The Figures Tell the Story
Notably, a staggering 30% surge in user base, with 40 million new additions, has propelled the total user count to 170 million.
Binance’s product portfolio witnessed significant expansion, with support for 69 fiat currencies on centralized exchanges and 30 fiat channels globally. P2P crypto trading, emphasizing intermediary-free transactions, experienced an 18% uptick in transactions and a 39% rise in user participation compared to 2022.
Flagship Product Performance Unveiled
The report highlights the success of Binance Square, a burgeoning social content platform, boasting a ninefold increase in creators since 2022 and a substantial surge in daily users.
Binance Earn, a suite enabling passive income from cryptocurrency investments, reported remarkable growth, with a 35% surge in users since 2022 and a 16.8% increase in total value locked in TVL.
The retrospective also touches upon the launch of Binance Web3 wallet, a self-custodial solution witnessing the creation of millions of Web3 wallets since its inception.
Binance Boosts Investment in Compliance and Transparency
The report extensively explores the company’s dedication to compliance amid a challenging year. Binance’s investment in 2023 has surged to a substantial 213 million USD, marking a notable 35% increase from the previous year. The document outlines additional measures taken to enhance market surveillance.
Against the backdrop of ongoing regulatory scrutiny, particularly in the United States, Binance faces challenges related to rule violations in both spot and derivatives trading activities.
Binance emphasizes its commitment to maintaining the transparency of user funds, citing a proof of reserve report that now supports 31 tokens in 2023, a significant increase from the 9 tokens at the end of 2022. The solution is further fortified through the implementation of zk-SNARK, a type of zero-knowledge proof.
The report underscores Binance’s proactive stance in combating criminal activities within the cryptocurrency sector. Throughout the year, Binance’s specialized teams processed over 58,000 law enforcement requests.
Related: India Blocks Binance and 8 Other Cryptocurrency Exchanges
Despite encountering various regulatory obstacles, the BNB coin is currently trading at over 300 USD, reflecting a robust growth of nearly 30% since the beginning of 2023.
