By CoinGape

Cryptocurrency exchange, Binance announced the number of users on its platform hit 200 million globally. This milestone comes on the heels of surging web3 adoption as the price of Bitcoin (BTC) and altcoins tap new highs. Binance remains a leader in the crypto industry although the platform faces regulatory hurdles in some jurisdictions.

Binance Taps 200 Million Users

Binance, the largest digital asset exchange by trading volume has marked growth as its user base soars to 200 million. The exchange recorded 100 million users a couple of years ago doubling its base amid global adoption of digital assets.

Binance CEO Richard Teng expressed delight, calling for wider collaborations.

We have hit 200M users @binance! 🎉 This milestone wouldn’t have been possible without YOU – our incredible community. From the bottom of our hearts, thank you. The journey to 1 billion users continues. 🚀 Let’s keep building together. #Binance200M.”

Over the years, Binance has seen an increased base and wider market with new listings and innovations. The exchange also expanded to new jurisdictions entering into partnerships with related firms. Furthermore, crypto users laud the exchange for its support to startups and blockchain education to grow web3 adoption. However, the journey so far was not only rosy as Binance faced lots of regulatory challenges in many jurisdictions.

United States regulator filed a lawsuit against the exchange for offering trading services to unregistered securities. Binance also reached a $4.3 billion settlement with the Department of Justice (DOJ) last year which saw former CEO Changpeng Zhao step down.

Crypto Adoption Surges

Blockchain and crypto assets have gained more popularity in recent years with critics making a switch to the asset class. The price rally of Bitcoin and recent developments has led to more adoption. This year, the approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC), a move that opened up an investment window for traditional institutions. Bitcoin price hit an all-time high above $73,000 with analysts predicting mitt highs

Also Read: 10 Top Cryptos Which Outperformed Bitcoin This Year

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David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: CoinGape