The largest cryptocurrency exchange in the world has achieved a significant milestone despite facing legal challenges and regulatory hurdles.

In a message shared on social media platform X, Binance expressed gratitude to its community members for helping the exchange reach a global user base exceeding 200 million. The post reads, “Today, we celebrate 200 million – and it’s all because of YOU! Your support fuels our journey towards one billion users.”

In addition to surpassing the population of Germany in terms of users, Binance has been recognized as the top cryptocurrency exchange for liquidity in a recent report by digital asset analytics firm Kaiko. The firm determines its liquidity ranking by considering factors such as trading volume, market depth, and market quality score.

Despite achieving this milestone, Binance has faced legal challenges in various jurisdictions. Recently, the exchange was fined nearly $4.4 million by Canada’s anti-money laundering agency for failing to register as a foreign money services business. Furthermore, the company’s co-founder, Changpeng Zhao, stepped down as CEO following allegations from the U.S. Securities and Exchange Commission (SEC) of violating federal laws.

Amidst these challenges, Binance is seeking the release of one of its employees from prison in Nigeria, where the government has blamed the exchange for the devaluation of the Nigerian naira. The new CEO, Richard Teng, has pledged to improve compliance efforts to capture a larger share of the expanding crypto market.

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