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The Crypto Roundup: 29 December 2023 | CryptoCompare.com

In his year-end reflections, Richard Teng, who assumed the CEO role at Binance on November 21 after Changpeng Zhao (“CZ”) stepped down amid legal issues in the U.S., highlighted the company’s 2023 achievements.

Teng noted a significant increase in Binance’s user base, with registered users reaching 170 million by the end of the year, a 30% increase from the previous year. According to Teng, this growth signifies Binance’s expanding market presence and increasing trust among institutional investors.

Teng reported on Binance’s service enhancements throughout the year, including the launch of the Binance Web3 wallet and the revamp of Binance Square. These developments, he mentioned, were in response to the growing demand for secure and accessible Web3 gateways. Teng also shared that Binance saw a 20% increase in Binance Pay users, a 39% rise in peer-to-peer (P2P) platform usage, and a 35% growth in Binance Earn engagement.

Focusing on security, Teng emphasized Binance’s commitment to maintaining a $1.2 billion Secure Asset Funds for Users (SAFU) fund and expanding its proof-of-reserves system. He also mentioned Binance’s collaborative efforts with global law enforcement and educational campaigns aimed at enhancing user security.

Looking ahead, Teng expressed optimism about Binance’s future, stating that the company, with its strong financial foundation and growing global community, is well-prepared to navigate the evolving digital asset landscape.

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