Binance, the world's largest cryptocurrency exchange by daily trading volume, recently announced a staggering achievement—200 million global users and $100 billion in assets under custody. However, these impressive figures are self-reported, raising questions about their accuracy.

On June 8, Binance celebrated this milestone across its social media platforms, emphasizing their mission to onboard a billion users—one in every eight people on the planet. An X post from Binance read:

“Today, we celebrate 200 million – and it’s all because of YOU! Your support is the heartbeat of our journey to 1 billion users. Here’s to the stars of our story – you!”

This achievement marks a significant leap from 2022 when Binance had approximately 130 million users. By the end of 2023, the exchange had grown to 170 million users. Six months into 2024, Binance added another 30 million users, indicating potential growth to 300 million users by 2026 if current trends continue.

According to research by Triple-A, the global cryptocurrency user base reached 562 million in 2024, up from 420 million in 2023. Binance's 200 million users represent about 36% of the total global cryptocurrency user base, underscoring its market dominance.

In addition to user growth, Binance recently hit another milestone, managing $100 billion in user assets. This equates to approximately $500 per user.

Despite its success, Binance has faced significant legal challenges. Founder and former CEO Changpeng "CZ" Zhao is currently serving a four-month sentence for fraud in a minimum-security facility in California. Despite this, the company seems to have navigated its legal troubles relatively unscathed, with CZ reportedly apologetic and committed to serving his time.

Binance's journey reflects both its rapid growth and the complexities of operating in the volatile cryptocurrency industry. While its self-reported achievements are impressive, they also invite scrutiny and highlight the need for transparency in the crypto space.