Connect with us

Binance Marks Record Year with 40M New Users in 2023

Binance Marks Record Year with 40M New Users in 2023

Education

Binance Marks Record Year with 40M New Users in 2023


Cryptocurrency
exchange Binance saw significant growth in its user base in 2023, according to
its recently released year-end report. The company added over 40 million
registered users this year, representing a 30% increase compared to 2022. It
now has a total of 170 million registered users globally.

Binance
highlighted the steady adoption growth of its crypto payments , peer-to-peer
trading, and earning products. Its P2P platform saw an 18% increase in trading
volume and a 39% rise in active users.

“By 2023-end, Binance amassed 170 million registered users and offered 1785 trading pairs across 431 different assets,” the company commented in the report.

The company
also invested heavily in compliance and security measures. It spent $213
million on compliance in 2023, up 35% year-over-year, and now holds licenses
and registrations in 18 jurisdictions.

READ ALSO:  Can You Sue a Doctor for a Misdiagnosis? What You Need to Know

While
citing strong metrics, Binance stated its greatest achievement was
“maintaining the trust of our growing community.” The company wants
to remain focused on “advancing the freedom of money globally” using cryptos.

A Strong
Year despite Numerous Regulatory Challenges

In 2023,
Binance responded to 58,000 law enforcement requests to aid investigations and
grew its user protection fund to $1.2 billion. The user base expansion occurred
amidst various controversies surrounding Binance’s operations. It all began
with a lawsuit in the United States
, suggesting that the exchange was operating
illegally.

Subsequently,
the platform faced numerous problems in the European Union, where it
significantly reduced its regulatory exposure. However, the exchange focused on
development in other jurisdictions, including Asia and the Middle East. Like
local regulators, it aimed to create a new cryptocurrency hub in the latter.

According to Alex Chehade, the General Manager of Binance Dubai, the United Arab Emirates (UAE) could become the primary destination for cryptocurrency businesses seeking favorable and transparent regulations.

Cryptocurrency
exchange Binance saw significant growth in its user base in 2023, according to
its recently released year-end report. The company added over 40 million
registered users this year, representing a 30% increase compared to 2022. It
now has a total of 170 million registered users globally.

READ ALSO:  USCIS Final Rule Increasing Filing Fees Expected Soon

Binance
highlighted the steady adoption growth of its crypto payments , peer-to-peer
trading, and earning products. Its P2P platform saw an 18% increase in trading
volume and a 39% rise in active users.

“By 2023-end, Binance amassed 170 million registered users and offered 1785 trading pairs across 431 different assets,” the company commented in the report.

The company
also invested heavily in compliance and security measures. It spent $213
million on compliance in 2023, up 35% year-over-year, and now holds licenses
and registrations in 18 jurisdictions.

READ ALSO:  BTC price sets new 19-month high in ‘choreographed’ Bitcoin whale move

While
citing strong metrics, Binance stated its greatest achievement was
“maintaining the trust of our growing community.” The company wants
to remain focused on “advancing the freedom of money globally” using cryptos.

A Strong
Year despite Numerous Regulatory Challenges

In 2023,
Binance responded to 58,000 law enforcement requests to aid investigations and
grew its user protection fund to $1.2 billion. The user base expansion occurred
amidst various controversies surrounding Binance’s operations. It all began
with a lawsuit in the United States
, suggesting that the exchange was operating
illegally.

Subsequently,
the platform faced numerous problems in the European Union, where it
significantly reduced its regulatory exposure. However, the exchange focused on
development in other jurisdictions, including Asia and the Middle East. Like
local regulators, it aimed to create a new cryptocurrency hub in the latter.

According to Alex Chehade, the General Manager of Binance Dubai, the United Arab Emirates (UAE) could become the primary destination for cryptocurrency businesses seeking favorable and transparent regulations.




#Binance #Marks #Record #Year #40M #Users

Source link

Continue Reading
Advertisement
You may also like...

More in Education

To Top