Binance marks six-year milestone.
Binance, the world's largest cryptocurrency exchange in terms of trading volume, has reached another noteworthy milestone. Despite the recent FUD surrounding the company, which celebrated its sixth anniversary, it continues to accumulate numerous accomplishments.
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A Worthy Feat For Binance
Binance, the world's largest cryptocurrency exchange by daily trading volume, has announced that it now has 150 million registered users. CEO Changpeng "CZ" Zhao shared the news on Twitter, acknowledging the growth of the platform despite increasing regulatory scrutiny. Binance has managed to attract millions of users globally, a testament to its quality service delivery and features. In just over a year, Binance has gained 30 million users, highlighting its undeniable influence in the constantly evolving cryptocurrency ecosystem. The top five nations contributing to the platform's growth in the last three months are Vietnam, India, Russia, Turkey, and Argentina, indicating the increased acceptance and penetration of digital currencies across diverse geographies.
Navigating Regulatory Challenges
Binance has faced various legal challenges across different jurisdictions as it continues to grow. For instance, the United States Securities and Exchange Commission (SEC) charged the exchange with "will evasion" and fraud in June 2021, while French regulators accused the platform of engaging in money laundering. Belgium's financial watchdog also ordered Binance to stop offering crypto services. Additionally, the platform's services are restricted in China, and it has withdrawn license applications and registration bids in several countries.
Despite these challenges, Binance has made some gains. For example, it restored services in Japan after purchasing the local exchange Sakura Exchange BitCoin (SEBC) in November 2022. The platform has also been granted a license to offer cryptocurrency services in Dubai. Binance's journey to achieving 150 million registered users has been challenging, but the platform has emerged victorious.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.