Binance Year-End Report “Blockchain Market Status: Binance 2023 Review” has been released. The report introduces the overall industry development status, key data, and narrative of Binance in 2023.
Table of Contents
Building a “User-Centric” Network
Enhancing Security and Compliance
Enabling Access to Web3 for Everyone
This article is a sponsored article written by Binance, and it does not represent the stance of Dooqoo. It is also not an investment advice, nor a recommendation to buy or sell. Please see the end of the article for the disclaimer.
In 2023, Binance achieved 30% growth in new users by expanding its product line and improving user experience, allowing more users to better use Binance’s newly launched Web3 products.
This year, Binance also reached a historic resolution with US regulatory agencies, which helped us advance our existing comprehensive compliance plan and become an institution with strong compliance capabilities, laying a solid foundation for leading the cryptocurrency industry into a new era.
2023 was a tumultuous year for the cryptocurrency industry. However, even during the long recovery period, we never stopped progressing in the field of Web3, continuously launching more valuable products and robust infrastructure applications. Currently, our industry is stronger than ever before, forming a strong momentum on the path of widespread adoption of cryptocurrencies.
As an industry leader, Binance has experienced the setbacks and victories shared by the entire cryptocurrency ecosystem and has profoundly influenced and shaped these trends affected by key industry trends in 2023. From the rise of SocialFi to the rapid adoption of cryptocurrency payments, from the increasing focus on compliance to the continuous improvement of Web3 product usability, Binance has always been in a leading position, committed to meeting the needs of emerging users and establishing trust in cryptocurrencies globally.
In 2023, Binance attracted over 40 million new users, a nearly 30% growth compared to the end of last year. Our core services also achieved stable growth and launched many new products and features tailored for the next era of blockchain. Binance has always adhered to the core value of “user first” and significantly strengthened its compliance plan.
Our year-end report, “Blockchain Market Status: Binance 2023 Review,” introduces significant progress and statistical data that reflect the development of Binance and the entire cryptocurrency industry this year. You can click here to access the full English version or continue reading this article to learn about important highlights and data.
The ultimate promise of blockchain and Web3 is to empower individuals through a higher level of decentralization and user-centered online experiences. Binance is a global leading cryptocurrency ecosystem that focuses on providing maximum value to users. It is precisely because of this that Binance’s registered user count continues to achieve strong growth, applicable to real-world use cases and enabling users to easily access Web3-related products and services.
By the end of 2023, Binance’s registered user count surpassed 170 million, providing 1,785 trading pairs and 431 tradable assets. This year, Binance has achieved significant growth in cryptocurrency payments, C2C transactions, and financial-related services.
The number of active users using Binance Pay has increased by 20%, with over 3,500 new global payment merchants and partners providing services. These merchants and partners now accept cryptocurrency as a means of purchasing goods and services.
Binance’s C2C platform currently supports 970 payment methods and 112 fiat currencies, with a transaction volume increase of 18% compared to last year and a user growth of 39%. Binance Finance has also continued to grow, with its Earn series products now supporting 362 assets. In 2023, the number of users using Binance Finance increased by 35%, and the total locked value of its products increased by 16.8%.
To meet the industry’s demand for a more attractive Web3 social experience, Binance Square platform continues to develop, aiming to become the gateway for users to enter the Web3 content world. In the past year, the number of creators on Binance Square has increased from 1,200 to 11,000, and the number of daily active users has increased from less than 700,000 to over 1.6 million.
In 2023, Binance reached a settlement with US regulatory agencies, marking the beginning of a new chapter. Binance has undergone changes in leadership and company governance structure and is gradually developing into a stronger institution. This review has helped us advance our existing comprehensive compliance plan.
Binance continues to invest in compliance technology, processes, and talent. In 2023, Binance’s investment in compliance reached $213 million, a 35% growth compared to last year’s $158 million. By the end of this year, we hold licenses, registrations, and authorizations in 18 jurisdictions worldwide, more than ever before.
To combat illegal activities involving cryptocurrencies, we have strengthened our cooperation with global law enforcement agencies. This year, we responded to over 58,000 law enforcement requests, held 120 training courses to share professional knowledge with law enforcement officers, and supported law enforcement agencies in cracking down on a series of high-profile cases, assisting in the capture of numerous criminals and terrorists, confiscating billions of illegal proceeds, and dismantling multiple international criminal networks.
To further ensure user safety, Binance has improved platform security measures and conducted a series of security-focused education activities. By the end of this year, the value of Binance’s Secure Asset Fund for Users (SAFU) reached $1.2 billion, which aims to provide protection to users in emergency situations.
The number of assets supported by Binance’s Proof of Reserves (PoR) has increased from 9 in 2022 to 31 in 2023, and anyone can verify them online at any time. Binance always provides support to user assets in a 1:1 ratio, plus additional reserves.
In 2023, the improvement of products and user experience in the fields of decentralized finance (DeFi), blockchain games (GameFi), and blockchain social (SocialFi) attracted many new users to the Web3 application field.
To meet the demand for easy access to user-friendly decentralized network portals, we have launched Binance Web3 Wallet. This is a self-custodial wallet directly integrated into the Binance app, allowing users to manage their own cryptocurrency assets, conduct token swaps across multiple blockchains, earn rewards, and interact with multiple blockchain platforms. Within a few weeks, Binance users have already created millions of Web3 wallets.
Although Binance’s growth this year has been strong from a numerical perspective, we believe that Binance’s greatest achievement is immeasurable: maintaining the trust of our growing community of users, which is the foundation of our mission to promote “the freedom of money flow” globally. In 2023, the user remains the top priority for Binance, and it will always be so in the future.
Disclaimer: This article is a sponsored article provided by the contributor, and the contributor has no relationship with Dooqoo. This article does not intend to provide any investment, asset advice, or legal opinions, nor should it be regarded as an offer to buy, sell, or hold assets. Any services, programs, or tools mentioned in this sponsored article are for reference only, and the actual content or rules shall be subject to the announcement or explanation by the contributor. Dooqoo is not responsible for any potential risks or losses. Readers are reminded to conduct their own careful verification before making any decisions or taking any actions.
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