Post by account_disabled on Mar 6, 2024 3:57:42 GMT -6
State of the Blockchain: Binance 2023 Year in Review, our year-end report that puts Binance's key figures and narratives of the year into the broader context of the industry, is now available.
In 2023, Binance saw a 30% increase in the number of new users, increasing its offerings and the accessibility of Web3 products with a focus on user experience.
Additionally, this year Binance also reached a historic resolution with US regulators, helping us create the comprehensive compliance program we have today and become a compliance-oriented organization, poised to lead the digital asset industry in this new era.
2023 has been a turbulent year for cryptocurrencies. However, even during the long recovery periods, the development of valuable products and solid infrastructure in the Web3 space never stopped. Therefore, we reach the end of this year as a sector stronger than ever, having gained powerful momentum on the path towards mass adoption of digital assets.
As an industry Ecuador Mobile Number List leader, Binance has experienced the same setbacks and victories as the broader digital asset ecosystem, influenced by some of the major trends that defined the blockchain and cryptocurrency sector in 2023, which it often helped shape. From the rise of SocialFi to the growing adoption of cryptocurrency payments, from the increased focus on regulatory compliance to the growing accessibility of Web3 products, Binance has led the way, working tirelessly to meet the emerging needs of users and build trust in digital assets globally.
In 2023, we welcomed more than 40 million new users, almost 30% more than at the end of last year, saw steady growth in our core services, and added new products and features developed for the next era of blockchain. 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: Binance 's 2023 in Review, collects the key data, statistics and narratives that describe the dynamics of the year for Binance and for the digital assets sector in general. Access it in its entirety here ( in English ), or read on for highlights and figures.
The people-centered web
The ultimate promise of blockchain and Web3 is to empower people through a more decentralized and user-centric online experience. Given that Binance's focus is on delivering maximum value to its users, it is no surprise that the world's leading digital asset ecosystem has continued to see strong growth in user registrations and broad adoption of its utility-oriented services. from the real world, making Web3 more accessible.
By the end of 2023, Binance reached 170 million registered users, offering 431 assets available to operate in 1,785 trading pairs. This year we have seen huge growth in our services related to cryptocurrency payments, P2P trading and earnings. The number of people using Binance Pay or the Binance Card grew by 20% thanks to 3,500 new merchants and Pay partners around the world who now accept cryptocurrencies in exchange for goods and services.
Our P2P platform, which now supports 970 payment methods and 112 fiat currencies, processed 18% more transactions than last year and served 39% more users. Additionally, Binance Earn has continued to strengthen, and now supports 362 assets in its Simple Earn suite of products. In 2023, it served 35% more users than the previous year, increasing the total value locked in its products by 16.8%.
In response to industry-wide demand for a more engaging Web3 social experience, Binance Feed evolved into Binance Square, a platform designed to be a gateway to the universe of Web3 content. Over the past year, Binance Square has grown from 1,200 to 11,000 creators and from less than 700,000 to more than 1.6 million daily active users.
Security and regulatory compliance
In 2023, by reaching agreements with US regulators , we take responsibility for our past conduct and open a new chapter in Binance's history. We have gone through the change in leadership and the transformation of our corporate governance structure, emerging as an even stronger organization. Scrutiny has helped create the comprehensive compliance program we have today.
We continue to invest in our compliance technology, processes and talent and spent $213 million in 2023, up 35% from $158 million the previous year. At the end of the year, we were licensed, registered and authorized in 18 jurisdictions around the world, more than ever before.