Binance’s End-of-Year Report: Celebrating 170 Million Users
Binance, the leading exchange in the blockchain industry, has released its end-of-year report titled “State of The Blockchain: Binance’s 2023 in Review.” The report highlights the events, statistics, and key topics that shaped the company’s dynamics in 2023.
The most striking data is the increase in new users on the platform, which reached 170 million by the end of the year, a 30% increase compared to 2022. This growth trend aligns with the development of successful new products by Binance.
In addition to user growth, Binance successfully regulated its business in the United States, reaching an agreement with the US Department of Justice and paying a $4 billion fine. This move solidified Binance’s legitimacy within the country.
Impressive Growth and Service Expansion
Binance’s report also highlights significant growth in its services. The exchange currently supports over 431 assets on 1785 trading pairs and has seen substantial progress in cryptocurrency payments and P2P trading.
Binance Pay and Binance Card have experienced a 54% increase in users globally, with over 3,500 new merchants accepting cryptocurrencies as payment. The P2P platform has processed 18% more trading volume and served 39% more users compared to last year.
Binance Earn has also expanded, supporting 362 assets through its Simple Earn product suite. In 2023, there was a 35% increase in users using the platform, resulting in a 16.8% increase in total value locked in blockchain-based products.
Accelerating Web3 Technologies and Onboarding New Users
In its objectives for 2024, Binance aims to accelerate the development of web3-focused blockchain technologies and onboard new users. The company’s improvements in DeFi, blockchain-based gaming, and SocialFi have attracted new users interested in emerging applications.
To meet the needs of both general and experienced crypto users, Binance introduced its Web3 Wallet integrated into the Binance app. This self-custodial wallet provides a hybrid solution between centralization and decentralization.
In 2023, Binance supported the acceleration of 36 different startups, primarily through its venture capital branch, Binance Labs. The company also invested $213 million to obtain licenses and authorizations in 18 jurisdictions worldwide.
Transparency is a key focus for Binance. The exchange responded to 58,000 requests from law enforcement agencies and introduced the proof-of-reserves system for users to verify their finances. Binance maintains a 1:1 ratio between liquid reserves and user assets, along with a $1.2 billion SAFU fund for customer protection.
Hot Take: Binance’s Bullish Report
Binance’s end-of-year report showcases impressive growth and achievements in 2023. With 170 million registered users, successful product launches, regulatory compliance in the US, and support for startups, Binance has solidified its position as a major player in the blockchain industry.
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