Binance Reaches 240 Million Users, Richard Teng Lauds Community
Highlights:
- Binance reached 240 million users, showing strong community engagement under CEO Richard Teng’s leadership.
- Large-scale Bitcoin inflows indicate increased activity from high-value users, boosting Binance’s growth in 2024.
- Binance’s $100 trillion trading volume milestone solidifies its dominance in the global crypto market.
Binance CEO Richard Teng thanked users for reaching a major milestone of 240 million users. Teng expressed his gratitude, stating, “Thank you for the trust and support. Let’s keep building.” Under Teng’s leadership, Binance continues to set new records and reinforce its status as a global leader in the cryptocurrency sector.
240 million registered users on #Binance now!
Thank you for the trust and support. Let's keep building. 🫡
— Richard Teng (@_RichardTeng) November 15, 2024
Binance Growth Fueled by Whale Activity and Traffic Shifts
A number of factors have been identified to facilitate the rapid growth of Binance, some of which include recorded large-sized Bitcoin inflows across the first quarter of 2024. The on-chain data show that toward the start of this year, the average Bitcoin transaction to Binance was 0.9 BTC, suggesting smaller deposits.
Over the year, however, this figure rose steep to recently peak at 6.8 BTC. According to the exchange, it suggests a growing amount of activities from large investors often referred to as ‘whales.
Traffic to Binance has also experienced a shift over the past year, according to CryptoQuant community analyst Maartunn. The “Exchange Inflow” metric tracks transfers from self-custodial wallets to exchange addresses, reflecting increased Binance usage. It highlights significant transaction activity on Binance’s platform.
Binance Expands Products & Breaks $100 Trillion Volume Record
In its continued expansion, Binance has recently announced the launch of the DEGENUSDT Perpetual Contract on November 15, 2024, offering up to 75x leverage. While this move expands its futures offerings, Binance has yet to list spot trading pairs for the Degen token. Degen started as a reward token on the Base chain and has gained interest in the Farcaster Degen channel, highlighting Binance’s skill in launching new and popular products.
Just In: Binance Futures will launch the DEGENUSDT Perpetual Contract at 2024-11-15 11:30 (UTC) with up to 75x leverage. Binance has not yet listed its spot trading pairs. Degen is a token on the Base chain, originally a reward token for participants in the Farcaster Degen…
— Wu Blockchain (@WuBlockchain) November 15, 2024
Binance’s impressive growth extends beyond user numbers. The exchange recently set a new record by surpassing $100 trillion in cumulative trading volume across its spot and derivatives markets. This achievement highlights Binance’s strong position in the global crypto market.
According to a recent CCData report, Binance is the first centralized exchange to reach this milestone. Consequently, its broad appeal to users is evident through its diverse products and low-cost services.
In early 2024, Richard Teng engaged with Binance users to celebrate surpassing 200 million registered users. This milestone of 240 million users highlights Binance’s strong community bonds. His leadership focuses on compliance, user protection, and global crypto adoption. Binance aims to have one billion users and market growth.
David Pokima
David is a finance journalist with keen interest in blockchain technology and the stock market. His strengths lie in breaking news in the crypto market as well as emerging technologies. With four years experience in the space, David has reported across several areas including regulation and legal frameworks, blockchain developments, on-chain analytics, stocks, etc. He bagged a Bachelor of Laws from Rivers State University and outside web3, David enjoys polo, golf and cycling.
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