Binance CEO Richard Teng said in a recent interview that the cryptocurrency industry has now evolved from being used by ‘early adopters ‘ to being used by the ‘early majority’. This followed after Binance on 8th June revealed that it has registered more than 200 million users across the globe which makes it the most popular cryptocurrency exchange.
Teng says that the Binance ecosystem is very grateful for this achievement as it continues to grow by adding more registered users, he said, “We are deeply honored and humbled to have reached and surpassed 200 million registered users.” According to Teng, this success is proof of the confidence that the crypto community and participants in the industry have placed in the Binance ecosystem.
Another factor that can be attributed to the changes in the industry is the increased number of users of Binance exchange services, which has doubled from 100 million to 200 million within 26 months.
Teng expressed that this milestone is not only a victory for Binance but also the crypto industry as a whole, as it points to the fact that the industry is maturing and growing stronger. This also means that people are no longer just experimenting with crypto, but getting more comfortable adopting it in their day-to-day lives and opening up to the potential of the technology.”
However, this has not made Binance rest as it continues to grow and expand its services. The company plans to reach one billion users, which will be a challenging task, as it will be necessary to attract almost as many new users as the number of current cryptocurrency owners globally.
This aggressive target implies that roughly every seventh person on the planet would have to start using cryptocurrency. The realization of this goal will also be contingent on the level of political support from global regulators, particularly the United States.
At the moment, roughly 50 million people in the United States own crypto, which is 10% of the global total. however, they are in a state of legal limbo while the SEC, the CFTC, and other federal agencies discuss the legal status of the various parts of the cryptocurrency ecosystem in the country.
The upcoming U.S. presidential election could play a crucial role in shaping the future of crypto regulation. Donald Trump has recently declared that if elected he will be a "crypto president," which could influence the regulatory environment and potentially provide clearer guidelines for the industry.
According to CoinGabbar, Binance achievement of reaching 200 million users is a significant milestone. The road to onboarding one billion users will be challenging. It will require widespread adoption, regulatory clarity, and innovative initiatives to promote financial inclusion. As the cryptocurrency industry continues to grow and mature, the support of global regulators and political leaders will be crucial in determining its future trajectory. As an interesting turn of events, Donald Trump has shifted his attitude towards the crypto industry, becoming the first major party seeking the votes of the Bitcoin and crypto community. The support of the president is a big boost for the US crypto industry.
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