Binance Releases 2023 Review, Reflects on Headwinds and Wins

In the recently released annual review of Binance, the crypto exchange unveiled the “headwinds and wins” the firm has witnessed in 2023. Despite a series of challenges, including the protracted legal strife and Changpeng Zhao’s departure, 2023 has bestowed Binance “tremendous” growth.

Standing at the end of 2023, Binance boasts over 170 million registered users and around 40 million new users. The platform has also witnessed steady growth in its services, adding new features and products to the blockchain. However, narrating the overall experiences in 2023, Binance asserted that it was a “tumultuous year,” commenting,

A tumultuous year across the board, it saw the crypto market’s fortunes go down and up; digital asset regulation, albeit tightening in some regions, took a direction toward harmonization and greater clarity; Web3 adoption and institutional interest grew steadily regardless of short-term market fluctuations.

Delving into the major acquisitions of Binance, Binance Feed’s evolution into Binance Square demands specific recognition, as per the review. Binance Square, which was designed to be “a gateway into the universe of Web3 content,” currently holds 1.6 million active daily users, an increase from the previous 700K users.

In addition, the fiat currencies supported on Binance increased to 69 in 2023, making 30 fiat channels available across the world. Another notable achievement was Binance P2P’s expansion of payment methods and fiat currencies. The peer-to-peer trading platform has expanded the supported payment methods to 970 and fiat currencies to 112.

Claiming that Binance strictly adheres to regulatory compliances, the platform asserted that in 2023, it spent $213 million for compliance technology and processes, marking a yearly increase of 35%. As Binance prioritizes customer safety, the platform has embraced more security measures and conducted security-focused educational campaigns. Binance’s SAFU fund, the fund that intends to protect users in emergency cases, currently stands at $1.2 billion.