As 2023 comes to a close, Binance released its annual report, highlighting key data and narratives of the year for Binance.
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User Growth and Web3 Product Expansion for Binance in 2023
Solid Compliance Plan after Heavy Penalties in the United States
Security and Compliance
Excessive Compliance Spending: $213 Million in 2023
Performance Review of 2023
Registered Users Reached 170 Million
Improving Accessibility of Web3
In 2023, Binance experienced a 30% growth in new users and continued to expand the accessibility of Web3 products and services, with a focus on improving user experience. Binance stated its commitment to becoming a compliance-first organization, preparing the industry for a new era.
After reaching a historic resolution with regulatory authorities in the United States, Binance established its comprehensive compliance plan. As a result, Binance has become more solid and is ready to lead the digital asset industry into a new era. Binance holds multiple licenses and registrations worldwide.
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Binance Obtains Multiple Licenses and Compliance Registrations (For more details, please see)
In 2023, thanks to the settlement with regulatory authorities in the United States, Binance increased its investment in compliance technology, processes, and talent, and collaborated with law enforcement agencies globally to handle a large number of law enforcement requests. (Polymarket Election Gambling Incident: How I Got Caught?)
According to the report, Binance spent $158 million on compliance in 2022, and this amount increased to $213 million in 2023.
In 2023, Binance welcomed over 40 million new users, achieving an almost 30% growth and stable growth in key service areas. Additionally, Binance launched new products and features tailored to the blockchain era, upholding its core value of putting users first, and significantly strengthening its compliance plan.
By the end of 2023, Binance had reached 170 million registered users, offering 431 tradable assets and covering 1785 trading pairs. Binance Pay, P2P trading, and earning services experienced significant growth. Binance Square, as an entry platform for Web3 content, attracted a large number of creators and active users.
In 2023, Binance launched the Web3 wallet, offering self-custody functionality and integrating directly into the Binance app for easy management of cryptocurrency funds and interaction with various blockchain platforms. (Web3 Wallet Analysis: Detailed Comparison of OKX and Binance Wallet)
(For more report content, please see)
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Further Reading
Compliance Brings Absolute Advantage! What New Value Does New CEO Richard Teng Bring to Binance?
Binance Founder Zhao Changpeng Banned from Leaving Again, Awaiting Sentencing Hearing in February.