40 Million New Users Added, Total Registered Users Reach 170 Million

4:22 am
December 29, 2023
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**Binance Attracts 40 Million New Users, Reaching a Total of 170 Million Registered Users: A 2023 Review**

In its latest 2023 review report, Binance, the world’s leading cryptocurrency exchange, has revealed significant growth despite facing legal disputes and regulatory scrutiny. The report highlights the evolving crypto market, increasing institutional interest, and the company’s commitment to compliance and user experience. Binance emphasized that digital asset regulation had taken a direction toward greater clarity and harmonization in some regions. The exchange acknowledged challenges but noted that Web3 adoption and institutional interest continued to grow steadily, demonstrating the industry’s resilience and long-term potential.

Binance Square, formerly known as Binance Feed, saw substantial growth, expanding from 1,200 to 11,000 creators and attracting over 1.6 million active daily users. In October, Binance Futures launched its Copy Trading feature, allowing users to replicate the trading strategies of expert lead traders. Furthermore, Binance continued its support of fiat currencies, reaching 69 supported fiat currencies with 30 fiat channels available globally. Binance P2P, the peer-to-peer trading platform, expanded the number of supported payment methods to 970 and fiat currencies to 112. The report also highlighted Binance’s commitment to compliance, with a significant investment of $213 million in its compliance program, a 35% increase from the previous year.

Binance also focused on enhancing user experience by partnering with localized KYC (know-your-customer) vendors and implementing various electronic ID (eID) solutions globally. The exchange added support for 298 new ID and proof-of-address documents across 64 countries, streamlining the onboarding process for users. Binance launched its Web3 Wallet, aiming to provide a secure gateway into the world of decentralized finance (DeFi) to make Web3 more accessible.

Despite the challenges in the crypto venture funding market, Binance Labs emerged as one of the most active participants in the crypto venture capital (VC) space, particularly in the DeFi and Web3 gaming sectors, according to the exchange. The report highlights the company’s focus on compliance, user experience, and expanding Web3 offerings as key to continued growth despite ongoing legal issues and regulatory enforcement actions.

As of the current update, Binance Coin (BNB) demonstrates a significant upward trend in price action, surging to $330, representing a 21% increase over the past seven days.

**FAQ**

**1. How many new users did Binance attract according to the 2023 review report?**
Binance attracted 40 million new users, reaching a total of 170 million registered users according to the 2023 review report.

**2. What are some highlights from the report regarding Binance’s growth and offerings?**
The report highlighted the expansion of Binance Square, the introduction of the Copy Trading feature by Binance Futures, and the support for fiat currencies and payment methods by Binance P2P.

**3. What areas did Binance focus on, according to the report, to enhance user experience?**
Binance focused on partnering with localized KYC vendors, implementing various electronic ID solutions globally, and launching the Web3 Wallet to make Web3 more accessible.

**4. What did the report emphasize as key to Binance’s continued growth despite ongoing legal issues and regulatory enforcement actions?**
The report emphasized the company’s focus on compliance, user experience, and expanding Web3 offerings as key to continued growth despite ongoing legal issues and regulatory enforcement actions.

**5. What is the current trend in Binance Coin’s price action?**
As of the current update, Binance Coin (BNB) demonstrates a significant upward trend in price action, surging to $330, representing a 21% increase over the past seven days.


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