Exchange Watch

Binance’s 2022 Annual Report


In its annual report released on Jan. 19, cryptocurrency exchange Binance revealed that the firm received more than 47,000 law enforcement inquiries throughout the year. The exchange said such requests were processed “at a record time” and that it was the first among blockchain firms to join the National Cyber-Forensics and Training Alliance, a nonprofit cybercrime fighting unit based in Pittsburg. 

Stay in the know on crypto by frequently visiting Crypto News Today

In response to the inquiries, Binance said it increased the headcount of its security team by more than 500% and hosted 70 law enforcement workshops around the globe in 2022 to help fight blockchain-related financial crime.

In the event of security incidents, Binance also stated it would tap into funds from its $1 billion SAFU (Secure Asset Fund for Users) user insurance program to compensate for losses. The exchange also tightened requirements such as NFT listings. Starting Feb. 2, Binance will delist all NFTs listed before Oct. 2 that had an average daily trading volume of less than $1,000 between Nov. 1 and Jan. 31.

In January 2022, we announced that SAFU was worth
$1B. Due to market conditions in 2022, that value
dropped to $735m. As of November 2022, we topped the
SAFU balance back to $1B. We made a promise to our
users, along with the larger crypto ecosystem, that SAFU
would always maintain a sizable level.

The exchange received 14 licenses and regulatory registrations in 2022. Other highlights include its $1 billion pledge for an industry recovery fund amid FTX’s collapse and investing $500 million into Web3 and blockchain firms through Binance Labs. Although it does not have a fixed corporate office, the exchange’s governing jurisdiction is the Hong Kong International Arbitration Center for legal disputes. Its servers are also reportedly located in Japan. CRYPTOCASTER® - DECENTRALIZED FREEDOM!

Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.

Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt

You may also like