compliance systems and currently has licenses and registrations in 18 jurisdictions. According to him, this is much more than any other CEX.

Between June 2023 and May 2024, Binance handled about 62 800 law enforcement requests, bringing the total number of requests to 173 800.

The exchange also has a SAFU fund with over $1 billion in assets, which is designed to pay compensation in the event of a platform failure or hack. Earlier this year, all SAFU assets were converted to USDC from issuer Circle, which is the second-largest stablecoin in the crypto market with a capitalization of $34 billion.

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“With the trust and support of our global community, we are confident that our first seven years of hard work have laid a solid foundation for even greater success on the path of expanding financial freedom and inclusion. We’ve only just begun,” Richard Teng concluded.