Global version of Binance gains 40 million new users in one year = year-end report

Significant increase in user base

On the 28th, Binance (global version), a major crypto asset (virtual currency) exchange, announced its year-end report summarizing 2023. It has been a tumultuous year for cryptocurrencies, with a mix of “headwinds and victories,” but the company believes that continued “valuable product development and robust infrastructure construction” have led to “a stronger industry than ever before.” .

The #Binance 2023 End-of-Year Report has landed!

This year, we remained dedicated to putting users first and strengthening our business through:

Enhancing user security
Upgrading our Proof-of-Reserve system
Regulatory approvals across 18 jurisdictions

And much more

— Binance (@binance) December 28, 2023

According to the report, Binance welcomed more than 40 million new users in the past year, with the number of registered users increasing by more than 30% from the end of last year to 170 million.

Binance, whose motto is “providing maximum value to users,” is not only enhancing its main exchange-related services, but also introducing new products and functions that support the development of Web3.

• Supports 69 fiat currencies
• 431 cryptocurrencies and 1,785 trading pairs
• Binance P2P: Supports 112 fiat currencies and 970 payment methods.Number of users and transactions increased by 39% and 18% respectively
• Binance Pay/Card users increase by 54%
• Binance Earn: Supports 362 assets, 35% increase in user count, 16.8% increase in total value locked in product (TVL)
• Enhancing staking services: Launching ETH liquid staking token “WBETH”

In addition, Binance provides “Binance Square” as a social network and content platform for users, and the number of creators will rapidly increase from 1,200 to 11,000 in 2023. The number of daily active users has also doubled from 700,000 to over 1.6 million.

Compliance and security

The report briefly mentioned the legal settlement with US regulators and the departure of founder Changpeng Zhao (CZ) as “the beginning of a new chapter in Binance’s history.”

Binance emphasizes continued investment in compliance technology, processes, and talent. The company will invest about $213 million (30.1 billion yen) in its compliance program in 2023, an increase of 35% from last year’s $158 million (22.3 billion yen), he said.

As proof that the company’s compliance efforts are recognized around the world, we highlighted the fact that it has received licenses, registrations, and approvals from 18 countries, including Japan, as of the end of 2023.

He also gave examples of cooperation with law enforcement agencies around the world in efforts to curb illegal activities involving virtual currencies.

• Responded to 58,000 law enforcement requests
• 120 training sessions held to share expertise
• Supporting investigations by authorities such as the FBI and the Department of Justice (e.g., successfully seized $120 million in fraudulent funds)
• Cooperating with Tajikistan’s Financial Surveillance Department to arrest key members of a terrorist organization

Binance states that actively cooperating with law enforcement authorities not only contributes to the safety of the ecosystem, but also contributes to improving the industry image.

connection:Overseas version of Binance settles with CFTC, faces fines and strengthens compliance system

Transparency and security of user funds

In an effort to protect user funds and maintain transparency, Binance has introduced a Proof of Reserve (PoR) system.

At the end of last year, there were 9 tokens supported in PoR, which has expanded to 31 tokens this year. Furthermore, to improve system robustness and enhance user privacy, this year we implemented zk-SNARK, a zero-knowledge proof technology.

Additionally, the SAFU Fund, a capital insurance fund set up as part of Binance’s user protection, had reached $1.2 billion (169.7 billion yen) as of the end of the year.

Web3 support

Binance launched Binance Web3 Wallet to provide a safer and more convenient way to access decentralized finance (DeFi) and decentralized apps (DApps). It is a self-custodial wallet integrated into the Binance app that allows you to manage your cryptocurrencies, swap tokens between multiple chains, and even migrate between CeFi (centralized finance) and DeFi.

The report said users created “millions of wallets in a matter of weeks,” indicating high demand.

In addition, the company’s investment arm Binance Labs will invest in 36 companies selected from over 2,000 startups in 2023, focusing on infrastructure and tools that utilize zero-knowledge proof technology, Web3 games, and DeFi innovation. It is said that it is supporting.

CEO’s comment

Richard Teng, who took over as CEO from CZ in November, said as Binance wrapped up 2023 that this year, it has “dared to embrace change and become even stronger.”

After a legal settlement with US authorities and a change in management, Binance has seen “very strong” capital inflows and an increase in the number of new users, a testament to users’ confidence in the company and its vision for the future. It is claimed that.

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