Binance Surpasses 200 Million Users; Targets One Billion Amid Changing Crypto Landscape
Summary:
Binance CEO, Richard Teng, asserts that the cryptocurrency sector has graduated from the "early adopter" stage to the "early majority" stage. Teng's statement follows Binance's announcement of attracting the highest registered users (200 million) in the global crypto exchange realm. The company aims to extend its base to one billion users, underscoring its ongoing commitments to innovation and financial inclusion. Yet, their ambitious target will require significant doubling of crypto owners worldwide and substantial regulatory backing, especially from the U.S.
Richard Teng, CEO of Binance, shared recently with Cointelegraph that we have moved beyond the "early adopter" phase and are now in the phase of "early majority" in the cryptocurrency sector. This statement was given to Cointelegraph following a request for insight regarding Binance's claim that as of June 8, it has the largest number of registered users globally—200 million— among cryptocurrency exchanges. “The figure of 200 million registered users is a testament to the confidence that the crypto community and industry stakeholders have in the Binance ecosystem," Teng conveyed via email.
Teng links the rapid growth of the company (which went from 100 to 200 million users in 26 months) to the dynamic evolution of the cryptocurrency sector: "This is not just a victory for Binance but also a testament to the vigorous growth and maturation of the wider crypto sector... It signifies a shift from 'early adopters' to the 'early majority', suggesting an increasing acceptance of crypto and its infinite potentials.”
Binance, nevertheless, continues its pursuit to attract one billion users. "Moving ahead," Teng declared, "Binance continues to prioritize driving innovation and fostering financial inclusivity." The journey to one billion users won't be smooth; it will necessitate almost twice the number of existing cryptocurrency owners globally, as well as the willingness of one in every eight individuals on the planet. Moreover, significant support from international regulatory bodies, particularly in the U.S., where about 50 million—10% of the global user base—crypto owners are awaiting regulatory clarification from the SEC and other government entities regarding the nation's legal perspective on various aspects of the cryptocurrency sector, will also be required. The upcoming presidential election might provide some clarity, especially as presumed Republican nominee Donald Trump has recently declared his pro-crypto intent, if elected. Related: Binance reactivates crypto purchases via Mastercard.
Published At
6/9/2024 11:29:29 PM
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