Main conclusions

  • State of the Blockchain Ecosystem: Binance 2023 Review Now here's our year-end report presenting Binance's key figures and facts for the year in the broader context of the sector.

  • In 2023, Binance saw new user numbers rise by 30%, increasing its offerings and expanding the accessibility of its Web3 products with a focus on user experience.

  • This year Binance also reached a landmark resolution with US regulators, which helped us build the comprehensive compliance program we have today and become a compliance-driven organization ready to lead the digital asset sector into its new era.

2023 has seen some disruption for cryptocurrencies, however, even during long recovery periods, we have not stopped building valuable products and strong infrastructure in the Web 3 space, and at the end of this year we are further ahead than ever having built strong momentum on the way to Mass adoption of digital assets.

Just as the digital asset ecosystem has been buffeted by strong winds and huge successes, Binance has shared this fate as a pioneer of the sector – not just a recipient of influence, but also a creator and maker of some of the key trends that will shape blockchain technology and cryptocurrencies in 2023. Binance has led the way and made an effort to meet Emerging user needs and building trust in digital assets globally, from the emergence of SocialFi to the successful uptake of cryptocurrency payments, and from the increasing focus on compliance to facilitating and enhancing access to Web 3 products.

In 2023, we welcomed more than 40 million new users, representing a 30% increase compared to the end of last year, and we also saw consistent growth in our core services, introducing new products and features designed for the next era of blockchain technology. Furthermore, we have stayed true to our core value – always putting our users first – and have significantly strengthened our compliance program.

Our year-end report, State of the Blockchain Ecosystem: Binance Review 2023, features key facts, statistics and facts that describe the year's dynamics for Binance and the broader digital asset space. It can be accessed in full here (in English), or you can read on to learn the key points and figures.

The people-centered web

The ultimate promise of blockchain and Web3 technology is to empower people through a more user-centric, decentralized online experience. Given Binance’s focus on delivering maximum value to its users, the world’s leading digital asset ecosystem has seen a significant rise in user registrations and the proliferation of its use-case-oriented services across the globe. Real and easy access to the world of the web 3.

The number of registered users on Binance reached 170 million users by the end of 2023, and the assets available for trading reached 431 assets across 1,785 trading pairs. This year witnessed tremendous growth in our services related to digital currency payments, peer-to-peer trading, and making a profit, and the number of people using Binance increased. Pay by 70%, and the service is provided by 3,500 new merchants and partners worldwide who now accept digital currencies in exchange for goods and services.

The P2P platform processed more trades (18%) than last year, served more users (39%), and now supports 970 payment methods and 112 supported local currencies. As for Binance Earn, it has also moved from Success to success, as it now supports 362 assets across the Simple Earn product portfolio, and in 2023, it served more users (by 35%) than last year, resulting in a 16.8% increase in the total value booked in its products.

In response to the industry-wide demand for a more engaging social experience on Web3, Binance Feed has evolved into Binance Square, a platform designed to be a gateway to the world of Web3 content. The number of content creators on Binance Square has jumped from 1,200 to 11,000 over the course of the year. The past as well as the number of daily active users, jumping from 700 thousand to more than 1.6 million users.

Security and compliance

After we negotiated with US regulators and reached some solutions and agreements in 2023, we took responsibility for our past behavior and began a new chapter in Binance's history. Furthermore, we have undergone a leadership change and corporate governance structure transformation, with the result that our organization has become stronger. The audit helped create the comprehensive compliance program we have today.

We continued to invest in compliance technology, processes and efficiencies, spending $213 million in 2023, 35% more than last year's $158 million, and by year's end we had licenses, registrations and permits in 18 jurisdictions around the world. - More than ever before.

By intensifying our cooperation with global anti-crime actors to tackle illicit activities based on digital assets, we responded to 58,000 law enforcement requests this year, held 120 training sessions to share experiences with law enforcement agents, and supported authorities in resolving a number of high-profile cases that led to Arrest criminals and terrorists, confiscate billions in illicit funds, and dismantle international criminal networks.

To ensure a higher level of safety for our users, we improved our security measures on the platform and ran a series of security-focused educational campaigns. At the end of the year, the Secure Asset Fund for Users (SAFU), designed to protect users in emergency situations, was valued at $1.2 billion.

Binance's Proof of Reserve raised the number of supported assets from 9 in 2022 to 31 in 2023, reassuring everyone that we always back users' assets at a 1:1 ratio, plus additional reserve.

Facilitating access to the web 3

Thanks to product and user experience improvements across decentralized finance (DeFi), blockchain gaming, and SocialFi, the number of new users joining the world of Web 3 apps will increase in 2023.

In response to the demand for more accessible ways to access the world of the decentralized web, we launched the Binance Web3 Wallet – a self-custodial wallet integrated directly into the Binance app, allowing users to manage their digital funds, perform token swaps across multiple chains, generate returns, and interact with a variety of platforms. Blockchain, and it is worth noting that Binance users have created millions of Web3 wallets within a few weeks.

Despite the strength of our numbers this year, the greatest thing we have achieved cannot be expressed in numbers: it is continuing to gain the trust of our growing community, and this is the foundation on which our mission to spread financial freedom in the world is based. In 2023, Binance has made users its top priority – and will always continue to do so.

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