Binance highlighted positive aspects in its year-end report, noting significant achievements despite challenges. The cryptocurrency exchange reported a 30% increase in users in 2023, reaching a customer base of over 170 million. It facilitated 18% more trades among 39% more users compared to the previous year and emphasized the substantial strengthening of its compliance program.
Several accomplishments were mentioned in various areas. Binance Pay onboarded 3,500 new merchants and partners, while the number of users in the Earn program grew by 35%. The proof-of-reserves system was applied to 31 tokens, up from nine in the previous year. Binance also launched its Web3 Wallet.
While Binance had claimed to have “crypto’s best security and compliance team” in its 2022 report, it walked back that statement in the latest report. Despite a 35% increase in compliance investment, from $158 million to $213 million, the company acknowledged the scrutiny it faced, especially with settlements reached with U.S. regulators, leading to a comprehensive compliance program. Binance clarified that U.S. agencies did not allege misappropriation of user funds or market manipulation.
Currently, Binance holds licenses, registrations, or authorization in 18 jurisdictions worldwide, marking an all-time high for the exchange. Despite facing challenges, former CEO Changpeng Zhao (CZ) experienced personal financial growth. After paying a $150 million fine and stepping down from his leadership position in the settlement with the U.S. government, CZ’s net worth increased by $24.6 billion to $37.2 billion, making him the 35th richest person globally, according to the Bloomberg Billionaires Index.
It’s worth noting that the U.S. Securities and Exchange Commission still has an active case against Binance.
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