Binance has successfully garnered 170 million users in 2023 and has allocated $213 million towards compliance initiatives, as per the announcement by CEO Richard Teng.

According to Richard Teng, CEO, Binance recorded a 30% growth in registered users, with 40 million new additions making the total 170 million. Binance He took to social media platform X (previously known as Twitter) to share a recap of the company's achievements over the year.

Teng unveiled a detailed year-end review titled 'State of The Blockchain: Binance’s 2023 in Review'. In an effort to ensure the security of cryptocurrency, Teng mentioned that the Binance Investigations team addressed more than 53,000 requests from law enforcement in 2023, an increase of 3,000 from the prior year. In addition, the team conducted over 120 training sessions to better equip law enforcement in combating cyber and financial crimes. ‘.

– We have seen a 30% rise in registered users, adding 40 million users to bring our total to over 170 million.

Some highlights from #Binance in 2023:

– We are committed to maintaining the safety of crypto. Last year, our Investigations team handled over 53,000 law enforcement inquiries, reflecting a 3,000 increase from the previous year. Furthermore, the team facilitated...

Prioritizing compliance is key for us. Thus, throughout 2023, Binance invested $213 million into compliance efforts, marking a 35% increase from the $158 million allocated in the prior year. This includes partnerships with top-notch KYC providers and enhancing solutions.

— Richard Teng (@_RichardTeng) January 2, 2024

He further added that the company “We focused on advancing our compliance technologies and procedures, allocating $213 million in 2023, which is a significant jump of 35% compared to $158 million from the previous year,” shared Teng.

In 2023, Binance achieved impressive growth by reaching 170 million registered users and facilitated extensive trading options with 431 different assets and 1785 trading pairs, providing a comprehensive suite of services.

The platform expanded its offerings related to cryptocurrency transactions, peer-to-peer trading, and earning opportunities. Binance Pay experienced a noticeable growth with 70% more active users and over 3,500 new merchants around the world now accepting cryptocurrencies.

The digital asset The P2P trading platform, accommodating 970 payment options and 112 fiat currencies, noted an 18% growth in transaction volume over the previous year and catered to 39% more users. Additionally, Binance Earn, offering 362 assets, recorded a 35% rise in users and a 16.8% increase in total value locked.

The transformation of Binance Feed into Binance Square illustrated the response to the increasing demand for an interactive Web3 social platform. Binance Square currently hosts 11,000 content creators and boasts 1.6 million daily active users, serving as a portal into the evolving world of Web3 content.

The company made significant advances in strengthening security and compliance measures.

In 2023, Binance responded decisively to regulatory scrutiny and engaged in settlements with authorities in the United States.

The report highlighted that Binance holds valid licenses, registrations, and authorizations across 18 jurisdictions globally, showcasing its dedication to adhering to regulatory frameworks.

Working alongside law enforcement, Binance addressed 58,000 requests, delivered 120 training sessions, and proved instrumental in tackling high-profile criminal cases, leading to arrests, asset recoveries, and the dismantling of organized crime. security and compliance In a bid to enhance user security, Binance reinforced platform security protocols, rolled out educational initiatives, and maintained a robust $1.2 billion Security Asset Fund for Users (SAFU) to manage unforeseen circumstances. The proof-of-reserves system supports 31 assets and ensures that user holdings are backed 1:1, alongside additional reserves.

Moreover, to cater to the demand for user-friendly entry points into decentralized web infrastructure, Binance introduced the Binance Web3 Wallet. This self-custodial wallet, integrated directly into the Binance app, enables users to manage their digital assets, conduct token exchanges, earn yields, and interact with multiple blockchain ecosystems.

In just weeks following its launch, the Binance Web3 Wallet saw millions of users adopting it, signaling a robust and favorable reaction to the innovative feature, according to the company. While the quantitative metrics are commendable, the focus remains on preserving the trust of their expanding user community.

“In 2023, Binance Academy educated 27 million learners across 31 languages on the intricacies of digital finance,” noted Teng.

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