Binance dwelled on the positive in its year-end report. It had achievements to point to.
The cryptocurrency exchange saw a 30% increase in users in 2023, bringing its customer base to over 170 million, and it facilitated 18% more trades between 39% more users than in 2022, it announced. Binance also “significantly strengthened our [its] compliance program.”
Binance made strides in most of its undertakings. Binance Pay onboarded 3,500 new merchants and partners, for example, and the number of Earn program users grew by 35%. Its proof-of-reserves system has been applied to 31 tokens, up from nine last year. Binance also launched its Web3 Wallet.
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Binance backed off the claim it made in its 2022 report of having “crypto’s best security and compliance team,” even as it boosted investment in compliance from $158 million to $213 million — a 35% increase. The company briefly addressed the settlement it made with the United States government that cost it billions of dollars:
“By reaching settlements with U.S. regulators, we took responsibility for our past conduct. The scrutiny has helped create the comprehensive compliance program we have today […] Importantly, U.S. agencies did not allege that Binance misappropriated any user funds, or engaged in any market manipulation.”
Binance currently holds licenses, registration or authorization in 18 jurisdictions worldwide, which is also an all-time high for the exchange.
Binance released a 2023 report, adding 40 million new users and registered users reaching 170 million; spending approximately $213 million on compliance; investment is mainly focused on zero-knowledge proof cryptography, Web3 games and DeFi innovation.
— Psquare Daily (@pSquare_Daily) December 28, 2023
➡️ Key investment… pic.twitter.com/voR8IQxjN8
The year was good for former CEO Changpeng Zhao (CZ), too, even after being forced from his leadership position in the settlement with the U.S. government. Despite paying a $150 million fine, CZ’s net worth increased by $24.6 billion to $37.2 billion, according to the Dec. 25 edition of the Bloomberg Billionaires Index. That made him the 35th richest person in the world.
The U.S. Securities and Exchange Commission still has an active case against Binance.
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