Unsurprisingly, the largest cryptocurrency exchange platform “Binance Exchange App” registered a hit number of users, 150 million. Changpeng Zhao, the platform’s founder and CEO, announced via Twitter that the exchange overcame this milestone, to restore the public’s faith and show that it continues to expand and improve, despite the regulatory pressure it faced over the last few months.
It’s no easy step for a crypto exchange platform to pass such a milestone. However, it’s essential to note that it managed to achieve this result because it has offered its users increased security and profitable trading conditions.
Over the last few years, it has been the top choice of users looking for exchanges to purchase or trade cryptocurrencies like Ethereum and Bitcoin. During a bear market, Binance exchange app added 30 million users in a year, highlighting the company’s success.
Authorities worldwide have targeted the crypto exchange platform over the last year, but it didn’t sacrifice the quality of the services or let third parties interfere with its operations.
30 million new users registered on the Binance Exchange App within a year
As mentioned earlier, Binance managed to attract 30 million crypto users since July 2022, when Binance had 120 million users. Research shows that the platform’s highest traffic sources during the last months have been India, Argentina, Vietnam, Russia, and Turkey.
Crypto specialists believe that one of the reasons the platform attracted such a large number of users during the last 12 months is the decrease of transaction fees, extensive crypto offering, and high liquidity. It’s also noteworthy that Binance has grown in popularity worldwide because it addresses the global crypto public.
Changpeng Zhao also shared with the public the news that the exchange platform added two projects to the Launchpool network, Sei and CyberConnect, which are meant to expand the user base further.
Is the expansion of Binance to Japan one of the factors that triggered the increase in the number of users?
Many crypto enthusiasts cannot help but highlight that the milestone followed the Binance launch in Japan. The crypto exchange platform acquired the local exchange service called Sakura Exchange BitCon in November 2022 and changed its name to Binance Japan. The process was completed shortly before Binance’s CEO announced that the platform had gained 30 million more users during the last year.
Crypto users registering with Binance in Japan can trade several digital currencies, including BTC, ETH, BNB, DOGE, DOT, ENJ, ETC and LINK.
Despite countries like the USA approaching the platform with scrutiny, it doesn’t slow down from entering new markets. The platform has recently announced that its subsidiary in Dubai secured the Operational Minimum Viable Product license from Dubai’s Virtual Asset Regulatory Authority (VARA).
It means that it can now offer virtual asset exchange services and digital asset broker-dealer services, which until now, only qualified retail companies and institutional investors could access.
In addition, the latest additions to the platform, CyberConnect and Sei will also power the further growth of the exchange. Traders can currently stake FDUSD, TUSD, and BNB in different pools to farm SEI tokens. However, starting 15 August, SEI will also be available in trading pairs like SEI/BNB, SEI/USDT, SEI/BTC.
CyberConnect aims to become a social network that allows the development of social applications.
What first-time users should know about Binance
If you registered with Binance, you most likely already know that it’s the most popular digital currency exchange platform. The online resource has several characteristics, and as a beginner, you might find it quite overwhelming to figure out its functionalities. However, if you want to enter crypto trading, Binance is the best option because it has a wide range of features that make the process easier.
The platform is available worldwide, even if it was initially based in Hong Kong and the headquarters were moved to the Cayman Islands. Crypto users from over 180 countries can use its services, and the platform continues to explore new uncharted markets.
Suppose you don’t have an account; it’s easy to start one. You click the Register Now button on the website and use your email and password to create an account. You can start an account with your mobile number if you don’t want to use your email.
The platform also has a referral program, so if one of your friends recommends you to register on the exchange, enter their referral ID so you can benefit from the program’s advantages.
Once you register and create your account, enable the two-factor authentication to secure your account. Remember, you’re trading cryptocurrencies, and it’s best to protect your finances as best as possible.
Next, you must fund your Binance account. You can do it with traditional or digital currencies, and both options are easy. Suppose you want to use fiat money; you can deposit finances into your account using the most popular currencies. Depending on the currency you select, the funding method might differ. It’s recommended to check the list of fiat currencies Binance allows before trying to make a deposit.
You can add cryptocurrencies if you don’t want to use fiat currency to fund your account. It’s a straightforward process to deposit digital currencies, regardless of the platform you want to transfer funds from. The greatest advantage of crypto deposits is that they require no fee.
However, you don’t need to add money to your account if you want to buy digital currencies using Binance. You can pay for the cryptocurrencies using your credit or debit card or another payment solution.
Final words
If you embrace the crypto trader life, you should compare the services different crypto exchange platforms offer. While Binance exchange app offers the broadest range of utilities, others might fit your strategies better.
Binance has done its best over the years to become a platform accessible to all traders, regardless of their experience or skills. You can even personalize your experience and pick one of the interfaces available. And the best part about using Binance is that it keeps even sophisticated scams at bay.
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