Binance, a key player in the blockchain industry, recently unveiled its end-of-year report, highlighting the significant milestones achieved in 2023. The exchange, born just seven years ago, now boasts a staggering 170 million registered users.
US Regulatory Agreement and Leadership Shift
Throughout the year, Binance solidified its position in the cryptocurrency sector, securing a groundbreaking $4 billion agreement with US regulatory authorities. Despite the hefty fine, this landmark deal paves the way for a new era of transparency and compliance. The regulatory journey also saw the resignation of CZ, a pivotal figure in Binance, making room for the appointment of new CEO Richard Teng.
Explosive User Growth and Service Enhancements
The user base skyrocketed by 30%, reaching the impressive 170 million mark. Binance's commitment to meeting evolving user needs is evident in its continuous service improvements. The platform supports over 431 assets across 1785 trading pairs, with a focus on cryptocurrency payments and P2P trading.
Binance's Diverse Ecosystem
Binance Pay and Binance Card witnessed a 54% user increase globally, supported by over 3,500 new merchants. Meanwhile, Binance Earn, with its Simple Earn product suite supporting 362 assets, experienced a 35% surge in users, contributing to a 16.8% increase in the total value locked in blockchain-based products.
2024 Objectives: Web3 Technologies and User Onboarding
Looking ahead to 2024, Binance aims to accelerate the adoption of web3-focused blockchain technologies and attract new users. The introduction of the Web3 Wallet, integrated into the Binance app, exemplifies the exchange's commitment to providing a hybrid solution for managing crypto funds.
Supporting Startups and International Expansion
In 2023, Binance Labs, the venture capital arm, supported 36 startups in the blockchain sector. The company invested $213 million to obtain licenses and authorizations in 18 jurisdictions worldwide, emphasizing its dedication to international expansion.
Transparency and Security Initiatives
Responding to 58,000 law enforcement requests, Binance collaborated to combat illicit activities in the crypto and blockchain sector. The exchange's commitment to transparency is underscored by the proof-of-reserves system, maintaining a 1:1 ratio between its liquid reserves and user assets, along with a $1.2 billion SAFU fund for emergencies.
Binance's end-of-year report paints a bullish picture, showcasing remarkable growth, strategic initiatives, and a commitment to the evolving blockchain landscape.
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Edmund
Huang Bo
Coindesk
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Tristan
Bitcoinist
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Cointelegraph