Binance, the world’s largest cryptocurrency exchange, released its “2023 Year-End Report” yesterday, revealing that its registered users have reached 170 million, with over 40 million new user growth in 2023. This data represents an increase of nearly 30% compared to the end of last year.
In addition, Binance stated that it has made significant progress in encrypted payments, P2P transactions, and revenue-related services in 2023. The number of people using Binance Pay or Binance Card has increased by 54%, and there are now over 3,500 new Pay merchants and partners globally accepting cryptocurrency payments. The P2P platform supports 970 payment methods and 112 fiat currencies, with transaction volume increasing by 18% compared to last year, and the number of users increasing by 39%. Binance Earn has also achieved growth, with the Simple Earn product suite now supporting 362 assets, an increase of 35% in the number of users compared to the previous year, and a 16.8% increase in TVL.
Binance also emphasized its commitment to security and compliance. In 2023, the company invested a total of $213 million in compliance technology, processes, and talent, a 35% increase from the previous year. By the end of 2023, Binance obtained licenses, registrations, and authorizations in 18 jurisdictions worldwide. In response to 58,000 law enforcement requests, Binance supported regulatory agencies in combating crime and terrorism. The number of assets supported by the Proof of Reserves (POR) system increased from 9 in 2022 to 31 in 2023.
Binance also launched the Binance Web3 Wallet in November to meet the demand for decentralized network access, allowing users to execute token swaps and earn rewards across multiple chains. Currently, millions of users are participating in this self-custody wallet.
Lastly, Binance Labs, the company’s venture capital and investment department, continues to seek and support projects that have the potential to unleash Web3 advantages and promote their widespread adoption. This year, their investments focused on infrastructure and tools supported by zero-knowledge proof cryptography, Web3 games, and DeFi innovations. Over 2,000 startups applied to participate in Binance Labs’ 2023 incubation and acceleration program, with support given to 36 of them.
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