Last updated on August 8, 2023
## Binance Hits 150 Million Registered Users Despite Regulatory Pressure
In a recent announcement on social media, Binance CEO Changpeng Zhao (CZ) revealed that the number of registered users on the popular crypto exchange has reached a significant milestone of 150 million. This achievement comes at a time when Binance has faced increased regulatory scrutiny and legal battles in various jurisdictions worldwide.
Being the largest cryptocurrency exchange in terms of daily trading volume, Binance has managed to add 30 million users to its platform within the past year. CZ highlighted this remarkable growth in a tweet, where he also mentioned the company’s recent accomplishments amidst the regulatory challenges.
This year, Binance has faced regulatory actions in several of its established markets. In the United States, it is currently engaged in legal disputes with securities and derivatives commissions, which have sued the exchange for alleged violations of trading and derivatives rules.
In Europe, Binance is under investigation by French prosecutors for potential money laundering activities. Additionally, the financial watchdog in Belgium has ordered the exchange to cease providing crypto services in the country. Binance has also withdrawn its license applications and canceled registrations in multiple countries.
Despite these challenges, Binance has managed to attract a substantial number of new users. Chinese crypto journalist Colin Wu noted that in July 2022, Binance had already surpassed 120 million registered users, indicating that the exchange has added 30 million users in just one year.
According to web analytics firm Similarweb, Binance’s top traffic sources in the last three months included Turkey, Vietnam, Russia, Argentina, and India. These countries represent a significant portion of the exchange’s user base.
While facing regulatory crackdowns, Binance’s U.S. subsidiary has experienced a notable decrease in market share. However, it was reported that Binance users in China exchanged a staggering $90 billion worth of crypto assets within a month, making China one of Binance’s largest markets despite the ban on crypto trading since 2021.
CZ also highlighted some of Binance’s recent successes in his tweet. The exchange is set to restore full services in Japan this month following the acquisition of a locally registered and regulated exchange. Additionally, Binance obtained a license to provide crypto services in Dubai, becoming the first exchange to secure an Operational MVP License in the region.
Despite the regulatory pressure on the largest crypto exchange, Binance’s user base continues to grow. This ongoing expansion raises the question of whether Binance users will persist in increasing, even amidst the regulatory challenges the platform faces.
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