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Binance Surges in 2023 Despite U.S. Regulatory Hurdles

Crypto Exchanges Binance, the world's leading cryptocurrency exchange, showcased substantial progress across multiple fronts in 2023, with only one U.S. regulatory entity continuing its pursuit. Emphasizing positive developments in its year-end report, Binance celebrated noteworthy achievements.The exchange experienced a remarkable 30% surge in user numbers, surpassing 170 million customers. Facilitating an 18% increase in trades
Binance, the world’s leading cryptocurrency exchange, showcased substantial progress across multiple fronts in 2023, with only one U.S. regulatory entity continuing its pursuit. Emphasizing positive developments in its year-end report, Binance celebrated noteworthy achievements.

The exchange experienced a remarkable 30% surge in user numbers, surpassing 170 million customers. Facilitating an 18% increase in trades among 39% more users compared to 2022, Binance also highlighted the significant reinforcement of its compliance program.

Noteworthy advancements included the onboarding of 3,500 new merchants and partners for Binance Pay and a 35% growth in users participating in the Earn program. The proof-of-reserves system, now applied to 31 tokens compared to nine the previous year, showcased the exchange’s commitment to transparency. Additionally, the introduction of the Web3 Wallet marked a notable milestone.

Addressing concerns from its 2022 report, Binance revised its claim of having “crypto’s best security and compliance team.” Despite a 35% increase in compliance investment from $158 million to $213 million, the company acknowledged the need for humility.

Binance also acknowledged its settlements with U.S. regulators, stating, “By reaching settlements with U.S. regulators, we took responsibility for our past conduct.” Importantly, it clarified that U.S. agencies did not allege misappropriation of user funds or engagement in market manipulation.

đź”” Binance released a 2023 report, adding 40 million new users and registered users reaching 170 million; spending approximately $213 million on compliance; investment is mainly focused on zero-knowledge proof cryptography, Web3 games and DeFi innovation.

➡️ Key investment… pic.twitter.com/voR8IQxjN8

— Psquare Daily (@pSquare_Daily) December 28, 2023

Binance’s global presence expanded, with licenses, registrations, or authorizations now held in 18 jurisdictions—a historical high for the exchange. Despite the settlement with the U.S. government that led to former CEO Changpeng Zhao (CZ) stepping down, he experienced financial growth. Despite a $150 million fine, CZ’s net worth surged by $24.6 billion to reach $37.2 billion, securing his position as the 35th richest person globally, according to the Bloomberg Billionaires Index.

While navigating challenges, Binance remains resilient. It is noteworthy that the U.S. Securities and Exchange Commission continues to maintain an active case against the exchange, underscoring the ongoing regulatory landscape in the cryptocurrency industry.

Wasif Shakir

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