HomeCryptoBinance: net inflows of over $4.6 billion

Binance: net inflows of over $4.6 billion

The change of leadership and direction at Binance seems to have benefited the exchange. 

In fact, in a recent note, the company announced that following the agreement with the US regulatory authorities and the subsequent appointment of Richard Teng as the new CEO, the exchange has recorded a net inflow of over $4.6 billion.

This is an important result, because it happened in about three months. 

The results of the Binance exchange

In particular, in the month of January 2024, the highest monthly influx since November 2022 occurred, when FTX failed, with a collection of 3.5 billion dollars.

These new inflows have allowed Binance to continue its growth and expansion phase, after the contraction in the first part of 2023, to the point that by the end of the year the platform had reached a total of over 170 million users worldwide, which is a +30% increase compared to 2022.

Currently, Binance holds crypto assets worth over 80 billion dollars, with an increase of 10 billion compared to the levels before the appointment of Richard Teng as the new CEO. However, it should be noted that this increase in dollar value could be largely due to the increase in the market value of the crypto assets themselves.

It is also worth noting that December was the month of 2023 with the highest trading volume, with a staggering 70% increase compared to October, the month before the change in management and direction of the company.

The turning point

These numbers make us think not only that the storm has passed, but that a new era has effectively begun for the world’s largest crypto exchange.

In the course of 2023, it had lost market share to other exchanges, but with this turnaround, it could also recover some of the lost ground. 

The turning point was precisely the change of direction, as a result of the agreement with the US authorities. 

With a new guide and a much more careful approach to compliance with regulations, the exchange has addressed the problems of the past and is trying to start over with a different, and much more institutional, approach. 

This “new chapter” of Binance, as defined in the company’s official statement, is born with a change in leadership and a revision of its governance structure. 

In particular, the company has strengthened its compliance program, thus becoming a more solid organization. 

However, this has not prevented them from continuing to invest in technology and innovation, and in process optimization, but it has allowed them to invest in compliance talents. In 2023, the company allocated over 213 million dollars, with a 35% increase compared to 2022, and now holds licenses, registrations, and authorizations in 18 jurisdictions worldwide. 

It is now the world’s leading centralized blockchain ecosystem, particularly in terms of crypto infrastructures, with a range of products that includes the largest digital asset exchange in the world by volume. 

Its ecosystem also includes the Academy, Research, Charity, Labs (investments and incubation), DeFi, and infrastructure solutions. 

Binance and Italy

Binance is also present in Italy with a team led by the CEO and General Manager of Binance Italy, Gianluigi Guida, and is registered with the virtual currency operators register of the OAM. 

Collaborate with local institutions and associations to promote regulation of the blockchain and crypto sector to enable its proper use and development.

In addition, Italy is a key market for Binance in Europe. As certified by Chainalysis, Italy ranks fifth in Europe for cryptocurrency adoption rate, and among the top 50 countries in the world.

The same OAM (Organismo degli Agenti e dei Mediatori) in its report for the third quarter of 2023 has identified a total crypto portfolio of 911.76 million euros held by over one million customers operating in Italy, with an average value of approximately 820 euros per person. 

The CEO of Binance Italy, Gianluigi Guida, stated: 

“Binance remains the market leader exchange. The inflows and assets registered on the blockchain are a demonstration of the constant trust we receive from our over 170 million users, in Italy and around the world, and are concrete proof of our financial strength and business resilience, under the new leadership of Richard Teng. Despite the challenges, Binance has emerged stronger and is strategically positioned for long-term growth. By always maintaining a focus on innovation and the need to respond to the ever-evolving needs of our users, we are entering a new phase of development. Our commitment to the community has allowed us to maintain a growing relationship of trust, a fundamental factor in pursuing our mission: to achieve financial freedom, anywhere in the world. The industry is strengthening, accelerating the development of the Web3 ecosystem and an increasingly widespread adoption of digital assets”.

Marco Cavicchioli
Marco Cavicchioli
Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".