Binance User Base Grew 30% This Year, Expanding Even After U.S. Legal Settlements
Binance, the world's largest cryptocurrency trading venue, saw a 30% growth in its user base in 2023, according to CEO Richard Teng. The company added 40 million accounts, bringing the total to 170 million. This growth occurred despite a settlement with U.S. regulators and the departure of founder Changpeng "CZ" Zhao. Binance also experienced increases in its exchange products, Binance Pay, Binance Earn, and its peer-to-peer platform. The company spent $213 million on compliance in 2023, a 35% increase from 2022, and expects to spend more in the coming years due to an agreement to pay for a U.S. government-approved compliance monitor for the next five years. Binance's regulatory liaison team processed nearly 60,000 requests from law enforcement agencies globally and gave 120 training sessions in 2023.
