In a detailed year-end reflection, Richard Teng, who took over as CEO of Binance on November 21 following Changpeng Zhao’s (“CZ”) resignation amidst legal challenges in the U.S., provided a comprehensive overview of the company’s performance in 2023. Teng’s tenure began during a pivotal period for Binance, marked by significant growth and strategic evolution.
Under Teng’s leadership, Binance achieved a remarkable 30% increase in its user base, reaching 170 million registered users by the end of the year. Teng noted that this growth indicates Binance’s expanding market presence and the growing trust it has garnered among institutional investors despite legal issues in the U.S.
According to Teng’s blog post, throughout 2023, Binance focused on enhancing its services to meet the evolving needs of the crypto market. Key developments included the launch of the Binance Web3 wallet and a major revamp of Binance Square. These initiatives were in response to the increasing demand for secure and accessible Web3 gateways. Teng also highlighted significant growth across Binance’s core services: Binance Pay saw a 20% increase in users, the P2P trading platform experienced a 39% rise in usage, and Binance Earn witnessed a 35% increase in user engagement.
Teng emphasized security and underscored Binance’s commitment to maintaining a robust security infrastructure. The company’s SAFU (Secure Asset Fund for Users) fund, valued at $1.2 billion, and the expansion of its proof-of-reserves system were key components of this commitment. Additionally, Binance’s collaborative efforts with global law enforcement and its focus on user education campaigns were aimed at enhancing overall security in the digital asset space.
Teng also mentioned that Binance’s future efforts would be centered around balancing commitments to three key groups. He stated that the primary focus would be on their users, who are the most crucial stakeholders. Additionally, Teng acknowledged the increasing significance of global regulators in shaping the industry’s future and enhancing the potential of blockchain and digital assets. Lastly, he highlighted the importance of forming and sustaining industry partnerships, pointing out that a stronger ecosystem is best achieved through collaborative and cooperative efforts.
Featured Image via Binance