Binance: There are many achievements and many hardships in 2023

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In its recently released 2023 year-end report, leading cryptocurrency exchange Binance highlighted significant achievements and growth, solidifying its position in the dynamic cryptocurrency industry. The report, titled “The State of Blockchain: Binance 2023 in Review,” outlines key achievements and industry trends, highlighting the company’s commitment to user-centric services and regulatory compliance.

Expand user base and global adoption

Binance Report Its user base has grown significantly by 30% and will welcome 40 million new users by 2023. This growth highlights its resilience and ability to meet growing user demand amid challenges faced by the cryptocurrency market. As of year-end, the platform had an impressive 170 million registered users, offering 1,785 different trading pairs on 431 different assets.

Binance’s commitment to strengthening Web3 infrastructure is evident in its strategic initiatives this year. The company’s expansion beyond traditional exchange offerings has yielded positive results across a variety of platforms. Cryptocurrency payment service Binance Pay has seen its active user base grow by 20%, thanks to the addition of more than 3,500 Pay merchants globally. The company grew Feed into Binance Square, creating a gateway to Web3 content that has attracted a community of 11,000 creators and 1.6 million daily active users.

Binance’s commitment to compliance and sustainability is a focus in 2023. The company invested $213 million in compliance technology, processes and talent, a 35% increase from the previous year. This commitment enables Binance to hold licenses in 18 jurisdictions around the world, reflecting a proactive approach to regulatory requirements. The launch of Binance Web3 Wallet further reflects the company’s efforts to make Web3 easier to use, allowing users to manage crypto funds, exchange tokens, earn profits, and interact with other platforms on diverse blockchains platform.

Global legal engagement and organizational effectiveness

To address the challenges of regulatory oversight, Binance’s legal liaison team handled nearly 60,000 requests from global law enforcement agencies in 2023, demonstrating its collaborative approach. CEO Deng Qiang emphasized the organization’s long-term vision:

“This organization is built to last — not years, but decades.”.

In 2023, Binance faced global regulatory pressure, with many countries banning citizens from accessing the exchange or making unsanctioned speech. These events led to the resignation of a series of senior leaders at the company. The culmination of these pressures led Binance to cave in to U.S. regulators and accept a $4.3 billion fine last November.

However, the company had obtained licenses from several countries before MiCA, especially some European countries.

Additionally, Binance still recorded strong net capital inflows and steady new user growth.

While Binance achieved commendable numbers and milestones in 2023, the company believes its greatest achievement is maintaining and strengthening user trust. Binance’s fundamental focus is to promote global monetary freedom and remains committed to complying with regulations while providing innovative and user-centric solutions.