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Binance reaches the important milestone of 200 million users
Gamza Khanzadaev
Binance, the world’s largest cryptocurrency exchange, has broken records by surpassing 200 million users; What’s next for the yellow and black cryptocurrency giant?
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Binance, the largest cryptocurrency exchange in the world, has reached a major milestone, surpassing 200 million users. This achievement places the stock market in a unique position of influence, comparable to the population of the eighth largest country in the world.
This notable growth is reflected in Binance’s sizeable holdings. According to DefiLlama, the exchange manages $120.86 billion in user funds. This translates to an average of $604,295 per user, highlighting the considerable financial activity within the platform.
Binance’s market dominance is further highlighted by its position as the largest centralized exchange, outperforming its closest competitor, OKX, by nearly $100 billion.
Source: DefilLama
The increase in user numbers has coincided with significant milestones for Binance’s native token, BNB. Recently, it reached an all-time high of $721.8, marking a pivotal moment for the cryptocurrency.
BNB to USD by CoinMarketCap
With a current market capitalization of $100.57 billion, BNB it is now the fourth largest digital asset, second only to it Bitcoin, Ethereum and USDT. This result consolidates BNB’s status at the top of the cryptocurrency market.
AS Binance continues to expand its user base and financial influence, questions arise about the future trajectory of the platform and its native token.
The exchange’s growth and colossal user engagement suggest a promising future, but there is speculation whether this impressive parade of numbers represents a peak for Binance and the cryptocurrency market in general.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated in Finance and Credit with a specialization in securities and financial derivatives. He then obtained a master’s degree in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.