How Many Users Does Binance.US Have?
Binance, one of the largest centralized cryptocurrency exchanges globally, has around 0.67 million users in the US as of February 2023. The exchange has a country-specific website, Binance.US, which received around 2.18 million visits in the same month.
In other words, at least half a million US retail investors in crypto might potentially be affected, after the US Commodity and Futures Trading Commission (CFTC) filed a lawsuit against Binance on March 27, 2023. As the CFTC’s lawsuit against Binance unfolds, it remains to be seen whether Binance will lose its market share in the US, with users possibly switching away from the exchange.
The number of Binance.US users had increased by 16.4% month-on-month (MoM) compared to the 0.58 million users recorded at the start of the year in January 2023. This came even as the US Securities and Exchange Commission (SEC) ordered Binance USD (BUSD) issuer Paxos to stop offering the stablecoin. Binance had made BUSD the default stablecoin in September 2022, by automatically converting USDC Coin (USDC), USDP and TrueUSD (TUSD).
Prior to that, monthly Binance.US users had increased to 0.85 million in November 2022, when activity in the crypto market picked up amid the collapse of Sam Bankman-Fried’s FTX and its resulting contagion. Even with the exit of competitor FTX, the number of Binance.US users declined in the next two months.
Despite the slight recovery last month, the number of Binance.US users is still down by 25.6% over the past year, having remained below the 0.91 million users in March 2022. Binance has had fewer users in the US since then, due to crypto winter and the overall macroeconomic challenges that shifted retail investors into a more risk-averse mode.
The study examined monthly unique visitors to Binance.US based on Similarweb data from March 2022 to February 2023.
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Curious to find out more about our previous research studies? Check out this one we did on how much the SEC has charged celebrities so far, as US regulators crack down on crypto.
Lim Yu Qian
Yuqian is a cryptocurrency writer and marketer who specializes in mainstream cryptocurrency insights. She's especially fascinated by the philosophical and socioeconomic aspects of crypto and also goes by the name of Q. She holds a Bachelor of Social Sciences with Honors from the National University of Singapore. Follow the author on Twitter @solosbrqt