Binance, the world’s largest crypto exchange by trading volume, has released its annual report for 2023, highlighting its achievements and challenges in the past year. The review, titled “Headwinds and Wins”, reflects on how Binance has overcome various difficulties and continued to grow and innovate in the crypto space.
One of the most notable developments of Binance in 2023 was the transformation of Binance Feed, a social media platform for crypto lovers, into BNB Square, a gateway to the Web3 content universe. Binance Square has attracted more than 1.6 million daily active users, offering them access to diverse and decentralized content, such as NFTs, podcasts, videos, and blogs.
Another key achievement was the expansion of Binance P2P, the peer-to-peer trading platform that allows users to buy and sell crypto with fiat currencies. However, BNB P2P has increased the number of supported payment methods to 970 and fiat currencies to 112, making it easier for users to enter and exit the crypto market.
Binance Invests In Compliance & Security
Binance also highlights its commitment to regulatory compliance and customer safety in 2023. The exchange said it spent $213 million on compliance technology and processes, a 35% increase from the previous year. In addition, BNB hired over 500 compliance professionals and partnered with regulators and law enforcement agencies worldwide.
To improve its security measures, Binance conducted several security audits, bug bounty programs, and educational campaigns to raise user awareness. BNB also maintained its SAFU fund, which stands for Secure Asset Fund for Users, at $1.2 billion to protect users in emergencies.
Furthermore, BNB concluded its review by expressing gratitude to its users, partners, and community members and reaffirming its vision to increase everyone’s freedom of money. BNB said it looks forward to 2024 with optimism and excitement as it continues to explore new opportunities and challenges in the crypto industry.
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