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Succeeding 2023 with a 30% Increase in Users, Binance Remains Devoted to Web3 Products and Compliance
By increasing its user base, enhancing compliance, broadening its service offerings, introducing innovative social platforms, and promoting Web3 wallets in 2023, Binance solidified its position as the market leader in cryptocurrencies and blockchain technology and earned the trust of its users.
Binance, an industry leader in cryptocurrencies, provided a comprehensive year-end report for 2023 in which it reflected on the year and detailed numerous accomplishments and industry developments. The report titled "State of the Blockchain: Binance's 2023 in Review" presents significant data and narratives, situating them within the wider framework of the cryptocurrency and blockchain sectors.
Despite the arduous year of 2023 for cryptocurrencies, Binance maintained its dedication to the development of valuable products and the strengthening of the Web3 infrastructure. Significantly, the organization acquired an enormous 40 million fresh consumers, representing an estimated 30% growth compared to the preceding year.
Binance, in the midst of broader industry developments, was also a pioneer, working ceaselessly to satisfy user requirements while establishing global confidence in digital assets. The organization successfully achieved a pivotal agreement with U.S. regulators, which empowered it to establish a comprehensive compliance program and undergo a transformation into a compliance-oriented entity.
The culmination of Binance's endeavors concerning blockchain's potential and user-centric online experiences was a substantial increase in user registrations, widespread adoption of services tailored to practical scenarios, and enhanced Web3 accessibility. By the end of 2023, Binance had accumulated 170 million registered users and provided 1785 trading combinations encompassing 431 distinct assets.
As a result of the surge in cryptocurrency payments, Binance Pay's active user base increased by 20%. The surge in adoption was supported by the addition of more than 3,500 Pay merchants and partners worldwide, who began offering cryptocurrencies in exchange for products and services.
Furthermore, in light of the growing need for a captivating social experience on Web3, Binance transformed its Feed into Binance Square, thereby establishing an entry point to the vast array of Web3 content. By the end of the year, Binance Square had grown from 1,200 creators and less than 700,000 active daily users to a community of 11,000 creators and 1.6 million active daily users.
Binance invested $213 million in compliance technology, processes, and personnel, representing a 35% increase compared to the previous year, as sustainability remained a primary concern. This heightened dedication to regulation enabled Binance to obtain licenses in an unprecedented 18 jurisdictions worldwide.
With the intention of increasing Web3 accessibility, the introduction of Binance Web3 Wallet was especially significant. With the self-custodial wallet integrated into the Binance app, users were able to administer their cryptocurrency funds, execute token transfers across multiple chains, generate returns, and engage with a variety of blockchain platforms.
Notwithstanding these praiseworthy figures, Binance regards the preservation and reinforcement of user trust as its pinnacle accomplishment. Ensuring that users remained the primary concern, the organization remained dedicated to the worldwide promotion of monetary freedom.
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