Binance Reports 30% Increase in New Users
Binance, one of the leading cryptocurrency exchanges, has reported a significant increase in new users. In 2023, the platform welcomed over 40 million new users, marking a 30% increase compared to the previous year.
Key Figures from the Report
The report highlights several key figures that demonstrate Binance’s growth. By the end of 2023, the exchange had reached 170 million registered users and offered 431 assets for trading across 1,785 pairs. The use of digital assets for payments also saw a surge, supported by an expanding network of merchants. Additionally, Binance Gift Card usage for crypto gifting increased by 3.5 times.
Expanded Fiat Support and P2P Trading
Binance extended its fiat support to include 69 currencies and 30 channels globally. P2P trading also experienced growth, with a recorded 18% increase in trades. The platform now offers 970 payment methods and supports 112 fiat currencies, serving 39% more users than in 2022.
Emphasis on Security and Compliance
Recognizing the importance of security and compliance in the crypto industry, Binance invested $213 million in compliance technology, processes, and talent in 2023. The company holds licenses, registrations, and authorizations in 18 jurisdictions worldwide.
The #Binance 2023 End-of-Year Report has landed!
This year, we remained dedicated to putting users first and strengthening our business through:
🔸 Enhancing user security
🔸 Upgrading our Proof-of-Reserve system
🔸 Regulatory approvals across 18 jurisdictionsAnd much more 👇
— Binance (@binance) December 28, 2023
Binance’s Impact on Key Trends
Binance has played a significant role in shaping key trends within the cryptocurrency industry. The report highlights the rise of socialFi, increased adoption of crypto payments, a focus on compliance, and improved accessibility of web3 products.
Collaboration with Law Enforcement
The report also emphasizes Binance’s collaboration with law enforcement to combat illicit activities involving digital assets. The exchange responded to 58,000 law enforcement requests, conducted 120 training sessions, and provided support for solving high-profile cases.
Hot Take: Binance’s Continued Growth and Commitment to Security
Binance’s report showcases its impressive growth in terms of user numbers and market reach. With an increasing number of registered users and a wide range of assets available for trading, Binance remains a leading player in the cryptocurrency industry. The platform’s commitment to security and compliance is evident through its investments in technology and talent. By collaborating with law enforcement, Binance is actively addressing concerns related to illicit activities involving digital assets. As the crypto market continues to evolve, Binance’s focus on user-centric services and regulatory compliance positions it well for future success.
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