Key takeaways

  • The State of Blockchain: Binance Year in Review 2023, our year-end report covering Binance's key figures and insights for the year in the context of the entire industry, has just been released .

  • In 2023, the number of Binance users increased by 30%, and the company expanded its offerings and improved the accessibility of Web3 products with a focus on user experience.

  • This year, Binance also reached an agreement with US regulators, which helped us create the comprehensive compliance program we have today and become a compliance-focused organization ready to support the industry digital assets in its next era.

2023 has been a tumultuous year for the crypto sector; Yet even during the long recovery periods, the design of valuable products and robust infrastructure in the Web3 sphere never stopped. At the end of this calendar year, the sector was doing well, and we managed to gain powerful momentum towards mainstream adoption of digital assets.

As an industry leader, Binance has suffered the same setbacks and victories as the digital asset ecosystem as a whole, and has been influenced by several megatrends that have defined blockchain and crypto in 2023, helping even establishing and shaping most of them. From the rise of SocialFi to the growing adoption of cryptocurrency payments, to the increased focus on compliance and the ever-improving accessibility of Web3 products, Binance has led the way in working hard to meet to emerging user needs and build trust in digital assets globally.

In 2023, we welcomed over 40 million new users, representing an increase of almost 30% from the end of last year. Our core services have also seen steady growth, and we have introduced new products and features designed for the next era of blockchain. We have remained true to our core value: always putting our users first, and have significantly strengthened our compliance program.

Our year-end report titled The State of Blockchain: Binance's 2023 Year in Review consolidates key facts, statistics and developments that outline the year's dynamics for Binance and the digital assets industry. You can read it in full (in English) here, or read on for a summary of the most important facts and figures.

A Web focused on Internet users

The ultimate promise of blockchain and Web3 is to empower internet users by providing a more decentralized and user-centric online experience. Binance aims to offer maximum value to its users: it is therefore not surprising that the number of registrations on the platform of the world's leading digital asset ecosystem is growing strongly, and that its services offering concrete use cases and making Web3 more accessible are becoming more and more popular.

By the end of 2023, Binance reached 170 million registered users and offered 431 assets as well as 1,785 trading pairs. This year, our crypto payment, trading and Earn services have grown significantly. Binance Pay user numbers increased by 70%, and these payment methods are now accepted by 3,500 new merchants and partners worldwide.

Binance Earn has also grown, and its Simple Earn product line is now compatible with 362 assets. In 2023, 35% more users joined Simple Earn compared to the previous year, increasing the total staked value of its products by 16.8%.

Industry users were demanding a more engaging Web3 social experience, so Binance Feed evolved into Binance Square, a platform designed as a gateway to the world of Web3 content. In 2023, Binance Square grew from 1,200 to 11,000 creators and from less than 700,000 to over 1.6 million daily active users.

Security and compliance

In 2023, we reached an agreement with the American regulatory authorities and thus took responsibility for our past behavior. We have thus opened a new chapter in the history of Binance by changing our CEO and transforming our corporate governance structure to become an even stronger organization. This close oversight by authorities helped create the comprehensive compliance program we have today.

We continued to invest in our compliance technologies, processes and talent, with total spending of $213 million in 2023, an increase of 35% from $158 million the previous year. At the end of 2023, we held licenses, registrations and authorizations in 18 jurisdictions around the world, a new record for us.

As part of our collaboration with stakeholders in the global fight against illicit activities involving digital assets, this year we responded to 58,000 requests from law enforcement, organized 120 training sessions to share our expertise with authorities and helped them solve several high-profile cases that resulted in the arrest of criminals and terrorists, the seizure of billions in ill-gotten funds, and the dismantling of international criminal networks.

To further strengthen the security of our users, we have refined the security measures of our platform and launched a series of educational campaigns on the topic of security. At the end of the year, the value of our SAFU fund, designed to protect users in emergencies, was $1.2 billion.

Binance's Proof of Reserves (PoR) system has increased the number of supported assets from 9 in 2022 to 31 in 2023 to allow anyone to verify that we back users' assets to a ratio of 1:1 in all circumstances, and that we have additional reserves.

Making Web3 accessible

In 2023, product and user experience improvements in decentralized finance (DeFi), blockchain gaming, and SocialFi have attracted new users to the world of Web3 applications.

In response to demand for accessible and user-friendly gateways to the decentralized web, we launched the Binance Web3 Wallet, a standalone wallet directly integrated into the Binance app that allows users to manage their crypto funds, swap tokens on multiple blockchains, obtain returns and interact with various blockchain platforms. In just a few weeks, Binance users created several million Web3 wallets.

While our numbers this year look great, it's impossible to quantify what we consider our greatest accomplishment: maintaining the trust of our growing community, a fundamental part of our mission to improve financial freedom globally. . In 2023, Binance put its users first, and it will always continue to do so.

For more information

  • The State of Blockchain: Binance’s 2023 Year in Review

  • A letter from our CEO: 2023

  • Relive your year 2023 alongside us with #2023withBinance

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