The largest cryptocurrency exchange in the world has achieved a significant milestone despite facing legal challenges and regulatory hurdles. In a recent post on the social media platform X, Binance expressed gratitude to its community for helping the exchange reach a global user base of over 200 million.
“Today, we celebrate 200 million – and it’s all thanks to YOU! Your support is the driving force behind our journey towards one billion users.”
In addition to surpassing the population of Germany in terms of users, Binance has also emerged as the top cryptocurrency exchange in terms of liquidity, as indicated by a recent report from digital asset analytics firm Kaiko. The firm’s liquidity ranking takes into account factors such as trading volume, market depth, and overall market quality.
Binance’s achievement comes amidst a backdrop of legal challenges and regulatory fines from various jurisdictions. Just last month, Canada’s anti-money laundering agency imposed a fine of nearly $4.4 million on the exchange for failing to register as a foreign money services business. In response to allegations from the U.S. Securities and Exchange Commission (SEC), Binance co-founder Changpeng Zhao stepped down as CEO in November.
Currently, Binance is working to secure the release of an employee detained by the Nigerian government, which has accused the exchange of contributing to the devaluation of the Nigerian naira. Following Zhao’s departure, Binance’s new CEO, Richard Teng, has pledged to prioritize compliance in order to capture a larger share of the expanding cryptocurrency market.
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