Binance reaches 200M users with $100B in assets under custody

[shield132]

Despite the fact that Binance has many problems and issues in almost every country, including multiple government lawsuits, it often gets accused of helping money launderers, helping some people bypass KYC restrictions and etc, despite the fact that their co-founder and ex CEO - Changpeng Zhao got arrested for violating U.S. laws against money laundering, Binance still manages to grow its business and attract millions of users. Binance announced on June 8 that they reached 200 million global users, they managed to collect 30 million users in 6 months while Binance had the most problems and headaches during this time.

200 million is a self-reported number but do you believe that Binance really reached this number? I think that Binance is bluffing because they are known for their shady practices but if it's really true, then it's a pity if so many people put their money on centralized exchanges after everything that happened to many centralized exchanges.

https://x.com/binance/status/1799475255838462273

[Apocollapse]

World population is 8 Billion, 200 Million from 8 Billion is 2.5%, so I think it's possible.

But, we just don't know if those 200 Million users are really real users or not, one person can create 2 or more accounts, even though only one account can be used. There's a chance if Binance count the newly created users into 200 Million users.

If Binance bankrupt, I'm sure we will see a big change.

[Potato Chips]

But, we just don't know if those 200 Million users are really real users or not, one person can create 2 or more accounts, even though only one account can be used. There's a chance if Binance count the newly created users into 200 Million users.

Good point.

Further, it's an open secret that there's a buy and sell market for verified accounts. I've read an article before about synthetic accounts which pretty much means made up kyc deets or real information is mixed with made up stuff.

I believe crime rings also make use of these verified accounts after seeing tons of addresses I followed from scam accusation threads belonging to CEXes lol.

[Darker45]

Well, it might not be the exact number but they're more or less dominating the market. They remain to be the number 1. That's not necessarily bluffing. They don't bluff to be the top when they're the number 1.

What I'm actually worried about is the impact on the market once this grand edifice comes crushing down. It's not really the $100 billion in custody that I'm bothered about. It's not as if they're forced to keep their money on Binance or they don't have alternatives anyway. I'm thinking of the ripple effect when the time comes when Binance finally bows down to hackers or whatever malicious entity outside and inside the company.

[bbc.reporter]

Despite the fact that Binance has many problems and issues in almost every country, including multiple government lawsuits, it often gets accused of helping money launderers, helping some people bypass KYC restrictions and etc, despite the fact that their co-founder and ex CEO - Changpeng Zhao got arrested for violating U.S. laws against money laundering, Binance still manages to grow its business and attract millions of users. Binance announced on June 8 that they reached 200 million global users, they managed to collect 30 million users in 6 months while Binance had the most problems and headaches during this time.

200 million is a self-reported number but do you believe that Binance really reached this number? I think that Binance is bluffing because they are known for their shady practices but if it's really true, then it's a pity if so many people put their money on centralized exchanges after everything that happened to many centralized exchanges.

https://x.com/binance/status/1799475255838462273

However, it can also be argued that Binance is also presently the most safest exchange because all of the regulators' eyes around the world are watching it very much more closely than they are watching the other exchanges. A very small, wrong action by Binance will cause regulators to begin cracking down on the exchange again hehehehe. This is why I speculate that they will be running their business very clean for many months.

[un_rank]

200 million users is very possible. A higher percentage of that will be inactive and some users will have multiple accounts, but it is still a remarkable amount nonetheless.

I was actually surprised they have just $100 billion in custody with how much market dominance they have. There is a total market cap of $2.66 trillion, $100 billion is only 3.75% of that. I am wondering if I should get my hopes up that more users are using self custody rather than storing with exchanges but I will need more data to be able to do that.

- Jay -

[yhiaali3]

In fact, no matter how much we disagree with Binance, the suspicious things it does, and the accusations directed against it, we can never deny that it is the No. 1 exchange in the world. It is the most popular exchange in the world and that is a proven fact.

Although the number of 200 million is certainly not accurate because there are many fake and forgotten accounts, and there are many users who create two or perhaps three accounts, and others create verified accounts to sell them, I would not be surprised if Binance reaches this number one day, because Crypto users are constantly increasing. Everyone wants to create an account in Binance.

[EarnOnVictor]

A big company like Binance that has maintained the lead in the crypto space for this long can't be underestimated. I have always known that the distrust, lawsuits, regulations, allegations and other lawsuits were not going to stop the flourishes of this company because it is top-notch on its own and people do not avoid a thing like that, quote me anywhere. I am not surprised about this great achievement because Binance is not the first company that will face all listed above, but guess what, in a few years back, you would have seen them tripling their success, that's the world for you.

However, what helps Binance better these days is their more social engagements and the new project affiliations like Notcoin, Tapswap etc. All these are happening virally and Binance is doing well in engaging people with them, there is no way new people will not see it that way. And if you would agree with me, this kind of project where you get free money will always attract new converts, so what do you expect?

Besides, one thing I will give Binance is that they've been up and doing, they indeed understand the game.

200 million is a self-reported number but do you believe that Binance really reached this number? I think that Binance is bluffing because they are known for their shady practices but if it's really true, then it's a pity if so many people put their money on centralized exchanges after everything that happened to many centralized exchanges.

Lol...it's good to doubt though but I don't know why they should lie, the company was great already. Late last year also, they announced 170M users, I don't think they can be using this to gain more popularity because they already are, everyone wants to use Binance. Also, don't forget that there is investigative journalism, those billion-dollar news outlets (Reuters, Bloomberg, CNBC etc.) have their contacts everywhere, and they have their ways to verify some claims. It may be detrimental if Binance claims such a thing when it is not real.

[malcovi2]

Lol...it's good to doubt though but I don't know why they should lie, the company was great already. Late last year also, they announced 170M users, I don't think they can be using this to gain more popularity because they already are, everyone wants to use Binance. Also, don't forget that there is investigative journalism, those billion-dollar news outlets (Reuters, Bloomberg, CNBC etc.) have their contacts everywhere, and they have their ways to verify some claims. It may be detrimental if Binance claims such a thing when it is not real.

They have a big reason to lie because they have been losing customers like recently the Philippine and Nigeria gov't banning them. I would be skeptical since Binance have been facing lawsuits the expenses to pay those legal battle are expensive and Binance isn't transparent on their finances.

[EarnOnVictor]

Lol...it's good to doubt though but I don't know why they should lie, the company was great already. Late last year also, they announced 170M users, I don't think they can be using this to gain more popularity because they already are, everyone wants to use Binance. Also, don't forget that there is investigative journalism, those billion-dollar news outlets (Reuters, Bloomberg, CNBC etc.) have their contacts everywhere, and they have their ways to verify some claims. It may be detrimental if Binance claims such a thing when it is not real.

They have a big reason to lie because they have been losing customers like recently the Philippine and Nigeria gov't banning them. I would be skeptical since Binance have been facing lawsuits the expenses to pay those legal battle are expensive and Binance isn't transparent on their finances.

Are you kidding right now? Do you mean lawsuit cost is a big deal for a big company like Binance? That must be a joke. For records, lawsuits and even heavy sanctions are common with big companies, there are also many legal runnings and issues that have nothing to do with allegations and sanctions which are normal to them. Won't they push it through? That is just no reason for me.

But about not being transparent about their finances, that is not peculiar to Binance, you don't trust any company 100% and I am not here to defend what I can't prove. But believing that they are not sincere with their utterance even when you can't be sure of that doesn't make you any better.

However, I don't know of Philipines, but for Nigerians, I am certain that most are still using Binance because none of the Nigerian friends I asked stated otherwise. The Nigerian authorities blocked the P2P system, but that is not the only service that Binance is used for. They (the Nigerian government) also blocked the domain but left the app perfectly running. So, nothing is to be worried about here.

[malcovi2]

Lol...it's good to doubt though but I don't know why they should lie, the company was great already. Late last year also, they announced 170M users, I don't think they can be using this to gain more popularity because they already are, everyone wants to use Binance. Also, don't forget that there is investigative journalism, those billion-dollar news outlets (Reuters, Bloomberg, CNBC etc.) have their contacts everywhere, and they have their ways to verify some claims. It may be detrimental if Binance claims such a thing when it is not real.

They have a big reason to lie because they have been losing customers like recently the Philippine and Nigeria gov't banning them. I would be skeptical since Binance have been facing lawsuits the expenses to pay those legal battle are expensive and Binance isn't transparent on their finances.

Are you kidding right now? Do you mean lawsuit cost is a big deal for a big company like Binance? That must be a joke. For records, lawsuits and even heavy sanctions are common with big companies, there are also many legal runnings and issues that have nothing to do with allegations and sanctions which are normal to them. Won't they push it through? That is just no reason for me.

But about not being transparent about their finances, that is not peculiar to Binance, you don't trust any company 100% and I am not here to defend what I can't prove. But believing that they are not sincere with their utterance even when you can't be sure of that doesn't make you any better.

However, I don't know of Philipines, but for Nigerians, I am certain that most are still using Binance because none of the Nigerian friends I asked stated otherwise. The Nigerian authorities blocked the P2P system, but that is not the only service that Binance is used for. They (the Nigerian government) also blocked the domain but left the app perfectly running. So, nothing is to be worried about here.

https://www.justice.gov/opa/pr/binance-and-ceo-plead-guilty-federal-charges-4b-resolution
Binance and CEO Plead Guilty to Federal Charges in $4B Resolution

https://www.reuters.com/technology/binance-must-face-revived-investor-lawsuit-us-over-crypto-losses-2024-03-08/

Binance Fined $4.3M by Canadian Financial
https://www.coindesk.com/policy/2024/05/09/binance-fined-43m-by-canadian-financial-regulator-for-administrative-violations/

dwindling user base + fines + court cases + expensive sponsorships.. It's the reason I have stopped using their services.

[Z-tight]

200 million is a self-reported number but do you believe that Binance really reached this number? I think that Binance is bluffing because they are known for their shady practices but if it's really true, then it's a pity if so many people put their money on centralized exchanges after everything that happened to many centralized exchanges.

I don't care if they have as many users as they say they have, there is no data to back up what they reported and in my opinion it isn't even necessary.

I don't know if this report is to grow trust and attract new customers, showing them that a lot of people trust their service. It may be acceptable if you use centralized exchanges like binance for trading, but to trust them to store your funds is simply asking for trouble and you may lose it for one reason or the other.