The native asset of the world’s largest crypto exchange platform by volume is increasing as new data shows Binance will onboard 40 million new users by 2023.
According to Binance’s 2023 year-end report, the crypto exchange grew the number of new users by 30% compared to 2022, despite a year full of regulatory challenges.
“This year, our organization has taken responsibility for historic issues and evolved through leadership change, creating an even stronger company.
In 2023, Binance welcomed over 40 million new users (an increase of over 30% from the end of last year), saw steady growth in its core services, and introduced new products and features built for the next phase of the development of the blockchain industry. .
At the same time, we stayed true to our core value of always putting our users first and significantly strengthened our compliance program, taking important steps toward becoming a truly compliance-led organization.”
Earlier this year, Binance faced regulatory action from both the Department of Justice (DOJ) and the US Securities and Exchange Commission (SEC). According to the DOJ, Binance failed to maintain adequate anti-money laundering protocols, while the SEC alleged that the company secretly accessed its customers’ funds.
The crypto exchange eventually settled and paid a massive $4.3 billion fine to the DOJ as its founder, Changpeng Zhao, agreed to step down from his position as CEO.
The news of Binance’s growth in 2023 comes as BNB Coin (BNB), Binance’s native digital asset, is surging. On December 18, BNB was trading at $234. However, on the 28th the price went to $333, an increase of 37% in just ten days.
BNB Coin has since recovered and is trading at $311 at the time of writing.
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Featured image: Shutterstock/Mr.Alex M
