Rapid Growth Amidst Controversies
Despite navigating numerous obstacles, Binance has once again showcased its resilient growth. A recent declaration by Changpeng Zhao, Binance’s Chief Executive Officer, unveiled that the cryptocurrency exchange platform now boasts a staggering 150 million registered users.
Recent Scrutiny over Activities in China
Just a day before this revelation, the spotlight turned to Binance due to allegations surrounding its operations in China. A report by The Wall Street Journal shed light on an astonishing volume of crypto trades, pegged at $90 billion, conducted within China in just the span of May. This intriguing insight was obtained from Binance’s internal tool, aptly named “Mission Control.”
In response to these speculations, Binance confirmed the inaccessibility of its primary platform, Binance.com, to users residing in China. Analytics from SimilarWeb emphasize the substantial traffic Binance receives, particularly from nations including Turkey, Vietnam, Russia, Argentina, and India.
An Impressive Year-over-Year Growth
Drawing from insights shared by Chinese reporter Colin Wu, the platform had a user base of 120 million in July 2022. This signifies a commendable addition of 30 million users within a mere year, a feat made all the more notable given the bearish market trends prevalent during the previous year.
Binance’s Dominance in Numbers
Currently, Binance takes pride in a daily trade volume that stands at approximately $7.1 billion. With a vast spectrum of assets including 364 coins and 1389 trading combinations, the details from CoinGecko further accentuate its dominance in the market. The platform witnesses a robust 55.4 million visitors every month. For perspective, Coinbase, its closest American competitor, sees a daily volume just above $1 billion and a monthly visit rate of 30.1 million, showcasing the substantial gap between the two market leaders.
