Crypto exchange Binance shared with the public its 2022 year-end report, which also mentioned that it has made significant progress in terms of legislation and compliance.
Binance, which has come to the fore frequently lately, has left behind a year full of expansion and adaptation processes. The world’s largest cryptocurrency exchange has become the focus of attention of crypto investors with its billion-dollar volumes. Binance has announced its report summarizing its work for the year 2022. In the report published on Binance Blog, it was stated that progress was made in the legislation and compliance processes.
Binance Released A Wide-ranging Report on the Year 2022
Crypto exchange Binance emerged as the leading cryptocurrency and blockchain infrastructure provider in 2022. The exchange prepared a comprehensive report on the past year.
In the report, legislation and compliance processes were mentioned. Making a statement on these processes, the exchange said, “As now, we see Binance in the future, on a solid foundation and in a financially healthy position. We are innovative, we listen to our users and set an example.”
The report, published on Binance Blog, touched on the work carried out by the exchange in 2022 and the developments in the sector. An announcement of the stock market drew attention. The statement included the statement, “Even though some events that adversely affected our industry came one after another, we resisted them.” It was also stated that Binance’s blockchain ecosystem is focused on improving and facilitating people’s lives.
Binance Spent 2022 with Licenses and Registries
Popular cryptocurrency exchange Binance announced that it has received the necessary licenses, registrations and approvals in 14 regions by the end of 2022. In addition, the exchange did not hesitate to act in partnership with regulators and public authorities over the past year.
Including important names from the industry, Binance managed to increase the number of employees in its security and compliance team by 500 percent. Working hard on security, the exchange has held more than 70 workshops on the fight against digital financial crimes. In addition, the exchange processed more than 47 thousand requests from law enforcement agencies.
The report states that Binance is the first blockchain and crypto startup to join the National Alliance for Cyber Forensics and Education (NCFTA). In addition, the popular exchange has made significant improvements in identity verification (KYC).
Binance Increases SAFU Value to $1 Billion Again
Binance has worked hard to rebuild confidence in the industry after bankruptcies and collapse scenarios in the industry. The report, which also touched upon this issue, included the following statements;
“Our CEO and founder Changpeng Zhao (CZ) published a six-principle paper to offer a way for centralized crypto exchanges to regain the trust of users and regulators. Leading the transparency movement, we have launched a proof-of-reserve (PoR) system that anyone can use to verify that user funds are held 1:1 on Binance, in addition to a proof of collateral for all tokens indexed to the Binance Bridge. To protect our 128 million users in an emergency, we have increased the value of our Secure Asset Fund for Users (SAFU) to $1 billion again.”
Binance Addresses Employment Growth and 2023 Progress
Popular cryptocurrency exchange Binance stated that the number of employees in hundreds of different countries has exceeded 7,500 in total. The growing and expanding stock market has spent $1 billion as part of its industry-development initiatives. Binance also pledged to increase these contribution expenditures to $2 billion.
In addition, Binance has invested more than $500 million to support Web3 and blockchain development through Binance Labs. In addition to 14 strategic M&A deals, it has also approved or finalized 61 token venture deals.
The report also revealed that Binance donated 10 million BUSD due to the events in Ukraine. The exchange said that work continues through the Binance Charity Foundation (BCF), including the launch of the first-of-its-kind Binance Refugee Crypto Card.
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