BNB outlook as exchange Binance releases a bullish 2023 report

It could be easy to assume that Binance struggled throughout 2023, considering developments such as increased regulator scrutiny and CZ’s departure. Nonetheless, its yearly review shows the exchange had a bullish year.

The #Binance 2023 End-of-Year Report has landed!

This year, we remained dedicated to putting users first and strengthening our business through:

🔸 Enhancing user security
🔸 Upgrading our Proof-of-Reserve system
🔸 Regulatory approvals across 18 jurisdictions

And much more 👇

— Binance (@binance) December 28, 2023

However, BNB reacted according to broader-market developments, and that stance could shift now.

Binance 2023 review

A press release shows the leading exchange released its year-end report yesterday, which confirms that Binance thrived in 2023. For instance, it saw a 30% surge (approximately 40 million) in new users since 2022-end. The exchange closes this year with over 170 million registered users.

Meanwhile, regulatory challenges were among the primary obstacles the trading firm encountered. The watchdogs fined Binance $4.3B due to its past non-compliance activities. The developments saw Changpend Zhao quitting his position as the exchange’s CEO.

Besides that, Binance also spent over $213M for compliance in 2023 – a significant uptick from 2022’s $158M. Nonetheless, the compliance program has helped the company obtain certificates to operate in 18 jurisdictions globally.

Also, the company stretched its feet into the web3 industry by introducing Binance Square, which saw creators increasing to 11K from 1.2K. Also, daily active users of Binance Square increased to 1.6 million from around 700K.

BNB future price outlook

The altcoin has remained elevated despite the exchange’s regulatory woes, even attracting new buyers. Further, BNB maintained an upside stance over the past two days, gaining nearly 25% to press time levels of $321.10. Despite the significant upswing, Binance Coin remains prone to dips in the up-and-coming sessions.

The recent upsurge saw the token filling a seven-month-long Fair Value Gap, stretching between $286 and $302. The region represented the inefficiency that emerged after BNB’s mid-May slump.

Therefore, BNB could retrace to $300 before a potential rebound. However, technical indicators reveal the stable support at $271, matching the 200d EMA.

However, the digital assets market remains vulnerable to volatile fluctuations, and the ongoing bullish sentiments in the industry could support BNB’s further uptrends. That could see the token soaring to the 19-month-old hurdle at $347, above which Binance Coin might climb beyond $350 to cancel the forecasted near-term bearishness.

Meanwhile, Binance seems primed for more success in 2024, which might propel BNB to new ATHs next year.

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