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Binance notably saw over 30% surge in users, expanding its customer base to over 170 million, reveals the Binance 2023 end-of-year report.

Furthermore, it facilitated 18% more trades involving a 39% larger user base compared to the preceding year. Additionally, Binance emphasized that it has significantly bolstered its compliance program investing $213 million in the program, up 35% from $158M in 2022.

Key takeaways from the report:

Late in 2023, the worlds largest exchange appointed a new CEO after founding CEO, Changpeng Zhao, stepped down from the company as part of a deal with U.S authorities, bringing an end to long-running investigation for facilitating money laundering and other crimes. As part of the deal, Zhao would pay $200 million in fines while the company paid more than $4 billion in fines and other penalties.

The company was forced to shut down operations in multiple jurisdictions including the Netherlands, while the regulator in Nigeria declared the companys operations illegal.

When Binance first launched, it did not have compliance controls adequate for the company that it was quickly becoming, and it should have. Binance grew at an extremely fast pace globally, in a new and evolving industry that was in the early stages of regulation, and Binance made misguided decisions along the way. Today, Binance takes responsibility for this past chapter, the company said at the time.

2023 was a year where the company took significant steps to bolster its compliance and regulation, acquiring approvals from several countries including South Africa.

Throughout 2023, we continued to engage with regulators and meet the most rigorous standards in the jurisdictions where we operate. As of the end of the year, we hold licenses, registrations, and authorizations in 18 jurisdictions around the world more than ever before.

Binance also disclosed its efforts in assisting law enforcement officials race illicit flows through crypto, processing over 58,000 law enforcement requests for 13,000 registered officials worldwide through its Government Law Enforcement Request System.

The company has also increased its global Law Enforcement Training Program, delivering 120 trainings in 2023 from 70 in 2022.

The law enforcement trainings also occurred for the first time in Africa, which saw the visit of Binance law enforcement experts to train local regulators and authorities in Nigeria and South Africa in dealing with cyber crimes related to cryptocurrencies and blockchain.

According to Binance, the ongoing excitement surrounding the potential approval of spot BTC exchange-traded fund applications and the upcoming bitcoin halving, could motivate more institutions to consider venturing into the crypto space.

According to a 2023 survey by the company, almost two-thirds of institutional investors felt positive about cryptos short-term outlook, while 88% were optimistic about the industrys prospects over the next decade.

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REPORT | Binance Users Surge Over 30% to 170 Million in 2023 Despite Regulatory Headwinds - bitcoinke.io

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