The total number of registered users on leading cryptocurrency exchange Binance has reached 150 million this week, according to a Thursday tweet by CEO Changpeng Zhao (CZ).
30M Increase Within a Year
The milestone marks an increase of 30 million since July last year when Binance reported around 120 million registered users. According to the market intelligence platform Similarweb, the exchange’s top five traffic sources over the past three months are Turkey, Vietnam, Russia, Argentina, and India.
The rise in registered users can be attributed to the exchange’s low crypto transaction fees, high liquidity, and wide range of crypto offerings. On the other hand, the achievement underscores Binance’s growing popularity and reach in the global crypto market.
Meanwhile, CZ also revealed that Binance has added two new projects to its Launchpool platform, namely; CyberConnect (CYBER) and Sei (SEI) – which will help expand its user base. The CEO added that the exchange has officially launched in Japan and secured an Operational Minimum Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) to offer exchange and broker-dealer services to institutional and qualified retail investors in the emirate.
Binance Reportedly Offered Services in China Despite Ban
The latest development comes just a day after The Wall Street Journal (WSJ) reported that the exchange was serving users in China despite crypto activities being banned in the country since 2021. The report claimed that China-based users traded $90 billion of cryptocurrency-related assets on the platform in May.
According to WSJ, the figure made China Binance’s largest market, accounting for 20% of the total global trading volume, excluding trades made by a subset of very large traders. The report also alleged that Binance helped China users bypass restrictions by directing them to visit various websites with Chinese domain names before rerouting them to the platform. However, Binance denied the claims, saying that its website is blocked in China and is not accessible to China-based users.
