Journalist
Posted:
- Binance added 40 million new users, representing a 30% increase from 2022.
- Binance has invested $213 million in its compliance program by 2023.
One of the largest Web3 companies Binance [BNB] have been published end of year report, we delve into some of the key statistics, events, and investments that have defined the crypto juggernaut in 2023.
Numbers speak for themselves
Perhaps the biggest outcome was the addition of 40 million new users, representing an impressive 30% increase over the same period last year. This increased the total number of registered users to 170 million.
In addition, Binance has significantly expanded its product offering. The number of fiat currencies supported by the centralized exchange (CEX) rose to 69, with as many as 30 fiat channels around the world.
Additionally, P2P crypto trading, which involves trading cryptos without an intermediary, saw an 18% increase in transactions and 39% more users compared to 2022.
Flagship product performance
Binance then went on to talk about the growth of the new social networking content platform Binance Square. Since 2022, the number of creators has increased tenfold, while the number of daily users has increased by orders of magnitude.
Source: Binance
Binance Earn, a suite of products that allow users to earn passive income from their crypto investments, also saw substantial growth. The number of users increased by 35% compared to 2022, while the total value saved (TVL) increased by 16.8%.
Source: Binance
Binance also reflected on the launch of the Binance Web3 wallet – a self-custody solution – that gives users full access to their funds. The exchange claimed that users created millions of Web3 wallets after launch.
Binance increases compliance spending and transparency
The report also delved into the company’s focus on compliance in a turbulent year. Binance made investments amounting to $213 million in 2023, a jump of 35% from last year. Other steps taken to improve market surveillance were also described.
Recall that Binance has been on the receiving end of relentless regulatory pressure in the US, with cases involving rule violations by both its spot and derivatives trading operations.
Binance has also taken steps to maintain transparency of user funds. The proof-of-reserves (PoR) report supported 31 tokens in 2023, up from just 9 at the end of 2022.
It too improved the solution by implementing zk-SNARKs, a form of zero-knowledge proof.
Additionally, Binance highlighted the steps it has taken to combat criminal activity in the cryptocurrency space. During the year, Binance’s dedicated teams handled more than 58,000 law enforcement requests.
Read BNB’s price forecast for 2023-2024
Source: Binance
At the time of writing, the ecosystem’s native token BNB was exchanging hands at $319.32, having regained the fourth position in terms of market capitalization, per CoinMarketCap.
The coin has grown by 27.46% since the beginning of 2023, despite many hurdles.
