Binance Says It Is ‘Truthfully Compliance-Driven’ In Positive Year-End Report

Binance remained on the positive side in its year-end report. He had achievements to point to.

The cryptocurrency exchange reported a 30% increase in users in 2023, bringing its customer base to over 170 million, and facilitated 18% more transactions among 39% more users in 2022. Binance also said, “It has strengthened us tremendously. [its] Compliance Program”.

Binance has made strides in most functions. Binance Pay has onboarded 3,500 new merchants and partners, for example, and the number of Earn program users has grown by 35 percent. The proof-of-concept system was implemented on nine to 31 tokens last year. Binance also launched Web3 Wallet.

Related: DOJ reveals large-scale surveillance of Binance operations

In its 2022 report, Binance backed up its claim of having “the best security and compliance team in crypto,” even though it increased compliance investment from $158 million to $213 million — a 35% increase. The company summarized its multibillion-dollar deal with the United States government:

“By reaching a settlement with US regulators, we have taken responsibility for our past conduct. The investigation helped create the comprehensive compliance program we have today. […] Importantly, US agencies have not alleged that Binance misused any user funds or engaged in any market manipulation.

Binance is currently licensed, registered or licensed in 18 jurisdictions worldwide, an all-time high for the exchange.

Binance released its 2023 report, reaching 40 million new users and 170 million registered users; nearly $213 million in compliance costs; Investments will mainly focus on zero-knowledge proof-of-concept cryptography, Web3 games and DeFi innovation.

➡️ Key investment… pic.twitter.com/voR8IQxjN8

— Psquare Daily (@pSquare_Daily) December 28, 2023

The year was also good for former CEO Changpeng Zhao (CZ) after he was forced out of his leadership position in a settlement with the US government. Despite paying a $150 million fine, CZ's net worth rose by $24.6 billion to $37.2 billion, according to the December 25 edition of the Bloomberg Billionaires Index. This makes him the 35th richest person in the world.

The US Securities and Exchange Commission still has an active case against Binance.

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