Topic: Binance reaches 200M users with $100B in assets under custody (Read 154 times)

Good logic.
One user can have two Binance accounts or even more if they do so, even though one account is for one user by carrying out the KYC process.
If binance exchange counted new users, it would likely be more than 200 million.

If in reality the number of Binance Exchange users is 200 million according to their report, it is also possible that it is true because Binance Exchange is not a new platform but they are a large platform that is well known in almost all countries, even in countries where it is not legal to operate.

No one can prove that they already reached 200m users maybe most of them are inactive or I think it's just a number of registered users but not all are KYC verified.

However, I think it is possible because there is a Hamster Kombat recently just reached 150m active users and 50m more it will reach Binance's 200m users.

We have seen so many problems with centralized exchange in the past but we see the differences before compared to today most of the exchanges right now are regulated compared to before Binance won't just die easily or be taken down by group hackers. I don't mean it is safe to have assets on their exchange but it was already proven before when they were once one of their wallet hacked and since they are regulated they can't go away if there's another negative event happening.

I do not see that a platform that dominates the market will need to manipulate numbers (the number of users and the number of transactions) to prove its superiority. I hope that the announced numbers are correct, or at least closer to the truth, since it has not been clarified whether that number is for the number of users or the number of accounts, since users who have more than one account or dormant accounts must be taken into account. This means that any announced number of users does not mean that this number is the same as the number of active users. Personally, I know many people who registered accounts on the exchange just to make one or two transfers and did not care about closing it after that. It is also not clear whether the number includes users of the Trust wallet who only use the wallet without registering an account on the platform.

The number may seem large compared to the total number of crypto users around the world, but we must not forget that Binance provides many features that are not available on other exchanges, including its support for most cryptocurrencies on the market and the peer-to-peer trading option, which in turn supports most local currencies.

This is no different from what I have known about Binance and even more, and for clarity's sake, this is not to support Binance in any way but to say the truth. I don't even have the moral right to support Binance judging by what I have witnessed by myself in their hands. A very good example is the wrong rates during conversion and most importantly many times they've reaped me off through their Marketshop activities in futures trading which I caught them red-handed.

So I can never support a company like that, nevertheless, I will never agree to what anyone can't prove either since the allegation will remain so with me unless proven. Take care!

I don't care if they have as many users as they say they have, there is no data to back up what they reported and in my opinion it isn't even necessary.

I don't know if this report is to grow trust and attract new customers, showing them that a lot of people trust their service. It may be acceptable if you use centralized exchanges like binance for trading, but to trust them to store your funds is simply asking for trouble and you may lose it for one reason or the other.

https://www.justice.gov/opa/pr/binance-and-ceo-plead-guilty-federal-charges-4b-resolution
Binance and CEO Plead Guilty to Federal Charges in $4B Resolution

https://www.reuters.com/technology/binance-must-face-revived-investor-lawsuit-us-over-crypto-losses-2024-03-08/

Binance Fined $4.3M by Canadian Financial
https://www.coindesk.com/policy/2024/05/09/binance-fined-43m-by-canadian-financial-regulator-for-administrative-violations/

dwindling user base + fines + court cases + expensive sponsorships.. It's the reason I have stopped using their services.

Are you kidding right now? Do you mean lawsuit cost is a big deal for a big company like Binance? That must be a joke. For records, lawsuits and even heavy sanctions are common with big companies, there are also many legal runnings and issues that have nothing to do with allegations and sanctions which are normal to them. Won't they push it through? That is just no reason for me.

But about not being transparent about their finances, that is not peculiar to Binance, you don't trust any company 100% and I am not here to defend what I can't prove. But believing that they are not sincere with their utterance even when you can't be sure of that doesn't make you any better.

However, I don't know of Philipines, but for Nigerians, I am certain that most are still using Binance because none of the Nigerian friends I asked stated otherwise. The Nigerian authorities blocked the P2P system, but that is not the only service that Binance is used for. They (the Nigerian government) also blocked the domain but left the app perfectly running. So, nothing is to be worried about here.

They have a big reason to lie because they have been losing customers like recently the Philippine and Nigeria gov't banning them. I would be skeptical since Binance have been facing lawsuits the expenses to pay those legal battle are expensive and Binance isn't transparent on their finances.

A big company like Binance that has maintained the lead in the crypto space for this long can't be underestimated. I have always known that the distrust, lawsuits, regulations, allegations and other lawsuits were not going to stop the flourishes of this company because it is top-notch on its own and people do not avoid a thing like that, quote me anywhere. I am not surprised about this great achievement because Binance is not the first company that will face all listed above, but guess what, in a few years back, you would have seen them tripling their success, that's the world for you.

However, what helps Binance better these days is their more social engagements and the new project affiliations like Notcoin, Tapswap etc. All these are happening virally and Binance is doing well in engaging people with them, there is no way new people will not see it that way. And if you would agree with me, this kind of project where you get free money will always attract new converts, so what do you expect?

Besides, one thing I will give Binance is that they've been up and doing, they indeed understand the game.

Lol...it's good to doubt though but I don't know why they should lie, the company was great already. Late last year also, they announced 170M users, I don't think they can be using this to gain more popularity because they already are, everyone wants to use Binance. Also, don't forget that there is investigative journalism, those billion-dollar news outlets (Reuters, Bloomberg, CNBC etc.) have their contacts everywhere, and they have their ways to verify some claims. It may be detrimental if Binance claims such a thing when it is not real.

In fact, no matter how much we disagree with Binance, the suspicious things it does, and the accusations directed against it, we can never deny that it is the No. 1 exchange in the world. It is the most popular exchange in the world and that is a proven fact.

Although the number of 200 million is certainly not accurate because there are many fake and forgotten accounts, and there are many users who create two or perhaps three accounts, and others create verified accounts to sell them, I would not be surprised if Binance reaches this number one day, because Crypto users are constantly increasing. Everyone wants to create an account in Binance.

200 million users is very possible. A higher percentage of that will be inactive and some users will have multiple accounts, but it is still a remarkable amount nonetheless.

I was actually surprised they have just $100 billion in custody with how much market dominance they have. There is a total market cap of $2.66 trillion, $100 billion is only 3.75% of that. I am wondering if I should get my hopes up that more users are using self custody rather than storing with exchanges but I will need more data to be able to do that.

- Jay -

However, it can also be argued that Binance is also presently the most safest exchange because all of the regulators' eyes around the world are watching it very much more closely than they are watching the other exchanges. A very small, wrong action by Binance will cause regulators to begin cracking down on the exchange again hehehehe. This is why I speculate that they will be running their business very clean for many months.

Well, it might not be the exact number but they're more or less dominating the market. They remain to be the number 1. That's not necessarily bluffing. They don't bluff to be the top when they're the number 1.

What I'm actually worried about is the impact on the market once this grand edifice comes crushing down. It's not really the $100 billion in custody that I'm bothered about. It's not as if they're forced to keep their money on Binance or they don't have alternatives anyway. I'm thinking of the ripple effect when the time comes when Binance finally bows down to hackers or whatever malicious entity outside and inside the company.

Good point.

Further, it's an open secret that there's a buy and sell market for verified accounts. I've read an article before about synthetic accounts which pretty much means made up kyc deets or real information is mixed with made up stuff.

I believe crime rings also make use of these verified accounts after seeing tons of addresses I followed from scam accusation threads belonging to CEXes lol.

World population is 8 Billion, 200 Million from 8 Billion is 2.5%, so I think it's possible.

But, we just don't know if those 200 Million users are really real users or not, one person can create 2 or more accounts, even though only one account can be used. There's a chance if Binance count the newly created users into 200 Million users.

If Binance bankrupt, I'm sure we will see a big change.

Despite the fact that Binance has many problems and issues in almost every country, including multiple government lawsuits, it often gets accused of helping money launderers, helping some people bypass KYC restrictions and etc, despite the fact that their co-founder and ex CEO - Changpeng Zhao got arrested for violating U.S. laws against money laundering, Binance still manages to grow its business and attract millions of users. Binance announced on June 8 that they reached 200 million global users, they managed to collect 30 million users in 6 months while Binance had the most problems and headaches during this time.

200 million is a self-reported number but do you believe that Binance really reached this number? I think that Binance is bluffing because they are known for their shady practices but if it's really true, then it's a pity if so many people put their money on centralized exchanges after everything that happened to many centralized exchanges.

https://x.com/binance/status/1799475255838462273