- To a total of 170 million, Binance welcomed an additional 40 million accounts.
- As Teng noted in Binance’s annual report, net inflows have been quite healthy.
The announcement by Binance CEO Richard Teng on Thursday—that the exchange’s user base increased by 30% in 2023—sends a strong signal as the biggest cryptocurrency trading platform in the world attempts to move on from the November settlement with U.S authorities and the resignation of founder Changpeng Zhao (CZ).
As Teng noted in Binance’s annual report, net inflows have been quite healthy, and new users have been constantly pouring in since Zhao’s guilty plea—in which Binance also agreed to pay $4.3 billion for breaking U.S. banking laws—took place.
Overall Growth
It wasn’t only Binance’s exchange products that saw growth. The company’s peer-to-peer platform, Binance Earn, Binance Pay, and all three showed growth. According to Teng, institutional investors are also showing a lot of interest.
To a total of 170 million, Binance welcomed an additional 40 million accounts. In 2023, the firm spent $213 million on regulatory compliance. This month, it finished a security audit, increased its monitoring of wash trading on the exchange and NFT platforms, and built an internal case management system to monitor transactions.
The spending was already up 35% from 2022, and next year’s cost would most likely be far higher. Over the following five years, the exchange will cover the costs of a compliance monitor who is certified by the US government.
The regulatory liaison team at Binance conducted 120 training courses and handled almost 60,000 inquiries from law enforcement authorities throughout the world in 2023.
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