Binance reports results for 2022

binance
binance

In 2022, Binance processed over 47,000 law enforcement requests, with an average response time of three days. About it says in the final report of the cryptocurrency exchange.

The company noted that it increased its security staff by more than 500% over the past year. The compliance team has over 750 members.

“The key employees hired during this period include 10 executives and managers from around the world, as well as 24 national and regional compliance officers or money laundering reporting officers,” Binance noted.

For the year as a whole, the total staff of the company exceeded 7,500 employees against the backdrop of massive layoffs in the industry.

According to the report, the exchange has improved KYC-procedures: expanded the list of identity documents and introduced new verification methods. In 2022, the platform processed $2 billion in daily trading volume at a rate of approximately $1.4 million transactions per second, and also expanded its asset list to 357 coins.

Binance reports results for 2022
Data: Binance Annual Report.

The number of active users of the Binance Earn service in 2022 almost doubled from 3.7 million to 6.14 million. During the reporting period, the exchange processed more than 255 million P2P transactions.

The company also reported a 65% increase in the number of active institutional clients. Futures trading volumes in this segment increased by 62%.

For the fourth quarter, the growth of new institutional clients was provided by:

  • Greater China — 15.09%;
  • Asia-Pacific – 17.69%;
  • European Union – 14.51%;
  • CIS — 24.79%;
  • Middle East and North Africa – 34.23%;
  • Latin American region – 16.08%.

The company recalled that against the backdrop of the collapse of FTX in November, they increased SAFU-fund up to ~$1 billion, and also launched a function proof-of-reserves. In early December, the Mazars auditor published a Binance audit report, which was criticized by experts. CryptoQuant analysts later confirmed the accuracy of the data provided by the firm.

Binance also emphasized transparency for all market participants. In the report, she cited six key principles of centralized crypto exchanges formulated by CEO Changpeng Zhao:

  1. Be careful with user funds.
  2. Never use native tokens as collateral.
  3. Share real proof of assets.
  4. Keep strong reserves.
  5. Avoid excessive leverage.
  6. Strengthen and enforce security protocols.
Binance reports results for 2022
Data: Binance Annual Report.

Another step to reduce the negative impact of the FTX collapse on the industry was the launch of a recovery fund. The platform contributed $1 billion in his favor and announced its intention to increase this amount to $2 billion.

By the end of the year, Binance had licenses and registrations in 14 jurisdictions. Poland was among the countries — the exchange announced about obtaining permission for branch on January 18, 2023.

Binance reports results for 2022
Data: Binance Annual Report.

Recall that in January 2023, Zhao announced plans to increase the staff of the cryptocurrency exchange by 15-30%.

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