Binance in Review in 2022: Year-End Report

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Binance has released its 2022 year-end report , summarizing key facts, statistics, and developments across our ecosystem.

In 2022, we made significant progress on the regulatory and compliance front and continue to offer the best user experience on Web3.

Following the cascading events that shook the core of our industry, we demonstrated resilience and immediately focused on rebuilding trust in the blockchain ecosystem and its enormous potential to improve people's lives.

Looking ahead, Binance is on solid footing and in good financial health. We innovate, listen to our users and lead by example.

As the new year gets underway, we take a moment to pause and reflect on the achievements and statistics that defined our 2022.



There is no doubt that 2022 was a difficult year for everyone in the blockchain and cryptocurrency space, including us. In the face of major headwinds, we remained steadfast in prioritizing user experience, products with real-world value, and most importantly, a healthy and sustainable path forward for the entire industry. Below are some key takeaways from Binance's year-end report we released today.

Download the full year-end report →

The Big Picture: Security, Regulation and Compliance
At Binance, we believe that appropriate regulatory frameworks and a secure ecosystem that protects its users underpin the path to mass adoption of crypto and blockchain.

But, as many of you in the Ecuador Mobile Number List industry will already know, talking about your values ​​is one thing, applying them is another. Our actions from last year speak for themselves . To begin with, we have obtained licenses, registrations and approvals in 14 jurisdictions by the end of 2022. Leveraging our extensive experience, we continue to help regulators and policymakers develop practical regulatory frameworks for digital assets. We also increased our security and compliance team headcount by 500%, attracting some of the best talent in the industry.

We spent considerable time and effort delivering over 70 workshops for law enforcement on topics related to cryptocurrency, blockchain, and combating digital financial crime. With an average response time of three days, we processed a staggering 47,000 law enforcement requests. We also became the first blockchain and cryptocurrency organization to join the National Cyber-Forensics and Training Alliance (NCFTA) .

Within the Binance ecosystem, we implemented key improvements to our know-your-customer, or KYC , processes, including real-time photo quality assessment, faster verification in multiple regions, and significantly wider range of compatible ID documents.

Confidence Building
Following a series of shocking bankruptcies in the cryptocurrency sector, which did nothing to improve public trust in a difficult macroeconomic environment, we are working to build and restore trust not only in Binance, but also in the broader ecosystem.

Our CEO and founder, Changpeng Zhao (CZ), published a framework of six principles, which you can read here , to offer a path for centralized exchanges to regain the trust of users and regulators.

Leading the charge for transparency, we launched a proof-of-reserve (PoR) system that anyone can use to verify that user funds are held 1:1 on Binance, plus proof of collateral for all Binance-pegged tokens. Bridge. And to safeguard our 128 million users in the event of an emergency, we have again increased the value of our Safe Asset Fund for Users (SAFU) to $1 billion .

Support to the industry and beyond
In 2022, several promising projects fell victim to events beyond their control. We continue to support our colleagues who seek to leave a positive and lasting impact on the sector and deliver value to end users.
       


In November 2022, we committed an initial $1 billion, pledging to increase our contribution to $2 billion if necessary, to our new Industry Recovery Initiative . And through Binance Labs, we have invested over $500 million to support Web3 and blockchain innovation, started the fifth season of our Incubation Program , and approved or closed 14 strategic M&A deals, as well as 61 deals. of token venture.

While other companies in and out of cryptocurrency experienced significant layoffs and hiring freezes, we scoured the world for more talent, increasing our total workforce to over 7,500 employees from over 100 nationalities.

We also strengthened our philanthropic and humanitarian efforts through the Binance Charity Foundation (BCF) , including, among other initiatives, a donation of 10 million BUSD to address the humanitarian crisis in Ukraine and the launch of the first Binance Refugee Crypto Card.