Increased Compliance Spending
Binance has beefed up its legal spending from $158 million to $213 million year-over-year, aiming to reinforce its compliance culture.
CEO Richard Teng emphasized the exchange’s maturing compliance culture and the quality of its talent to tackle new challenges.
Settlement and Monitoring
In November, Binance settled with the U.S. DOJ, agreeing to pay over $4 billion in fines. A court-appointed monitor will oversee the exchange’s adherence to regulatory terms.
Despite regulatory challenges, Binance reported significant growth, boasting more than $3.5 billion in new funds in January and over $80 billion in total assets.
Achievements
In 2023, Binance saw a 30% increase in users, welcoming 40 million new users. Compliance efforts were evident, with over 60,000 requests from global regulatory authorities addressed.
Emphasizing Regulatory Commitment
Binance’s increased focus on compliance signals a commitment to regulatory standards and legal success despite facing challenges.
The growth and increased user base further exemplify Binance’s financial accomplishments in its 2023 Report.
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