The native asset of the world’s largest crypto exchange platform by volume is spiking as new data reveals that Binance onboarded 40 million new users in 2023.
According to Binance’s 2023 end of year report, the crypto exchange increased its number of new users by 30% compared to 2022 despite a year rife with regulatory woes.
“This year, our organization took responsibility for historical issues and has evolved through leadership change, emerging from it an even stronger business.
In 2023, Binance welcomed more than 40 million new users (more than a 30% increase from the end of last year), saw steady growth in its key services, and introduced new products and features built for the next stage of the blockchain industry’s development.
At the same time, we remained true to our core value – always putting our users first – and significantly strengthened our compliance program, making important steps toward becoming a truly compliance-led organization.”
Earlier this year, Binance was slapped with regulatory actions from both the Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC). According to the DOJ, Binance failed to maintain adequate anti-money laundering protocols while the SEC claimed the firm secretly had access to its customers’ funds.
The crypto exchange eventually settled, paying a massive $4.3 billion fine to the DOJ as its founder, Changpeng Zhao, agreed to step down from his position as chief executive.
News of Binance’s 2023 growth comes as BNB Coin (BNB), Binance’s native digital asset, surges. On December 18th, BNB was trading for $234. However, on the 28th, it was moving for $333, a 37% increase in just 10 days.
BNB Coin has since retraced and is moving for $311 at time of writing.
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Featured Image: Shutterstock/Mr.Alex M