Binance’s user base surpassed 120 million

In 2022, Binance’s user base surpassed 120 million and its staff grew to 7,500. In an open letter, Binance CEO Changpeng Zhao said.

According to him, the platform places particular emphasis on regulatory compliance. By year’s end Binance had obtained licences to operate in 14 countries, including Kazakhstan, Italy and France.

The compliance team grew from 500 to 750 staff. Over the 12 months the exchange processed more than 47,000 requests from law enforcement authorities.

Zhao noted that the platform’s strategy allows active expansion even in a bear market. This extends to venture investments — in 2022 Binance Labs invested more than $500 million in various Web3 projects.

The head of the company added that under the Binance Charity initiative it donated more than $20 million to non-profit organisations.

He also emphasised that, despite a challenging year, the crypto industry has made significant progress in areas such as compliance and the retail adoption of payments with digital assets.

To recover from the FTX collapse, the industry will need a long time. Zhao said that sector players must focus on protecting users, integrating technology into daily life and developing innovative products.

Binance emerged as one of the main beneficiaries of the crisis that erupted in 2022. In the wake of the collapse of Sam Bankman-Fried’s business empire, the exchange significantly strengthened its position.

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