Binance, the world’s largest cryptocurrency exchange, released its “2023 Year-End Report” yesterday, which showed that its registered users had reached 170 million and had gained over 40 million new users in 2023, representing a nearly 30% increase from the end of the previous year.
2023 saw significant growth in various services offered by Binance, including cryptocurrency payments, P2P trading, and earnings-related services. The number of people using Binance Pay or Binance Card increased by 54%, and over 3,500 new Pay merchants and partners worldwide now accept cryptocurrency payments. The P2P platform now supports 970 payment methods and 112 fiat currencies, with transaction volume increasing by 18% compared to the previous year and the number of users increasing by 39%. Binance Earn also experienced 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 total value locked (TVL).
Binance remains committed to safety and compliance. In 2023, Binance 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 had obtained licenses, registrations, and authorizations in 18 jurisdictions worldwide. They also responded to 58,000 law enforcement requests in 2023, supporting 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.
To meet the demand for decentralized network access, Binance launched the Binance Web3 Wallet in November, allowing users to perform token exchanges and earn rewards across multiple chains. Currently, millions of users are participating in this self-custodial wallet.
Binance Labs, the investment and incubation arm of Binance, continues to seek and support projects that leverage Web3 advantages and promote their widespread adoption. This year, their investments primarily focused on infrastructure and tools supported by zero-knowledge proof cryptography, Web3 games, and DeFi innovations. Over 2,000 new startups applied to participate in the Binance Labs 2023 incubation and acceleration program, with 36 receiving support.
Overall, Binance’s 2023 Year-End Report demonstrates the exchange’s ongoing commitment to development and progress in the cryptocurrency industry.