Binance 2023 Annual Report: 30% User Growth, $213 Million Spent on Compliance

As 2023 draws to a close, Binance released its annual report, highlighting key data and narratives for Binance throughout the year.

Binance 2023 User Growth and Web3 Product Expansion

In 2023, Binance saw a 30% increase in new users and continued to expand the accessibility of Web3 products and services, focusing on enhancing user experience. Binance stated its commitment to becoming a compliance-first organization, preparing the industry for a new era.

Solid Compliance Plan Post Hefty U.S. Penalties

Following a historic resolution with U.S. regulatory authorities, Binance has established its comprehensive compliance plan. This has made Binance more solid and ready to lead the digital asset industry into a new era. Binance holds multiple licenses and registrations worldwide.

Security and Compliance

In 2023, due to the settlement with U.S. regulatory authorities, Binance has increased investments in compliance technology, processes, and talent, and collaborated with crime-fighting agencies globally, handling numerous law enforcement requests.

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Costly Compliance: $213 Million Spent in 2023

According to Binance's report, $158 million was spent on compliance in 2022, which increased to $213 million in 2023.

2023 Performance Review

In 2023, Binance welcomed over 40 million new users, almost a 30% growth, achieving stable growth in key service areas. Additionally, Binance launched new products and features for the blockchain era, upholding its core value of putting users first and significantly strengthening its compliance plan.

Registered Users Reach 170 Million

By the end of 2023, Binance had 170 million registered users, offering 431 tradable assets across 1785 trading pairs. Significant growth was seen in Binance Pay, P2P trading, and earning services. Binance Square, as an entry platform for Web3 content, attracted numerous creators and active users.

Enhancing Accessibility of Web3

In 2023, Binance launched the Web3 wallet, offering self-custody features and integrated directly into the Binance app for easy management of cryptocurrency funds and interaction with various blockchain platforms.

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For more report details, please see here