Great question! There is no limit to the number of customer accounts your store can have. The only limit that you might run into is CSV import files are limited in size to about 15-20MB, depending on the type of import. So if you are importing by CSV you will need to break up the imports, which I would recommend doing anyways.
Shopify does not impose a strict limit on the number of customers you can migrate, so importing a large customer base—like your 200,000+ records—is entirely possible. However, the process may take longer depending on the size and complexity of your data. Cart2Cart is a great solution for handling bulk migrations like this, as it supports high-volume transfers of customers, products, and orders efficiently. If needed, Cart2Cart’s support team can assist with large-scale or customized migrations to ensure a smooth transition.