Binance’s 2023 year-end report unveils industry leadership and robust growth

Binance, the global blockchain ecosystem and the largest cryptocurrency exchange by trading volume, has released its comprehensive 2023 year-end report. The document encapsulates a year defined by industry trends, growth milestones, and pioneering advancements in the blockchain and cryptocurrency domain.

Empowering the industry amid challenges

Despite challenges, 2023 showcased a relentless commitment to advancing Web3 infrastructure and creating valuable products. The crypto landscape navigated cycles of change, positioning itself for the widespread adoption of digital assets.

Driving momentum in crypto

Binance, at the forefront of the crypto ecosystem, led trends shaping blockchain and crypto narratives. From the surge in SocialFi to expanding crypto payments and compliance enhancements, Binance’s initiatives aligned with emerging user needs and global trust-building endeavours.

Highlights of Binance in 2023

With over 40 million new user registrations, a 30 percent increase, and significant strides in core services and innovative product introductions, Binance strengthened its compliance programme while expanding its user base.

Growth and Web3 Accessibility

With 170 million registered users and 431 tradable assets across 1785 pairs, Binance emerged as a premier digital asset ecosystem. Binance Pay and Card witnessed a 54 percent surge in users, engaging 3,500 new Pay merchants globally. Transaction volumes for Binance Pay surged by 71 percent, exceeding $77 billion.

Additionally, the P2P platform, supporting 970 payment methods and 112 fiat currencies, processed 18 percent more trades, serving 39 percent more users. The active Binance Pay user base surged by nearly 70 percent, surpassing 12 million.

Binance Earn supported 362 assets, attracting 35 percent more users and witnessing a 16.8 percent growth in locked assets.

Binance pay advancements and partnerships

Binance Pay’s outstanding yearincluded a 54 percent surge in users globally. The strategic partnership with Pick n Pay in South Africa expanded crypto payments into everyday retail scenarios, furthering Binance’s commitment to mainstream crypto adoption.

Compliance, security, and impact

Investing $213 million in compliance technology, Binance bolstered its global compliance in 18 jurisdictions. Collaborations with law enforcement addressed illicit activities, with 120 training sessions across nations like Kenya, Nigeria, and South Africa. The SAFU fund reached $1.2 billion, and Binance’s proof-of-reserves system now supports 31 assets.

Advancing Web3 Accessibility

Binance introduced the Binance Web3 Wallet, integrating self-custodial capabilities, allowing easy fund management and cross-chain token swaps. Binance Labs supported 36 start-ups from 2000 applicants, fostering innovation in Web3 projects.

Upholding trust and innovation

Binance’s paramount achievement remains to maintain community trust and empower global financial freedom through user-centric initiatives.

Did you know: Following the spot bitcoin ETF approval, Binance believes the approval illustrates a new level of acceptance, maturity and mainstreaming of the crypto market, providing the industry with more credibility and potential for further innovation. Bitcoin ETFs will provide easier access to the crypto market, attracting more investors and liquidity. While it is not easy to anticipate the scale of new entrants and market dynamics (which are subject to market dynamics), it is useful to note that the introduction of Gold ETFs in 2004 led to seven years of positive price action after that. Coupled with the Bitcoin Halving event this year, these events could provide a dynamic market for Bitcoin. The Bitcoin spot ETF will bring added credibility to the digital asset industry, furthering the foundations of trust in the market for a wider audience.  

Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, offers a diverse suite of financial products and services, including the largest digital asset exchange by volume. Driven by an unwavering commitment, Binance pioneers innovation and fosters accessibility in the crypto space, shaping the future of finance.

Disclaimer and Risk Warning

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