Main topics of the post:
Over the past year, Binance has set new standards for growth, accountability, and innovation, proving that both the company and the cryptocurrency industry are here to thrive.
The cryptocurrency industry has achieved historic milestones, including the approval of BTC ETFs in major markets and significant institutional adoption, reflecting its growing legitimacy and integration with traditional finance.
Binance’s commitment to responsible growth is evident in its extensive investments in compliance, security, and regulatory compliance, ensuring a safe and reliable platform for its 240 million global users.
A year ago, I was honored to be entrusted with a huge task: to lead the incredible organization that CZ and the founding team have built into a new era for the crypto industry. This transition was the culmination of a challenging period for Binance and the digital asset ecosystem as a whole. Many doubted that both Binance and crypto would emerge unscathed, let alone thrive. Instead, this past year has proven to be one of the most transformative and inspiring chapters in our history. For this, I must thank my incredible colleagues at Binance and our global community who have always supported us – it is their resilience, wisdom, and dedication that have made this year a testament to our collective strength.
The industry has emerged stronger, gaining legitimacy, adoption, and usability. From regulatory advances to institutional milestones, this year has marked the beginning of a new era. As a global industry leader, Binance has risen to the occasion, setting the standard for growth, responsibility, and innovation. Together, we’ve shown that crypto isn’t just here to stay—it’s here to thrive, leading the way toward greater financial freedom and a more inclusive internet. Here are some thoughts and learnings I’ve taken away from my first year at the helm of one of the most unique and innovative organizations in history.
Milestones of Resilience and Growth
Over the past year, the cryptocurrency industry has achieved historic milestones. Bitcoin ETFs have received approval in major markets such as the United States, Brazil, Hong Kong and Australia, signaling a broader acceptance of digital assets. In just one year, net inflows into BTC ETFs have surpassed those of gold ETFs, a testament to cryptocurrencies’ growing role in finance and their deeper integration with traditional institutions and systems. Meanwhile, the pace and breadth of global retail adoption suggests that the coveted first billion crypto users may be within our reach sooner than we ever dreamed.
This wave of progress has been reflected in Binance's remarkable growth over the past year, driven by the vision of our excellent leadership team, the dedication of thousands of Binances spread across all time zones, and the growing support and trust of our community.
Our platform now serves over 240 million users globally, protecting over $130 billion in user assets. In 2024, the institutional onboarding rate on Binance more than doubled compared to the previous year, demonstrating the growing confidence of professional investors in our platform and services. We became the first centralized cryptocurrency exchange to surpass $100 trillion in combined spot and derivatives trading volume of all time. In response to the demands of the expanding industry and the growing adoption of crypto, we have been strengthening our numbers, welcoming 1,600 new employees in the last year, with a particular focus on global compliance specialists. These numbers underscore not only the resilience of Binance and crypto, but the level of maturity and acceptance that was unthinkable just a year ago.
There’s also something tremendously important in the air that’s harder to capture in numbers. Over the course of dozens of meetings with regulators over the past year, I’ve noticed a notable shift in how they talk about digital assets. Across many regions and continents, the people with the power to shape the financial landscape are becoming more curious and intentional about cryptocurrencies. Many are asking thoughtful, informed questions, prompting thoughtful thinking about how the power of blockchain can be harnessed for social good and a sustainable future for digital finance. This growing curiosity signals a welcome shift in how regulators and policymakers perceive cryptocurrencies, a fundamental shift toward truly mainstreaming them.
A new era of responsibility
As we celebrate our industry’s growth milestones, it’s important to recognize that not all growth is created equal. The type of growth that will sustain our industry’s momentum is responsible growth – a process that builds trust, prioritizes cooperation and compliance, and ensures the safety of all participants.
The cryptocurrency industry has come a long way in this regard, with a notable shift towards regulatory engagement and collaboration. Binance is proud to be at the forefront of this evolution. Today, we hold over 20 licenses and registrations worldwide, with recent approvals in key markets such as India and Argentina. Over the past year, we have continued to invest heavily in compliance, strengthening our processes and technology, strategically hiring world-class talent, and engaging with regulators and policymakers around the world.
By championing collaborative security in the digital space, we have impactfully assisted law enforcement in dozens of investigations, and have delivered over 200 training sessions over the past two years to build the capacity of crime fighters to more effectively combat crypto-related threats. For example, our online educational event, Binance Law Enforcement Training Day, held in April 2024, welcomed over 1,300 investigators representing agencies from over 80 countries. From January to mid-November 2024, we responded to over 55,700 law enforcement inquiries, serving over 13,800 registered law enforcement officials.
Achieving this kind of growth takes time, effort, and resources, but the rewards are profound. Responsible growth isn’t dependent on market cycles—it’s about building infrastructure, ensuring security, and preparing for the mass adoption that will bring the first billion users to the cryptocurrency ecosystem.
While the industry has made progress, a universally shared commitment to transparency, compliance, and security is essential to sustaining this momentum. A recent estimate suggested that around a quarter of the 80 largest centralized cryptocurrency exchanges still have no KYC requirements. We as an industry can and must do better, and Binance’s evolution provides a good model for our peers to follow. By working together, we can elevate the entire ecosystem, ensuring its long-term success and fostering greater trust.
Looking to the Future
Looking ahead, the cryptocurrency industry is undoubtedly poised for even greater advancements. The momentum we’ve built over the past year, combined with tailwinds, positions us for an even stronger 2025. Institutions are increasingly eager to explore the potential of cryptocurrencies, with many taking their first steps into the space.
Cryptocurrencies are also integrating into culture and lifestyle in new and exciting ways. Memecoins, for example, have emerged as more than just speculative assets – they are a global cultural phenomenon, often serving as a first step into the crypto world for younger, internet-native users. This recent integration is a testament to how digital assets are expanding their relevance beyond finance to touch many aspects of everyday life. There will be many more integrations as digital assets become mainstream.
On a personal note for this one-year anniversary, the part of my job that gives me the most pleasure and satisfaction is still the same as it was a year ago. Meeting Binance users and crypto enthusiasts in person, wherever I go, is always the best way to remind myself of what this movement is really about. Improving lives. Leveling the playing field. Extending financial freedom and giving people functional tools and alternatives. This – and the warm smiles and handshakes at every community event – is what keeps me, Binance, and our industry moving forward. In a sea of change, this is what remains constant.
This is an exciting time for financial innovation, and the best is yet to come. I’m proud of how Binance is leading the way into the future with an unwavering focus on our users. Our commitment remains steadfast: to deliver value, protect and empower our community, and foster the responsible growth of this incredible industry. Together, we can ensure that crypto continues to transform lives and create opportunities for millions around the world. May the second year of this new era be even more impactful and productive for Binance, the industry, and the global crypto community!
