Binance Records New User Base Milestone Amidst Regulatory Troubles

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Binance, the world’s largest cryptocurrency change, has reached 150 million registered customers on its platform. This new milestone comes as contemporary air, particularly because the change has confronted international regulatory scrutiny previously few months.

This announcement got here from CEO Changpeng Zhao (CZ), who talked about the feat alongside different developments made by the corporate because the begin of this week.

Binance Hits 150 Million Registered Customers, CZ Pronounces

On Thursday, August 3, Zhao posted that the cryptocurrency change had reached 150 million registered customers. This represents a 30 million improve within the change’s consumer base, which stood at 120 million in July 2022.

This achievement comes following Binance’s re-entry into Japan earlier this week. On Tuesday, August 1, the corporate disclosed that the newly-launched change will provide spot buying and selling of 34 crypto property, together with Bitcoin, Ether, and its native BNB token.

As well as, Binance secured an operational minimal viable product (MVP) license in Dubai on July 31, 2023. This license formally permits the crypto change to function and provide digital asset broker-dealer companies within the emirate.

With these developments, Binance continues to strengthen its place as the biggest cryptocurrency change on this planet. As of this writing, the change holds roughly 65% of the market share in spot buying and selling volumes.

Supply: The Block

An Overview Of Binance’s Regulatory Troubles In 2023

These feats could also be spectacular, particularly contemplating the regulatory challenges Binance has confronted in latest months. A brand new report emerged on Wednesday, August 2, claiming that the U.S. Division of Justice (DOJ) has been exploring the opportunity of bringing fraud fees towards the cryptocurrency change.

In accordance with the sources quoted within the report, the DOJ has solely shunned submitting fraud fees towards Binance as a consequence of concern of triggering a “financial institution run.” For that reason, the authorities are contemplating different choices, corresponding to fines or an settlement with the crypto firm.

Binance is being investigated by different regulatory our bodies in the US, together with the Securities and Trade Fee (SEC) and the Commodity Futures Buying and selling Fee (CFTC).

In March, the CFTC sued Binance and CEO Zhao for allegedly working an “unlawful” change and a “sham” compliance. In the meantime, the SEC filed a lawsuit towards the cryptocurrency change in June for allegedly violating securities legislation.

Moreover, Binance has been going through regulatory stress in varied nations outdoors the US, together with France, Australia, and Germany.

The crypto change just lately withdrew its utility for a crypto license in Germany after regulators reportedly mentioned it gained’t grant the request.