The year 2023 saw a significant increase in the user base of cryptocurrency exchange Binance, as stated in their recently released year-end report. The company reported a 30% rise in registered users, adding over 40 million new users compared to the previous year. This brings their total number of registered users to 170 million globally.
Crypto Exchange Binance Experiences Growth in User Base in 2023
Binance also highlighted the steady growth in adoption of their crypto payments Payments One of the main mediums of exchange in the modern world, payments refer to the transfer of legal currency or its equivalent from one party to another in exchange for goods or services. The payments industry has become an integral part of modern commerce, with significant changes in the players involved and the means of exchange over time. The party making the payment is known as the payer, while the recipient is referred to as the payee. One of the main mediums of exchange in the modern world, payments refer to the transfer of legal currency or its equivalent from one party to another in exchange for goods or services. The payments industry has become an integral part of modern commerce, with significant changes in the players involved and the means of exchange over time. The party making the payment is known as the payer, while the recipient is referred to as the payee. Read this Term, peer-to-peer trading, and earning products. Their P2P platform saw a rise of 18% in trading volume and a 39% increase in active users.
“By the end of 2023, Binance had a total of 170 million registered users and offered 1785 trading pairs across 431 different assets,” stated the company in their report.
The #Binance 2023 End-of-Year Report has been released!
This year, our focus remained on prioritizing our users and strengthening our business through:
🔸 Enhancing user security
🔸 Upgrading our Proof-of-Reserve system
🔸 Obtaining regulatory approvals in 18 jurisdictions
And much more 👇— Binance (@binance) December 28, 2023
The company also made significant investments in compliance and security measures, allocating $213 million towards compliance Compliance In the world of finance, banking, investing, and insurance, compliance refers to following the rules and regulations set by government regulatory authorities, whether it is providing a service or processing a transaction. Compliance also involves adhering to established guidelines and specifications. This term can also encompass efforts to ensure that organizations are complying with industry regulations and government legislation. Understanding ComplianceCompliance is a crucial aspect of the financial industry, and it involves following the rules and regulations set by government authorities. In the world of finance, banking, investing, and insurance, compliance refers to following the rules and regulations set by government regulatory authorities, whether it is providing a service or processing a transaction. Compliance also involves adhering to established guidelines and specifications. This term can also encompass efforts to ensure that organizations are complying with industry regulations and government legislation. Understanding ComplianceCompliance is a crucial aspect of the financial industry, and it involves following the rules and regulations set by government authorities. Read this Term in 2023, showing a 35% improvement from the previous year. The company now holds licenses and registrations in 18 jurisdictions.
Binance, citing impressive metrics, has declared that its biggest accomplishment has been “maintaining the trust of our growing community.” The company remains committed to its goal of “advancing the freedom of money globally” through the use of cryptocurrencies.
“In 2023, Binance Feed evolved into Binance Square, a social platform designed to be the central hub for the Web3 content universe, facilitating conversations and empowering everyone to create compelling content,” the company stated. “Over the past year, Binance Square has seen a significant increase in creators, growing from 1,200 to 11,000, and active daily users, rising from under 700K to 1.6M+.”
A Successful Year Despite Regulatory Challenges
In 2023, Binance responded to 58,000 law enforcement requests to aid investigations and grew its user protection fund to $1.2 billion. Despite facing various controversies surrounding its operations, Binance has seen significant growth in its user base.
The first legal challenge for Binance came in the form of a lawsuit in the United States, which alleged that the exchange was operating illegally.
Today, we charged Binance Holdings Ltd. (Binance) and its U.S.-based affiliate, BAM Trading Services Inc., for operating Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
