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Binance has outlined its accomplishments and milestones for 2023. Key highlights include a rise in user numbers, adherence to regulatory standards across various regions, and the acquisition of new cryptocurrency licenses.
As is customary, Binance released its Year in Review report for 2023 at the year’s conclusion, showcasing the favorable aspects and successes of its operations. Notably, the platform’s user base expanded by 32%, reaching a total of 170 million registered accounts.
Additional accomplishments for Binance in 2023 include:
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- An 18% increase in average transaction volume on the platform.
- Over 3,500 merchants globally joined Binance Pay.
- The cryptocurrency exchange now supports 112 fiat currencies.
- The Binance Earn feature for earning passive income from cryptocurrencies saw a 35% rise in user engagement.
- The platform offers 431 coins and 1,785 trading pairs, marking a 20% increase compared to the previous year.
- The SAFU fund grew to $1.2 billion.
- Donations through Binance Charity totaled $15.8 million.
- A mobile wallet named Web3 Wallet was launched for secure cryptocurrency storage.
The report placed significant emphasis on compliance with regulatory requirements across various jurisdictions. In 2023, the company’s compliance expenditures rose by 35% to $213 million. By year-end, Binance held valid licenses to operate in 18 jurisdictions worldwide.
Interestingly, while last year’s report highlighted Binance’s global influence on the cryptocurrency sector, this year’s report centers on user protection. “We took responsibility for our past conduct. In 2023, users came first for Binance, and they always will,” the report stated. This shift in focus is likely linked to the legal challenges faced by Binance from several U.S. government agencies, most of which were resolved this year.
Notably, despite the ongoing legal issues in the U.S. and the payment of a $150 million fine, the financial standing of Changpeng Zhao, former CEO of Binance, remained unaffected. According to the Bloomberg Billionaires Index, as of December 29, Zhao is ranked 35th among the world’s wealthiest individuals, with a net worth of $37.4 billion. Throughout the year, he increased his personal wealth by $24.8 billion.
The message Registered Users on Binance Grew to 170M in Year first appeared on CoinsPaid Media.
