While remaining steadfast in its race to reach 1 billion registered users, global cryptocurrency giant Binance took the time to celebrate a recent 200-million-user milestone and predicted a faster pace for future growth.
“We are deeply honored and humbled to have welcomed 200 million registered users and counting, on Binance,” CEO Richard Teng told Globe Banner on the landmark. “This achievement is an embodiment of the trust that the crypto community and industry players continue to have in the Binance ecosystem. We do not take this trust lightly – as a user-focused platform, we remain committed to prioritizing and catering to the needs of our ever-growing user base.”
Predicting an accelerated rate of future growth, he noted that Binance rose from 100 million to 200 million users in just about two years. These gains, achieved despite a challenging market, signaled an industry-wide shift, he said, calling it a triumph not only for Binance but for the industry.
“It reflects a transition from 'early adopters' of crypto to the 'early majority,' indicating that more and more of the global population is warming up to crypto and its limitless possibilities,” Teng said.
In a June 10 blog, Teng further cited the race toward the 1 billion mark, saying: “Already blockchain and Web3 have more to show in terms of real life usage and utility than any of the paradigm-changing technologies of the past in this similarly early stages of their development.” He also linked the “explosive growth” of Binance’s user base with the accelerating rate of adoption of digital assets and blockchain.
Getting more of the mainstream population onboard is key to facilitating epic growth, and this is where new regulations are more friend than fiend, Teng said in Ask Me Anything (AMA) on X Spaces, held June 12 to celebrate the breakthrough.
“Like it or not, that's the direction of travel and you'll see more and more rules coming out. But to me that's a positive for crypto to go mainstream. Unlike early adopters that trust crypto and embrace it, the mass majority needs to see regulations to ensure assets and trust are protected. The clarity given by regulators is crucial.”
Teng told the community on AMA that Binance has introduced its own safeguards in cases where regulations are lacking.
“This is an area that will continue to improve. In many areas where regulations do not yet exist, we introduce measures because we believe they are useful and protect our users. For example, our SAFU (Secure Asset Fund for Users) was introduced even without regulatory requirements because user asset protection was paramount. Our proof of reserves initiative is another example where we aim to push industry standards.”
Not only regulations, but artificial intelligence will have a place in this developing crypto world. Also at the AMA, Teng said, “The usage of AI is something that all organizations will have to embrace because it just makes things much faster and more efficient. On the organizational front, we're always looking at ways to be much more effective whether in terms of engaging with the community, marketing, customer service or compliance.”
Teng noted how different the landscape appeared when Binance entered the world in 2017 and within six months became the world’s largest trading platform.
“It was a product embraced by retail, but institutions, banks and financial entities thought crypto was a scam that would go away. Regulators were not paying attention, thinking it was a passing fad.”
In contrast today, one-third of global regulators are regulating this space, and more are developing rules and regulations, he said.
“Products such as EFT's (exchange-traded funds) are being approved in multiple jurisdictions, including Canada, Australia, Hong Kong and others,” he said. “The total crypto market capitalization is about $2.5 to $2.6 trillion with Bitcoin alone at around $1.3 trillion. Crypto has become too big to ignore and is not going away.”
Despite such advances, Binance Research reported in June that the adoption of blockchain networks has been “significantly slower” than the adoption of social media networks. Since Bitcoin launched in 2009, total crypto users have climbed to approximately 560 million, but TikTok and Facebook only took five and eight years respectively to hit 1 billion users each.
“Our focus at Binance remains on spearheading initiatives that promote financial inclusion and innovation. As the industry gears up to our common goal of attracting 1 billion users, Binance’s steadfast dedication to fostering sustainable growth within the crypto space becomes more resolute. This industry evolution is a thrilling journey, and we are grateful to be leading the way,” Teng said about the road ahead.