Binance’s institutional business, which includes financial institutions, family offices and high net worth individuals, grew 34% in the MENA region in Q4 2022.
Binance’s VIP and institutional business experienced tremendous growth throughout 2022. Binance saw a 65% increase in the number of active institutional investors and a 62% increase in institutional futures trading volume. 2022 Year End Report.
2022 has been a tumultuous year for crypto investors, but one sign of the fundamental health and robustness of the industry is the number of institutions entering the space despite these apparent headwinds. is continuing to increase.
“2022 has undoubtedly been a challenging year for everyone in the blockchain and crypto space, including us. We remained steadfast in prioritizing a healthy and sustainable path for our products and, most importantly, for the industry as a whole.
Binance has also made significant strides in terms of regulation and compliance, “continuing to deliver the best user experience on Web3,” the report adds.
In 2022, the exchange processed a whopping $65 billion average daily trading volume at a rate of about 700,000 transactions per second.
“After a series of shocking bankruptcies within the crypto space that have not helped improve public sentiment in a challenging macroeconomic environment, we have built trust not only in Binance, but in the larger ecosystem. , worked to recover,” said the annual report. .
“Leading our commitment to transparency, in addition to proof of collateral for all tokens pegged to the Binance Bridge, anyone can use it to verify that user funds are held 1:1 on Binance.” Launched the Proof of Reserve (PoR) system.. Also increased the value of the Secure Assets Fund for Users (SAFU) to $1 billion to protect 128 million users in an emergency.
Last year also saw a lot of progress in improving the identity verification process and user experience.
Users in Latin America and MENA can now experience faster identity verification thanks to Binance’s partnerships with regional vendors, the report maintains.
Binance is on solid footing and financially sound, the report added. “We innovate, listen to our users, and lead by example.”
(Written by Sunil S, edited by Seban Scaria)