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Binance is spending a lot of money on following rules and keeping things safe.

Binance, a big cryptocurrency trading company, recently shared a report about how they did in 2023. It talks about the good and bad things that happened during the year.

Binance has gained a lot of new users, reaching 170 million in total. This is a big achievement, especially during a tough year for the crypto industry.

Binance has grown a lot even though it faced many challenges.

In 2023, Binance grew a lot. They had 170 million users by the end of the year, and gained 40 million new users.

This increase in the number of people using the platform shows that it is still popular and important in the world of cryptocurrency.

Getting through a challenging year

Binance was happy about what it achieved, but also recognized the difficulties it had in 2023. The crypto market went up and down a lot, and different governments kept watching it closely.

Importantly, Changpeng Zhao, who used to be the CEO of the exchange, left which was a big change in leadership during this eventful year.

Slow and ongoing progress and new ideas.

During 2023, Binance kept improving and changing its services. One important thing that happened was that Binance Feed became Binance Square. This website that gives access to Web3 content got way more popular. It went from 700,000 users each day to 1. 6

Binance grew its worldwide presence by adding 69 different types of money to its platform in 2023. The exchange wanted to make it easier for people all over the world to trade cryptocurrency by offering 30 different channels to do so.

Binance’s friend-to-friend trading platform did really well in 2023. It added 970 new ways to pay and now accepts 112 different types of money.

This expansion showed that Binance wants to help people from different areas and accept different ways of paying.

Binance said it is committed to following rules in its 2023 report. The company spent $213 million on technology and processes to follow the rules and regulations. This was 35% more than the year before.

Binance is working hard to follow the rules to keep its users safe while they trade.

Binance made changes in 2023 to keep users safe. The exchange taught people in the crypto community how to be safe online.

Also, Binance has a fund called Secure Asset Fund for Users (SAFU) to keep users safe during emergencies. This fund has grown to $1. 2 billion in the year.

Disclaimer: This information is not advice about trading.

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