KEY POINTS
- Teng said Binance reaching 200 million global users also means the crypto industry has reached a new maturity level
- He said it means the milestone means more people worldwide are now "warming up to crypto"
- Binance remains the world's largest crypto exchange by trading volume, leading Coinbase and OKX
Cryptocurrency exchange giant Binance reached a new milestone over the weekend, and for the crypto behemoth's CEO, it is proof that the digital assets space has now reached a brand new stage more than a decade since the first crypto token emerged.
Binance hit 200 million registered users worldwide Sunday, and Richard Teng said the achievement "is an embodiment of the trust that the crypto community and industry players continue to have in the Binance system." Binance, which has recently seen increased scrutiny among global governments, has the largest number of registered users among all virtual exchanges.
200 million users and growing – we couldn’t have done it without YOU! https://t.co/auk234ejUM pic.twitter.com/8gZjXj5LL5
— Binance (@binance) June 8, 2024
Teng went on to note in an email to Cointelegraph regarding Binance's achievement that reaching the 200-million user mark isn't only a victory for the exchange founded by Changpeng Zhao. "It's also a sign of robust growth and maturity for the broader crypto sector."
The milestone also "reflects a transition from 'early adopters' of crypto to the 'early majority,' indicating that more and more of the global population are warming up to crypto and its limitless possibilities," he said. Teng said Binance will continue to work on initiatives for financial inclusion and financial innovation moving forward.
His remarks came as the crypto exchange retained the top position as the world's largest crypto spot exchange by trading volume, followed by Coinbase and OKX in the top three, as per CoinMarketCap data.
Despite its continuing popularity in the crypto realm, Binance has been in multiple legal battles in recent years, with its latest struggle outside the United States drawing attention from lawmakers.
A group of 16 House representatives sent a letter to U.S. President Joe Biden last week, urging him to take action to release Binance compliance officer Tigran Gambaryan, who has been detained in Nigeria since late February for his alleged involvement in the exchange's violations of Nigerian laws.
The lawmakers, which included Chairman of the House Financial Services Committee Subcommittee on Digital Assets Rep. French Hill, R-Ark., wrote in the letter that Gambaryan's health was in danger and "we fear for his life." They urged the Biden administration to act fast since Gambaryan qualifies as "U.S. Citizen wrongfully detained by a foreign government."
Gambaryan, a former IRS agent, is suspected of having malaria and a severe throat infection, his family said late last month.
Aside from Gambaryan's case in Nigeria, Binance was also under fire last month after The Wall Street Journal reported that it fired an employee who was part of a market surveillance team that reported alleged price manipulation of some tokens by DWF Labs, one of the exchange's clients.
