Binance Celebrates 2023 Success: User Growth, Compliance Improvements, and Ex-CEO's Rising Fortune
Summary:
Binance, the cryptocurrency exchange, reported a 30% surge in users in 2023, bringing its customer base to over 170 million. It recorded an 18% increase in facilitated trades and significantly improved its compliance program. The exchange also saw progress in several areas like Binance Pay and its Earn program. Despite a multi-billion dollar settlement with the U.S. government, the company maintained its solid compliance investment and holds licenses in 18 jurisdictions globally. Meanwhile, former CEO Changpeng Zhao's net worth climbed to $37.2 billion.
In its annual review, Binance highlighted several high points. The cryptocurrency exchange reported a 30% user growth in 2023, taking its user count to over 170 million. The platform recorded an 18% rise in trades facilitated, a jump of 39% users compared to the previous year. Additionally, Binance declared considerable improvements to its compliance program. Binance attained notable progress across its many ventures. For instance, Binance Pay welcomed 3,500 new merchants and partners, and the Earn program's user base expanded by 35%. The application of its proof-of-reserves system reached 31 tokens, a significant increase from nine the previous year. Furthermore, the launch of its Web3 Wallet was a notable milestone. On the subject of its claims in the 2022 report about possessing the strongest security and compliance team in crypto, Binance stepped down. Nevertheless, it boosted its compliance investment from $158 million to $213 million, indicating a 35% enhancement. The exchange made a brief mention of its multibillion-dollar settlement with the U.S. government, noting that it took responsibility for its past actions. Emphasizing that U.S. agencies found no evidence of mismanagement of user funds or market manipulation by Binance, they stated that this scrutiny had resulted in their thorough compliance program. At present, Binance has licenses, registration or authorization in 18 jurisdictions globally, a record-high for the exchange.
Despite stepping down from his leadership role as a part of the settlement with the U.S. government, the year proved to be fruitful for ex-CEO Changpeng Zhao (CZ). His net worth increased by $24.6 billion to $37.2 billion, even after paying a fine of $150 million in a case related to the U.S. Securities and Exchange Commission. The Bloomberg Billionaires Index dated Dec. 25 ranked him as the 35th wealthiest individual globally.
Published At
12/28/2023 10:45:00 PM
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