Binance Year-End Report “Blockchain Market Status: Binance 2023 Review” has been released, introducing the overall industry development status, key data, and narratives of Binance in 2023.
Table of Contents:
Building a “User-Centric” Network
Enhancing Security and Compliance
Enabling Everyone to Access Web3
In 2023, Binance achieved 30% growth in new users by expanding its product line and improving user experience, allowing more users to better utilize 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 plans and become an institution with strong compliance capabilities, laying a solid foundation for leading the cryptocurrency industry into a new era.
2023 was a turbulent year for the cryptocurrency industry. However, even during the long recovery period, we never ceased our efforts in constructing within the Web3 field, continuously launching valuable products and robust infrastructure applications. Currently, our industry is stronger than ever before, forming a strong momentum on the path to widespread adoption of cryptocurrencies.
As an industry leader, Binance has experienced the setbacks and triumphs shared by the entire cryptocurrency ecosystem, while being deeply influenced by and shaping some 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, achieving nearly 30% growth compared to the end of last year. Our core services also experienced stable growth and launched many new products and features designed for the next blockchain era. Binance always adheres to the core value of “User First” while significantly strengthening its compliance plans.
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 degree of decentralization and user-centric online experiences. Binance, as a global leading cryptocurrency ecosystem, focuses on providing maximum value to users, which is why 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 exceeded 170 million, offering 1,785 trading pairs and 431 tradable assets. This year, Binance has experienced significant growth in cryptocurrency payments, C2C trading, and finance-related services.
The number of active users using Binance Pay has increased by 20%, with over 3,500 new payment merchants and partners worldwide providing services, allowing these merchants and partners to accept cryptocurrency for the purchase of goods and services.
Binance’s C2C platform currently supports 970 payment methods and 112 fiat currencies, with transaction volume increasing by 18% compared to last year, and the number of users using the service growing by 39%. Binance Finance has also continued to grow, with its Earn products currently supporting 362 assets. In 2023, the number of users using Binance Finance increased by 35% compared to last year, and the total locked-in value of its products increased by 16.8%.
To meet the industry’s demand for more attractive Web3 social experiences, Binance Square, the platform aiming to become the gateway for users to enter the Web3 content world, has continued to develop. 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 to over 1.6 million.
In 2023, Binance reached a settlement with US regulatory agencies, starting a new chapter by taking responsibility for past actions. Binance has undergone leadership changes and transformations in corporate governance, gradually developing into a stronger institution. This review has helped us advance our existing comprehensive compliance plans.
Binance continues to invest in compliance technology, processes, and talents. In 2023, Binance’s investment in compliance reached $213 million, a 35% increase compared to last year’s $158 million. By the end of this year, we hold licenses, registrations, and authorizations in 18 jurisdictions worldwide, the highest number ever.
To combat illicit activities involving cryptocurrencies, we have strengthened 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 personnel, and supported law enforcement agencies in cracking a series of high-profile cases, assisting in the capture of numerous criminals and terrorists, seizing billions of dollars in illegal proceeds, and dismantling multiple international criminal networks.
To further ensure user security, Binance has improved platform security measures and conducted a series of security-focused educational 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 for users in emergency situations.
The number of assets supported by Binance’s Proof of Reserves (PoR) increased from 9 in 2022 to 31 in 2023. Anyone can verify them online at any time, and Binance always provides additional reserves in a 1:1 ratio to support user assets.
In 2023, the improvement of products and user experiences in the areas of Decentralized Finance (DeFi), GameFi, and SocialFi attracted many new users to enter the Web3 application field.
To meet the demand for easy access to user-friendly decentralized web portals, we launched Binance Web3 Wallet. This is a self-custody wallet directly integrated into the Binance app, allowing users to manage their cryptocurrency assets, exchange tokens across multiple blockchains, earn rewards, and interact with various blockchain platforms. Within a few weeks, Binance users have created millions of Web3 wallets.
Although Binance’s growth this year has been strong in numerical terms, 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 movement” worldwide. In 2023, users remain the top priority for Binance and will always be in the future.
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