Binance Crosses 200M Users After BNB Hits New All-Time High

Leading exchange Binance hit a significant milestone after announcing in an X post on June 8 that it has crossed 200 million users. This is by far the largest number of users among crypto firms globally.

Today, we celebrate 200 million – and it’s all because of YOU!

Your support is the heartbeat of our journey to 1 billion users.

Here’s to the stars of our story – you!#Binance200M #Binancian #Binance pic.twitter.com/3cWTEHxg7j

— Binance (@binance) June 8, 2024

The milestone came days after Binance’s native token, Binance Coin (BNB), hit an all-time high of above $700. BNB traded above its previous ATH of $691.8 in 2021, reaching as high as $716 on June 6.

Binance Sees Massive Growth

Binance has continued to set the pace for other exchanges to follow. The crypto firm is currently the largest trading platform in terms of trading volume. 

Over the years, Binance has experienced a steady increase in its user base, with an impressive addition of 70 million users in less than two years. At the beginning of 2023, the platform reported approximately 130 million users, a number that grew to 170 million by the year’s end.

With just six months into 2024, Binance has added 75% of its new users from last year. Binance saw 30 million new users sign up with the exchange, hitting the 200 million mark.

The exchange’s dominance has seen it own approximately 36% of all users in the crypto sector. After hitting $100 billion in assets under management (AUM) earlier in the year, the number indicates an average of $500 in assets per user.

BNB Resurgence

Recent trends have shown a BNB resurgence after struggling amidst Binance’s regulatory hurdles. After the exchange resolved with the US Department of Justice (DOJ) to pay over $4 billion in settlements, the coin resumed a parabolic trajectory.

Since the start of 2024, BNB has increased more than 100%. It posted its highest monthly growth in March, surging over 50% from $399 to $606.

The resumption of Binance’s founder, Changpeng Zhao’s (CZ), four months of jail time in June further saw BNB break the $630 resistance and match to a new ATH. At press time, BNB was trading at $646.4, down 5% on Monday.