Binance reports 30% jump in user base

The cryptocurrency exchange Binance released its 2023 year-end report, which showed the number of platform users rising 30% to 170 million.

The company said that the number of P2P trades rose by 18%. The exchange supports 431 assets. They are available for trading in 1,785 pairs.

The Binance Pay payment service also recorded a 70% rise in users, thanks to the appearance of more than 3,500 new sellers and partners.

Representatives highlighted, in particular, a significant strengthening of the compliance programme. The firm increased investments to support this initiative by 35%, from $158 million to $213 million.

The reserve verification system expanded the number of supported coins from 9 to 31.

Binance also reminded of its deal with the United States Department of Justice:

“Having reached a consensus with regulators, we have taken responsibility for our past conduct. The review helped to create a comprehensive compliance programme that we have today. […] It is important to note that U.S. agencies did not allege that Binance misappropriated any user funds or engaged in any market manipulation.”

Binance now holds a licence or authorisation to operate in 18 jurisdictions worldwide, which is also a record among crypto exchanges.

At the end of the report the platform highlighted improvements in products and user experience in decentralised finance, blockchain gaming and SocialFi. In particular, Binance highlighted the launch of its own crypto wallet integrated into the trading app.

“Despite this year’s strong results, there is no precise quantitative measure. However, we regard our greatest achievement as maintaining the trust of our growing community, which is foundational to our mission of promoting the freedom of money around the world,” the company said.

Earlier, Bloomberg reported that in 2023 the capital of former Binance CEO Changpeng Zhao rose by $25 million to $37.2 billion.

Analysts at Matrixport say that in the next two to three years the exchange will remain among the largest thanks to the DOJ deal.