Binance, the world’s largest cryptocurrency exchange, has achieved a significant milestone despite facing legal challenges and regulatory hurdles. In a recent post on the social media platform X, Binance expressed gratitude to its community for helping the exchange reach a global user base of over 200 million.

“We are thrilled to celebrate 200 million users, and it’s all thanks to YOU! Your support drives our journey towards one billion users.”

Apart from surpassing the population of Germany in terms of users, Binance has also emerged as the top cryptocurrency exchange in terms of liquidity, as per a recent report from digital asset analytics firm Kaiko. The ranking is based on various factors like trading volume, market depth, and overall market quality.

Binance’s achievement comes amidst legal challenges and fines from regulatory bodies in different jurisdictions. Most recently, Canada’s anti-money laundering agency imposed a fine of nearly $4.4 million on the exchange for not registering as a foreign money services business. In November, Binance co-founder Changpeng Zhao stepped down as CEO following allegations from the US Securities and Exchange Commission (SEC) of violating federal laws.

Currently, Binance is urging the Nigerian government to release one of its employees from prison after being accused of contributing to the devaluation of the Nigerian naira. In a bid to improve compliance and capture a larger share of the expanding crypto market, Binance’s new CEO, Richard Teng, has pledged to focus on better regulatory adherence.

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