How did Binance gain users as its market share fell? Plus fake screenshot causes crypto panic in China, and Matrixport fallout. Asia Express.
Our weekly roundup of news from East Asia curates the industrys most important developments.
Cryptocurrency exchange Binance claims that it grew its user count by 30% year over year to 170 million.
According to Binance’s 2023 Annual Report published on December 28, its expansion efforts appear to be unaffected by its recent $4.3 billion settlement with the U.S. Department of Justice over money laundering charges.
The report states that during the year, the company increased its on-ramp features, with 431 tokens listed, 112 fiat currencies supported, and over 970 payment methods available to its clients. The firm also expanded its compliance budget from $158 million in 2022 to $213 million in 2023, a 35% growth.
