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Binance Labs has become an independent venture capital arm, after severing ties with Binance exchange.

The independent VC funds portfolio is now worth over $10 billion, covering over 250 projects from over 25 countries, with an over 14x return on investment rate, according to a March 12 blog post by Binance Labs.

The arm seeks to invest in early-stage Web3 projects and offer support including one-to-one mentorship and access to resources in the wider Binance ecosystem

Binance, the worlds largest cryptocurrency exchange, quietly created the independent fund earlier this year. Binance Labs staff have separate contracts from Binance exchange employees.

Related: Dogwifhat price headed to $10? Arthur Hayes thinks so

The independent VC fund is looking to invest in more Web3 projects. Founders can apply for funding through the Binance Labs Season 7 Incubation program until April 15, 2024.

Binance Labs aims to support promising early-stage founders, according to Yi He, co-founder of Binance and head of Binance Labs, who wrote in an announcement:

Binance Labs previous round of investments, season six, received hundreds of applications with a 3% admission rate. Only seven promising projects received funding by the end of the round.

These notable projects also included derivative infrastructure provider Ethena, which became the highest-earning decentralized application (DApp) after breaching $6.8 million in daily cumulative revenue in the week ending March 8.

Ethena Labs launched its USDe synthetic dollar on the public mainnet on Feb. 19, causing widespread concern among investors, as the Ethereum-based synthetic dollar launched with a 27.6% annual percentage yield (APY).

Guy Young, the founder of Ethena Labs, has dispelled the rumors, explaining that USDes yield is publicly verifiable, as it is generated via staking returns and shorting Ether perpetual future contracts.

Ethena currently offers a 60.9% yield on its USDe synthetic dollar to over 53,000 users, according to its homepage. The project holds over $1.1 billion in total value locked.

Related: Nigerian crypto community split over govts bid for Binance user data

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Binance cuts ties with venture capital arm - Cointelegraph

If your New Years resolution for 2024 is to get into cryptocurrency, PYMNTS Provider Ranking of Cryptocurrency Wallets is here to help.

Each month, PYMNTS uses metrics such as number of downloads, active users and more to determine the most popular crypto wallet apps in the industry.

This month, Binance remains at No.1, with others trailing closely behind. Wirex Card and Multicurrency Crypto Wallet makes its first appearance on the top 10 list, hinting at what may come in the new year.

Check out the top 10 to learn more.

Binance scores a perfect 100 and remains at No. 1.

No. 2 goes to Crypto.com again this month, scoring 93 points.

Trust Crypto and Bitcoin Wallet with 82 points remains at No. 3.

Blockchain.com Wallet, scoring 81 points, holds down No. 4.

No. 5 is a tie between Bitcoin Wallet, which climbs one ranking, and MetaMask, both scoring 78 points.

Exodus: Crypto Bitcoin Wallet is up one ranking and SafePal Crypto Wallet is up two rankings to meet at No. 6, both with a score of 68 points.

Newcomer Wirex Card and Multicurrency Crypto Wallet, scoring 57 points, lands at No. 7.

With a score of 46 points, Strike: Send and Spend Bitcoin takes the No. 8 ranking.

No. 9 remains Gemini: Buy Bitcoin Instantly with a score of 44 points.

BitPay scores 41 points and closes out the top 10.

For all PYMNTS crypto coverage, subscribe to the daily Crypto Newsletter.

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Binance Leads Provider Ranking of Crypto Wallets Into New Year - PYMNTS.com

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

Binance reports welcoming over 40 million new users in 2023, a 30% increase from the previous year.

The report delves into specific figures, such as Binance reaching 170 million registered users by the end of 2023, offering 431 assets for trading across 1,785 pairs. The use of digital assets for payments surged, supported by an expanding network of merchants. Binance Gift Card usage for crypto gifting saw a 3.5-fold increase.

Binance extended fiat support to 69 currencies and 30 channels globally. P2P trading, with 970 payment methods and 112 fiat currencies, recorded an 18% increase in trades, serving 39% more users than in 2022.

Security and compliance, crucial aspects of the crypto industry, detail its investments in compliance technology, processes, and talent, totaling $213 million in 2023. The company claims to hold licenses, registrations, and authorizations in 18 jurisdictions worldwide.

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

Binance cites involvement in shaping key trends such as the rise of socialFi, increased adoption of crypto payments, a focus on compliance, and improved accessibility of web3 products.

The report also touches on Binances collaboration with law enforcement to combat illicit activities involving digital assets. Figures include responses to 58,000 law enforcement requests, 120 training sessions, and support for solving high-profile cases.

Read more from the original source:

Binance shares cryptocurrency trends and web3 insights in end-of-year report - crypto.news

Amid the legal issues facing the former executive, a judge has once again denied Binance founder Changeng CZ Zhaos request to leave the US. Specifically, Bloomberg reported that Zhao was told that he was unable to exit the country as he awaits sentencing for various banking law violations.

Zhao and Binance were subject to an extensive years-long investigation that culminated in a massive settlement with different US agencies. Moreover, Zhao was forced to leave his position as the cryptocurrency exchanges CEO. Additionally, he is facing criminal charges for his role in the firms various violations.

JUST IN: Judge denies #Binancefounder CZ's request to leave US before sentencing again.

Also Read: India to Ban 9 Crypto Exchange URLs Including Binance & Kraken

One of the biggest developments for the digital asset sector in 2023 was the legal trouble that Binance found itself in. The crypto exchange had long been one of the industrys most prominent. However, a massive settlement and forced leadership change altered the course of the firm.

Now, the ongoing legal developments of its former CEO have continued to dominate industry headlines. Specifically, a judge has recently ruled, yet again, that Binance founder Zhao is unable to leave the United States. Indeed, reports have confirmed the ruling that was sent down today.

Also Read: Chinese Authorities Crack Down on $2.2 Billion Underground Crypto Network

Zhao had requested permission to travel from US District Judge Richard A. Jones for a second time. After a Seattle court hearing today, that application was once again denied. Both the reason for the travel and the destination were not made public following a request from Zhao

The former Binance executive is set to face sentencing for the banking violations that occurred while he headed the exchange. Conversely, the exchange had still seen 40 million new users in 2023. Zhaos sentencing is currently set to take place in February.

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Judge Again Denies Binance Founder's Request to Leave the US - Watcher Guru