Binance, the world’s largest cryptocurrency exchange by trading volume and user activity, has presented a detailed report. The markets, which were relieved by a Binance agreement at the end of November 2022, are now witnessing exciting rallies in cryptocurrencies, partly due to the end of the Binance FUD (Fear, Uncertainty, and Doubt).
Following CZ’s forced resignation, the new Binance CEO, Richard Teng, shared significant data for 2023, highlighting major accomplishments throughout the year, including new user acquisition and ongoing collaboration with law enforcement agencies.
In his statement, CEO Teng revealed that the number of registered users increased by 30%, reaching over 170 million. The Binance Research team processed over 53,000 requests from law enforcement in 2023, marking an increase from the previous year, and conducted over 120 training sessions to advance the detection of cyber/financial crimes and support the prosecution of bad actors.
Teng emphasized Binance’s commitment to compliance, with a 35% increase in investment in their compliance program compared to the previous year, amounting to $213 million. He also affirmed the company’s debt-free capital structure and the 1:1 backing of user funds.
The Binance Academy has aided 27 million students in understanding the digital finance world in 31 languages in 2023. This educational initiative underscores Binance’s efforts to increase transparency and reduce misinformation in the industry.
Despite a turbulent year for crypto in 2023, the last quarter has shown positive developments. Key events such as the GBTC case, BlackRock’s application, and Binance’s settlement are laying the groundwork for an anticipated rise in 2024. Binance’s resolution of issues with the U.S. Department of Justice and the CFTC, along with ongoing scrutiny by U.S. regulators, promises to minimize future problems and enhance transparency, effectively cutting through the FUD. With Tether also taking significant steps to mitigate FUD, optimism for 2024 is high.
