Binance, the world's largest crypto exchange, has surpassed the 200 million user milestone. The trading platform, which was founded over seven years ago by Changpeng Zhao, currently in a U.S. jail serving a four-month stint behind bards, announced its achievement over the weekend.

Binance now controls about 36% of the global cryptocurrency user base, which the Triple-A research firm estimates at 562 million.

A Population Beyond Borders

If Binance were a country, it would rank as the eighth-most populous, ahead of nations like Bangladesh, Russia, and Mexico. CEO Richard Teng attributed this success to the community and emphasized the ongoing journey to reach one billion users.

"This achievement is not just about Binance; it reflects the fast-growing adoption of crypto, empowering countless lives. We're at the forefront of this transformative technology. Yet, our work is far from done. The road to reaching a billion users is both a challenge and an opportunity we eagerly embrace," Teng added.

Financial Milestones and Liquidity Leadership

This milestone arrived less than three months after the exchange exceeded $100 billion in assets under custody. At the time, the exchange explained that the continued rise in digital asset prices significantly increased the value of user assets under its management.

In a parallel development, Binance has been identified as the leader in liquidity among 43 centralized exchanges. Kaiko highlighted Binance's dominance in trading volume, volume contribution, and market depth, placing it ahead of competitors like Bybit, Coinbase, and Upbit.

The firm also noted that the exchange's average trading volume is $773 billion, significantly higher than Upbit's $110 billion.

Leading in Liquidity

"Looking at the 43 exchanges' liquidity rankings, Binance, the world's largest exchange, unsurprisingly takes the lead.

However, Binance places third after Coinbase and Bitstamp when considering additional factors like governance scores, where it falls short compared to its top competitors," Kaiko stated. Despite these achievements, Binance faces significant legal challenges globally.

Legal Challenges Across the Globe

Last November, the exchange agreed to a record $4.3 billion fine in the U.S. after pleading guilty to multiple financial law violations. As part of the settlement, founder and former CEO Changpeng Zhao stepped down and paid a $50 million fine. He is currently serving a four-month sentence in California.

In Europe, Binance has exited markets such as Austria, the Netherlands, and Cyprus and has withdrawn its licensing applications in Germany. Additionally, the exchange faces money laundering and tax evasion charges in Nigeria, where executive Tigran Gambaryan is imprisoned.

The Road Ahead

Despite these hurdles, Binance's journey reflects the broader trend of increasing crypto adoption worldwide. The exchange's ability to maintain its leadership position in trading volume and liquidity is a testament to its robust platform and strong community support.

As Binance continues to grow, it remains committed to navigating the complex regulatory landscape and expanding its user base further.