Binance User Surge by 30% in One Year Amidst Strong Regulations
Within the last year, resilient Binance recorded a remarkable increase in users amidst regulatory pressures. The cryptocurrency exchange Binance says it has 170 million users, a 30% annual growth in its user base.
The report, which was released on December 28 revealed one of the regulatory woes on the exchange. A few months ago, the United States Department of Justice ruled that it should pay a settlement of $4.3 billion.
Binance Spot Market Share Drops
Reports have it that there was a drastic reduction in exchange spot market share from 55% to 30.1%. This also affected Binance amidst its growing number of users.
Nonetheless, the firm continues to support several payment services, 431 tokens, and 112 fiat currencies it offers to customers. This was due to the extended features from the company throughout the year. Additionally, CEO, Richard Teng affirms that it is operating in 18 international jurisdictions specifically developing its structure from the United Arab Emirates as well as France.
China Cryptomarket Shaken by False Crypto Seizure Screenshots
In other news, fabricated screenshot approval of Chinese police endorsing the cryptocurrency invasion led to controversy in the Web3 community.
On behalf of the police, the City of Fuzhou Public Security Bureau claims the screenshot that was circulating was fake and does not contain the law enforcement officers’ approval for the seizure of 38,000 Ether (ETH) and thousands of Bitcoin that belonged to foreigners being held up on a Chinese Web3 protocol.
The Fuzhou Internet Police affirms internet users to disregard false news. In compliance with the law, public security agencies will ruthlessly suppress online rumors while upholding a smooth online atmosphere.
Matrixport Faces Scrutiny as Bitcoin Crash Tests Singapores Crypto Industry
Before making up the majority of its losses, the price of Bitcoin dropped by nearly 10% on January 3 to $40,800 per unit. A study by Matrixport analysts asserts that the U.S. Securities and Exchange Commission will not approve a spot Bitcoin ETF in January release at the same time as the price movement.
