Binance’s number of registered users has spiked by 30M a year, despite the exchange’s legal tussle against the CFTC and the SEC.
The total number of Binance users has increased tremendously in the past year, despite the exchange’s legal tussle against the SEC and CFTC.
Today, Binance CEO and founder Changpeng Zhao (CZ) tweeted that the exchange has reached 150M registered users.
This week at #Binance (so far):
– Binance Japan officially launched
– Binance secured an Operational MVP License in Dubai (first exchange in the world to do so)
– 2x new Binance Launchpools – $CYBER & $SEI
– Hit 150M registered Binance usersKeep building.
— CZ ? Binance (@cz_binance) August 3, 2023
Binance Adds 30M Users in One Year
Providing further clarity, Wu Blockchain reported that the number of Binance users has grown by 30M in the past year.
According to the news outlet, Binance reported in July 2022 that its total registered users had exceeded 120M. With CZ disclosing that Binance has hit 150M users, the exchange’s registered users have grown by 30M in the past year.
Notably, data from Finder showed that the world’s largest exchange by trading volume had 128M registered users at the end of 2022. This suggests that Binance has added 22M registered users throughout this year.
Binance Regulatory Woes
The leading cryptocurrency exchange achieved the milestone despite being sued by the SEC and CFTC.
Recall that on June 5, 2023, the SEC filed 13 charges against Binance. Some of the charges include mishandling of customers’ funds, lying to American regulators, and that the exchange operated as an unregistered securities exchange.
In reaction, the exchange expressed disappointment with the SEC’s complaint. Binance disclosed that it cooperated and negotiated with the SEC in a bid to settle the dispute.
However, the SEC abandoned the negotiation and opted for litigation. Meanwhile, Binance also faces a legal tussle against the US Commodity Futures Trading Commission (CFTC). The regulator sued Binance in March for allegedly violating US derivatives rules.
Binance Appoints New Deputy Compliance Officer
As Binance continues to face intense regulatory scrutiny, the leading exchange has appointed Kristen Hecht as its new deputy chief compliance and global money laundering reporting officer.
Wu Blockchain reported that Hecht will join Binance with her 17 years of experience in regulatory matters.
Binance announced the appointment of former Global Head of Corporate Compliance Kristen Hecht as new Deputy Chief Compliance Officer and Global Money Laundering Reporting Officer.
Kristen brings 17 years of experience, including nearly a decade supporting the U.S. government’s…
— Wu Blockchain (@WuBlockchain) August 3, 2023
Notably, Hecht worked at Binance as the exchange’s global head of corporate compliance for the past eight months.
She also worked as the chief compliance officer at Novi FInancial, Meta’s crypto wallet project.
Hecht’s wealth of experience in regulatory-related positions also includes her role as a senior policy advisor at the US Department of Treasury. With Hecht’s appointment, Binance hopes to tackle its global regulatory woes.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
