Binance Reports 30% Surge in Users, Facilitates 18% More Trades in 2023, Emphasizes Compliance Strengthening

Binance, the world’s largest cryptocurrency trading platform, has announced that it has experienced a 30% increase in users in 2023.

The company has also reaffirmed its commitment to complying with various regulations.

Binance’s recently released year-end report highlights positive outcomes, emphasizing achievements such as welcoming over 40 million new users, representing nearly a 30% increase from the previous year.

This growth is in line with the overall trend of the cryptocurrency market, which saw an increase in users and market capitalization throughout 2018.

Binance’s strong performance is a testament to the exchange’s capabilities and underscores its position as a leading player in the industry.

Binance is thriving with growth in services related to crypto payments, P2P trading, and earnings. The number of users using Binance Pay or Card has increased by 54%, and the P2P platform processed 18% more trades than the previous year.

The platform also added that its Binance Earn program supported over 362 assets across its Simple Earn suite and served 35% more users than last year.

The cryptocurrency exchange has seen massive growth in recent years, reaching over 170 million registered users by 2023.

This impressive feat was made possible by offering 431 assets across 1785 trading pairs. In addition, the proof-of-reserves system was extended to 31 tokens, a significant increase from nine the previous year.

Binance also introduced its Web3 Wallet, giving users a more convenient way to store and use their cryptocurrencies.

In March 2019, Binance announced the launch of Binance Square, a platform designed to be a gateway into the Web3 content universe.

Binance Square saw significant growth, with the number of creators increasing from 1,200 to 11,000 and active daily users reaching 1.6 million.

In 2023, Binance emphasized maintaining the trust of its growing community as a significant achievement. The report highlights that users came first for Binance and will always be a priority.

Binance Highlights Web3 Expansion, Security, and Compliance Efforts in 2023 Annual Report

Binance is continuing its focus on security, compliance, and making Web3 more accessible, with investments in compliance technology, processes, and talent.

Spending $213 million in 2023, a 35% increase from the previous year, Binance is committed to ensuring that the blockchain ecosystem is safe and user-friendly for everyone.

The platform holds licenses, registrations, and authorizations in 18 jurisdictions globally. Binance responded to 58,000 law enforcement requests, conducted 120 training sessions, and supported authorities in high-profile cases.

Binance is known for its fast and reliable platform that can handle a high volume of transactions. The company has a strong relationship with law enforcement, conducting 120 training sessions and responding to 58,000 requests.

Binance has also been involved in some high-profile cases, providing support to authorities.

In 2023, Binance Labs, the investment and venture capital arm of Binance, strategically allocated its investments across diverse sectors.

These included projects focusing on infrastructure and tooling driven by zero-knowledge proof cryptography, advancements in Web3 gaming, and innovations within the decentralized finance (DeFi) space.

In addition, Binance Labs also made a number of strategic acquisitions, including a leading decentralized exchange protocol and a large-scale dApp developer.

SEC Continues Its Investigation Over Alleged Backdoor Control of Customer Assets

The SEC is investigating Binance.US for alleged backdoor control over customer assets, with similarities to a structure seen in FTX.

The SEC had initiated legal action against both Binance and Binance.US in June, accusing them of involvement in the sale of unregistered securities and alleging a complex conspiracy involving fraud, conflicts of interest, lack of disclosure, and willful disregard for the law.

This latest news comes as a surprise to many in the crypto community, as it seems that Binance.US is being targeted specifically.

It will be interesting to see how this develops, and whether or not Binance.US is able to successfully defend themselves against these allegations.

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