Binance was able to demonstrate the growth of its business, despite numerous litigation with regulators.
During the current year, the user base of the mentioned cryptocurrency exchange has increased by 30%. In this case, it means a change in the indicator on an annual basis. During the current year, the number of consumers of the company’s services increased by 40 million people. The relevant information is contained in the company’s report for 2023, published last Thursday, December 28.
Richard Teng, CEO of Binance, said that this year there has been a particularly strong surge in inflows from institutional investors. He also noted that this fact indicates an increase in confidence in the crypto exchange and the larger Web3 ecosystem. According to him, this trend is the key to the mass adoption of digital assets.
This year, the Securities and Exchange Commission (SEC) of the United States sued Binance and settled the case with the US Department of Justice. The trial ended with the resignation of the former CEO and founder of the crypto exchange Changpeng Zhao. Moreover, the company agreed to pay compensation of $4.3 billion.
Richard Teng stated that after the specified settlement, the net inflow of funds was very high.
Binance has announced its intention to spend $213 million on compliance in 2023. This amount is 35% higher than the same figure for the previous year. The company is expected to spend even more on compliance next year.
Changpeng Zhao will be sentenced in February. The penalty in this case may be imprisonment for up to 18 months. At the same time, the Department of Justice may demand tougher accountability.
As we have reported earlier, Binance Investors Pull $956M After Changpeng Zhao Steps Down.