The post Crypto Exchange Adds 40M Users in 2023 Despite Regulatory Hurdles appeared on BitcoinEthereumNews.com.

Binance reported more than $1.2 billion in assets under custody for more than 170 million users in its 2023 performance report. Leading cryptocurrency exchange by daily traded volume and registered users, Binance Holdings Ltd., has continued to build the necessary infrastructure and products to enable the next phase of web3 mass adoption. Despite the former Chief Executive Officer Changpeng Zhao (CZ) being forcefully ousted by the United States government, Binance has demonstrated that it was built to stay and facilitate the mainstream adoption of Bitcoin and digital assets. Moreover, the Binance crypto exchange holds more than half a million Bitcoins and is regulated in several global jurisdictions. Additionally, the newly appointed Binance CEO Richard Teng has promised to continue with CZ’s legacy of protecting the crypto users and simultaneously focus on regulatory compliance. Binance 2023 Performance Report As the end of 2023 approaches, Binance has provided a detailed glimpse of its annual performance in a bid to foster transparency within the industry amid heightened regulatory scrutiny. According to the report, Binance added 40 million new users year-to-date, thus representing an increase of 30 percent from last year’s end. As a result, the Binance crypto exchange is home to more than 170 million registered users, who have been verified through the Know Your Customer (KYC) feature. From the 431 digital assets available for trading on Binance, the exchange currently has 1,785 liquid trading pairs. Binance reported it now has 112 fiat currencies supported on the platform to enable seamless off and on-ramping services with its partners. In 2023, Binance P2P trades that were completed jumped by 18 percent compared to 2022, following a 39 percent spike in P2P users. As the crypto regulatory landscape changes, Binance announced that it spent around $213 million in 2023 on compliance compared to $158 million…

---

Filed under: News - @ December 29, 2023 3:30 pm