By George Ward
Binance’s Milestones In 2023
In the past year, Binance, the popular cryptocurrency exchange, had quite the rollercoaster ride. Their newly released 2023 review gives us a peek into their journey filled with highs and lows. Despite numerous challenges, 2023 was a year of massive growth for Binance.
The platform currently boasts over 170 million registered users, with 40 million new users last year alone. This surge in user base was complemented by steady advancements in its services, with new features.
This Binance year in review acknowledged the hurdles the firm encountered. Legal battles and the departure of Changpeng Zhao were some of those hurdles.
Evolution Of Binance Square And Service Expansion
One significant achievement of the firm in 2023 was Binance Square. This space, designed to be a hub for Web3 content, saw a considerable rise in its daily active users. Its user base skyrocketed from 700K to 1.6 million.
Such growth within Binance Square reflects the increasing interest in Web3 and its content. Moreover, Binance widened its support with 30 more fiat currencies, totaling support for 69 different fiat currencies.
Notably, its peer-to-peer trading platform, Binance P2P, expanded its reach to support 970 payment methods and 112 fiat currencies, providing users more flexibility and accessibility.
Compliance, Security, And User Safety
Emphasizing their dedication to regulatory compliance, Binance invested $213 million in compliance technology and processes, indicating a 35% annual increase. With a focus on user safety, the platform beefed up security measures and conducted educational campaigns.
Their SAFU fund, currently at $1.2 billion, aims to protect users during emergencies, underlining the firm’s commitment to customer security. Reflecting on the overall market trends, Binance acknowledged the crypto market’s rollercoaster fortunes, with restrictive regulations in some regions and more precise guidelines in others.
However, the steady growth of Web3 adoption and institutional interest remained unaffected by short-term market fluctuations.
Binance’s LUNC Token Burn
Meanwhile, Binance recently completed its 17th burn of Terra Classic tokens (LUNC), causing a significant surge in LUNC’s price. This move involved sending around 5.57 billion Terra Classic tokens to dead wallets, the 17th LUNC burn process.
This recent burn signifies a substantial milestone, pushing Binance’s total burned Terra Classic tokens to over 49.17 billion. Combined with the community’s LUNC burn efforts, the overall LUNC burn has exceeded 92.5 billion tokens.
The deliberate reduction in the token’s circulating supply, achieved through regular burns, contributes significantly to its scarcity and potential price appreciation. Binance’s 2023 was a mix of challenges and victories. Its unwavering commitment to compliance, security, and userbase expansion enables it to maintain its position as a prominent player in the crypto space.
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