Markets News Report
January 02, 2024

Binance Hit 170 Million Users in 2023 and Spent $213 Million on Compliance, says CEO Richard Teng

In Brief

Binance saw a 30% increase in registered users, welcoming 40 million new users and reaching a total of 170 million, said CEO Richard Teng.

Richard Teng Takes Helm as Binance's New CEO Amidst Company's Strategic Shift

Binance experienced a 30% increase in registered users, welcoming 40 million new users and reaching a total of 170 million, said Richard Teng, CEO of Binance on social media platform X (formerly Twitter), while sharing highlights of the company from the past year.

He shared highlights via a comprehensive year-end report titled ‘State of The Blockchain: Binance’s 2023 in Review‘.

“We held keep crypto safe. The Binance Investigations team processed over 53,000 law enforcement requests in 2023 (+3,000 YoY). The team also conducted over 120 training sessions (+50 YoY) for law enforcement to further the detection of cyber/financial crimes and assist the prosecution of bad actors with knowledge and intelligence sharing,” said Teng.

He further added that the company put compliance first. To that end, in 2023, the company invested $213 million in the compliance program, an increase of 35% from last year’s $158 million. It continued investing in leading KYC vendors and product solutions.

“We continued to invest in our compliance technology, processes and talent, spending $213M in 2023, up 35% from the previous year’s $158M,” stated Teng.

Binance’s User-Centric Growth in Web3

The digital asset ecosystem reached 170 million registered users by the end of 2023 and facilitated trading across 431 assets and 1785 trading pairs, to provide a diverse range of offerings.

The platform experienced an expansion in services related to crypto payments, P2P trading, and earning. Binance Pay saw a 70% increase in active users, with over 3,500 new Pay merchants globally accepting cryptocurrencies.

The P2P platform, supporting 970 payment methods and 112 fiat currencies, processed 18% more trades than the previous year, serving 39% more users. Binance Earn, supporting 362 assets, reported a 35% increase in users and a 16.8% rise in total value locked.

Binance Feed’s evolution into Binance Square demonstrated a response to the growing demand for an engaging Web3 social experience. Binance Square now has 11,000 creators and 1.6 million active daily users, serves as a gateway into the expanding universe of Web3 content.

Strive Towards Enhancing Security and Compliance

In 2023, Binance took significant steps in enhancing security and compliance, responding to regulatory scrutiny and reaching settlements with U.S. regulators.

According to the report, the company holds licenses, registrations, and authorizations in 18 jurisdictions worldwide, emphasizing its commitment to regulatory compliance.

Collaborating with law enforcement, Binance responded to 58,000 requests, conducted 120 training sessions, and played a pivotal role in solving high-profile cases, resulting in arrests, fund seizures, and dismantling criminal networks, it added.

To ensure user safety, Binance strengthened platform security measures, conducted educational campaigns, and maintained a $1.2 billion SAFU fund for emergencies. The proof-of-reserves (POR) system, supporting 31 assets, ensures a 1:1 ratio backing of user assets along with additional reserves.

Additionally, the company responded to the demand for accessible gateways to the decentralized Web by launching the Binance Web3 Wallet. Integrated directly into the Binance app, the self-custodial wallet allows users to manage crypto funds, execute token swaps, earn yields, and interact with various blockchain platforms.

Within weeks of its launch, millions of Binance users adopted Web3 wallets, indicating a swift and positive response to the new offering, the company said. While Binance’s quantitative achievements seem impressive, the report emphasizes maintaining the trust of its growing community.

“Binance Academy helped 27 million learners boost their understanding of the world of digital finance in 31 languages in 2023,” Teng said.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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