Binance Annual Report Says Exchange Users Increase By $30 In 2023

Key Points:

• Binance hits 170 million users, up 30%, and invests $213 million in compliance, according to the Binance annual report.
• Binance focuses on Web3 and DeFi, funding projects like Bracket Labs and Maverick Protocol.

In a groundbreaking year, Binance, the cryptocurrency exchange giant, revealed a staggering 30% surge in its user base, now boasting over 170 million users.

Read more: Binance Accuses SEC of Unfair Tactics Admist The Ongoing Legal Battle

Binance Annual Report: Surging Users and Compliance Investments

The platform facilitated an 18% increase in trades among 39% more users than the previous year, according to the Binance annual report. Notably, Binance’s compliance program received a significant boost with an investment of approximately $213 million.

Key investment initiatives outlined in the Binance annual report included ventures like Bracket Labs, Maverick Protocol, Radiant Capital, and a strong focus on zero-knowledge proof cryptography, Web3 games, and DeFi innovation.

Binance has made remarkable strides in various sectors. Binance Pay successfully onboarded 3,500 new merchants, and the Earn program witnessed a 35% growth in users. The proof-of-reserves system was applied to 31 tokens, a notable increase from the previous year. Binance also introduced its Web3 Wallet to enhance the user experience.

By the end of 2023, Binance had firmly established itself with 170 million registered users, offering 431 assets for trading across 1785 trading pairs. The platform experienced substantial growth in crypto payments, P2P trading, and earning services. 

The Binance annual report revealed that Binance Pay and Card users increased by 54%, with over 3,500 new Pay merchants globally accepting cryptocurrencies for goods and services.

Despite former CEO Changpeng Zhao (CZ) parting ways with leadership amidst settlements with the U.S. government, his fortunes soared. Despite a $150 million fine, CZ’s net worth skyrocketed by $24.6 billion to $37.2 billion, propelling him to the 35th spot on the Bloomberg Billionaires Index as of December 25.

While navigating regulatory challenges, the exchange secured licenses, registrations, and authorizations in 18 jurisdictions worldwide, marking a historic achievement.