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Binance reveals year of robust growth & innovation
Fri, 29th Dec 2023

Binance, the global blockchain ecosystem operating the world's largest cryptocurrency exchange by trading capacity, has published its 2023 end-of-year report. This comprehensive summary charts not only the company's key achievements but frames them within the broader backdrop of the industry, highlighting significant trends that have shaped the blockchain and crypto sectors.

Binance states, "The year 2023 has been a tumultuous one for crypto. However, even during the long periods of recovery, the building of valuable products and robust Web3 infrastructure never ceased." Despite the rollercoaster year experienced by the industry, Binance has navigated both challenges and victories, strongly influencing key trends from compliance to product accessibility. Over the past year, the company introduced innovative features that dovetail its firm belief in the promise of blockchain and Web3 - to empower individuals and provide a more user-centric online experience.

This year's statistics underline the robust growth in user registration and expanding popularity of Binance's diverse services. The company welcomed over 40 million new users, a 30% hike from the closing of the preceding year. Binance now boasts 170 million registered users, with 431 assets available for trading that span 1785 trading pairs. Additionally, the company made significant headway confirming its position as a Web3 leader. The Binance Pay feature, coupled with services related to crypto payments, P2P trading, and interest accrual, witnessed a robust growth surge.

In acknowledgment of the wider industry call for a more meaningful Web3 social experience, Binance Feed matured into Binance Square, a forum dedicated as a window into an abundance of Web3 content. Over the past year, the number of creators on Binance Square ballooned from 1,200 to 11,000, and the daily active user metric surged from under 700,000 to 1.6 million.

On the compliance front, Binance expanded its investment considerably, allocating $213M for developing its compliance technology, talent, and processes in 2023. This marks a 35% increment on the previous year's expenditure of $158M. The company acquired licenses, registrations, and authorizations in 18 jurisdictions worldwide, striking a historical high. Extra initiatives include more robust collaborations with global crime fighters and the implementation of comprehensive platform security measures.

From its commitment to make Web3 more accessible, Binance launched the Web3 Wallet - a self-contained wallet integrated into the Binance app that enables users to manage their crypto funds, perform token swaps across multiple chains, and interact with several blockchain platforms. The company's venture capital and investment branch, Binance Labs, continued to scrutinize and back projects that capitalise on the potential benefits of Web3 and expedite its universal adoption.

Binance concludes its report emphasising its vital accomplishment: "While our numbers look strong this year, it is something impossible to quantify that we consider our greatest achievement: maintaining the trust of our growing community, which is fundamental to our mission of advancing the freedom of money globally. To this end, Binance pledges to continue its priority commitment to its users."