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.
[adinserter block="1"]“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.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Mr.Alex M
