Richard Teng, CEO of Binance, the world’s largest cryptocurrency exchange, just revealed a major achievement for the platform. Binance has reached a massive 250 million users, showing just how much it’s growing and gaining influence in the crypto world. This milestone brings the platform closer to its big goal of onboarding 1 billion users.
Richard Teng expressed his excitement through a tweet post on X, expressing gratitude to the Binance community for helping achieve this monumental success. He stated, “What a year. We’ve hit an incredible milestone of a quarter billion users. A huge thank you to our amazing community for making this possible.
Together, we’re one step closer to our vision of onboarding 1 billion users. Here’s to an even bigger 2025.”
However, 2024 was a year of immense progress for Binance, with the platform recording about $22.6 billion in user deposits, i.e., 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, confirming its leadership in the crypto market.
This success story is particularly remarkable when considering the challenges Binance faced in late 2023. The exchange paid a hefty $4.3 billion fine from the U.S. government over money laundering and sanctions violations.
Additionally, Binance’s former founder, Changpeng Zhao (CZ), resigned as CEO and served a prison sentence.
Perhaps, under Teng’s leadership, Binance has made a strong comeback, focusing on enhancing its regulatory compliance and improving its reputation. His efforts have paid off, as the platform gained key regulatory approvals and strengthened its compliance measures.
To further expand its offerings, Binance has also announced new trading options for its users. On January 2, Binance Futures launched perpetual contracts with up to 75x leverage for various pairs, including GRIFFAINUSDT, AI16ZUSDT, and ZEREBROUSDT. This move is expected to enhance the trading experience for Binance’s growing user base.
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