The biggest cryptocurrency trading venue included 40 million accounts to 170 million.
On Thursday, Richard Teng, Binance’s chief executive officer, claimed that the crypto exchange’s user base rose 30% in 2023. This indicates robustness as the globe’s biggest cryptocurrency trading venue attempts to forget the past month’s settlement with United States regulators as well as Changpeng ‘CZ’ Zhao’s exit.
Strong Inflows Despite Zhao’s Exit
In the crypto exchange’s end-of-year report, Teng claimed that after Zhao’s guilty plea, ‘overall inflows have been quite strong while more users keep coming gradually.’
The situation also resulted in Binance agreeing to pay $4.3B for contravening United States banking regulations.
Growth was not restricted to the exchange’s products. Binance Earn, Binance Pay, and its peer-to-peer (P2P) platforms also experienced growth. Teng claimed that ‘institutional investors’ also show much interest. Altogether, the exchange added 40 million accounts to 170 million.
Binance Improves Scrutiny of Wash Trading
The firm revealed it utilized $213M on compliance this year. It improved its monitoring of wash trading on the exchange as well as nonfungible token (NFT) marketplaces, expressed willingness to undergo a security probe, and developed an in-house case management system to improve the tracking of transactions.
Already, the expenditure was a 35% rise from the previous year, and next year’s bill will definitely be more extensive. The exchange is ready to pay for a United States government-authorized compliance regulator over the next five years.
This year, almost 60000 requests from various law-enforcement agencies across the globe were processed by Binance’s regulatory liaison team. Besides, 120 training sessions were given.
According to Teng, the organization is created to last for several years.
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