Binance’s 2023 Annual Report: 30% User Growth, $213 Million Spent on Compliance
As 2023 comes to a close, Binance releases its annual report, highlighting key data and narratives about Binance during the year.
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User Growth and Web3 Product Expansion in 2023
Solid Compliance Plan after Heavy US Penalties
Security and Compliance
Compliance Comes at a Price: $213 Million in 2023
2023 Performance Review
Registered Users Reach 170 Million
Enhancing Accessibility of Web3
In 2023, Binance experienced a 30% growth in new users and continued to expand the accessibility of its Web3 products and services, with a focus on improving user experience. Binance aims to become a compliance-first organization, preparing the industry for a new era.
After reaching a historic settlement with US regulatory agencies, Binance established its comprehensive compliance plan. This has made Binance stronger and ready to lead the digital asset industry into a new era. Binance has obtained multiple licenses and registrations worldwide.
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Binance Obtains Multiple Licenses and Compliance Registrations (
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In 2023, Binance strengthened its investments in compliance technology, processes, and talent, as well as collaborated with crime-fighting organizations globally to handle a large number of law enforcement requests.
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According to Binance’s report, the compliance expenditure was $158 million in 2022 and reached $213 million in 2023.
In 2023, Binance welcomed over 40 million new users, representing almost a 30% growth, and achieved stable growth in key service areas. Additionally, Binance launched new products and features tailored to the blockchain era, adhering to its core value of putting users first, and significantly strengthened its compliance plan.
By the end of 2023, Binance had registered 170 million users, offering 431 tradable assets across 1,785 trading pairs. Binance Pay, P2P trading, and earning services experienced significant growth. Binance Square, as a gateway platform for Web3 content, attracted a large number of creators and active users.
In 2023, Binance introduced the Web3 wallet, providing self-custody functionality and integrating it directly into the Binance app for convenient management of cryptocurrency funds and interaction with various blockchain platforms.
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