Binance Sees 30% User Growth in 2023 Amid Regulatory Struggle

Published: Dec 28, 2023
Written By:
Vignesh Karunanidhi
Milk Road Writer

Leading crypto exchange Binance has published its 2023 year-in-review report. It revealed considerable growth despite a tumultuous year for the digital asset industry and the exchange.

Most notable was the addition of over 40 million new users, representing more than 30% growth year-over-year despite the exchange CEO stepping down and regulatory trouble. As per the figures cited in Binance’s report, the company ended 2023 with 170 million registered users globally.

Binance user base expands by 30%

The over 30% expansion in users is substantial given 2023’s market volatility, which challenged industry players. Binance managed to increase adoption and activity even against the backdrop of bearish sentiment.

Read more: India To Block Binance And 8 Exchange Websites; Intensifies Crypto Crackdown

Equally noteworthy were steady gains in Binance’s core trading, earning, and payment products:

  • The exchange offers 1,785 trading pairs.
  • The exchange has over 1.6 million daily users.
  • 970 payment methods and 112 fiat currencies are supported.

Binance called out benchmark metrics highlighting the “tremendous growth” of its social platform, Binance Square. Rebranded from Binance Feed this year, daily active users jumped from 680,000 to 1.6 million.

Beyond growth statistics, the year-in-review report also spotlights major compliance and security initiatives as instrumental in maintaining user trust. Binance doubled down on compliance, spending $213 million across 18 licensed jurisdictions. It processed 58,000+ law enforcement requests and prevented billions in illicit deposits.

Read more: Bitcoin ETF Approval: Report Shows Risks Of A ‘Sell-The-News’ Scenario

Binance

Mandatory self-trade prevention, early volatility warnings, collateral haircuts, and educational campaigns were some platform security highlights mentioned in the report. The exchange also engages with regulators and holds licenses in 18 jurisdictions globally, according to the data.

Vignesh Karunanidhi

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.