Original source: Binance
Key points
· Over the past year, Binance has set new benchmarks in growth, responsibility, and innovation, proving that both Binance and the cryptocurrency industry are thriving.
· The crypto industry has achieved historic milestones, including the approval of Bitcoin ETFs in several major markets and significant institutional adoption, reflecting the legitimacy of crypto assets and their deepening integration with traditional finance.
· Binance is committed to responsible growth, providing a safe and trustworthy platform for its over 240 million users worldwide through significant investments in compliance, security, and regulatory engagement.
A year ago, I was entrusted with an important mission and felt honored: to lead this remarkable organization created by CZ and the Binance founding team into a new era of the crypto industry. This transformation occurred during a challenging time for Binance and the entire crypto asset sector. Many questioned whether Binance and crypto assets could weather this phase, let alone continue to thrive. However, the past year has proven to be the most transformative and inspiring chapter in our history. For this, I want to thank the amazing colleagues at Binance and our global community that has always supported us—your resilience, wisdom, and dedication have showcased our collective strength to the world over the past year.
The industry has become stronger, with increasing legitimacy, adoption rates, and practicality. From breakthroughs in regulation to milestones in institutional adoption, this year marks the arrival of a new era. As a global leader in the industry, Binance has lived up to expectations, setting benchmarks for growth, responsibility, and innovation. Together, we have proven that cryptocurrencies will not only continue to exist but will thrive, leading to greater financial freedom and a more inclusive internet. Below are some insights and inspirations I have gained in my first year leading one of the most unique and innovative organizations in history.
Milestones of resilience and growth
Over the past year, the crypto industry has reached historic milestones. The approval of Bitcoin ETFs in major markets such as the United States, Brazil, Hong Kong, and Australia marks a broader acceptance of crypto assets. In just one year, net inflows into Bitcoin ETFs have surpassed those of gold ETFs, confirming the growing role of crypto assets in the financial world and deepening integration with traditional institutions and systems. Additionally, the speed and volume of global retail adoption suggest that we may reach our goal of the first billion users sooner than we ever imagined.
This wave of progress is also reflected in the significant growth of Binance over the past year, thanks to the vision of our outstanding leadership team, the dedication of thousands of Binance personnel across different time zones, and the growing support and trust from our community.
Our platform now has over 240 million users globally, safeguarding over $130 billion in user assets. In 2024, Binance's institutional user growth rate doubled compared to last year, indicating growing trust from professional investors in our platform and services. We became the first centralized exchange to exceed a total trading volume of $100 trillion in spot and derivatives combined. To accommodate the booming industry and expanding cryptocurrency adoption, we welcomed 1,600 new employees over the past year, particularly top compliance talent. These numbers not only reflect the resilience of Binance and crypto assets but also showcase the maturity and acceptance that were unimaginable just a year ago.
There are also some things that are difficult to capture in numbers, but are equally significant. In numerous meetings with regulators over the past year, I have sensed a clear shift in how they discuss crypto assets. In many countries and regions, decision-makers who control the financial landscape are showing increasing curiosity and intent to understand crypto assets. Many have posed in-depth and insightful questions, indicating that they are seriously considering how to leverage the power of blockchain for the benefit of society and pave the way for the sustainable future of crypto finance. This growing curiosity suggests a comforting shift in regulators' and policymakers' perceptions of crypto assets, and this shift is key to allowing crypto assets to truly become mainstream.
A responsible new era
As we celebrate the milestones of industry growth, it is important that we also recognize that not all growth is the same. The growth that continues to drive industry trends is responsible growth—a process focused on building trust, prioritizing cooperation and compliance, and ensuring the safety of all participants.
The crypto industry has made significant strides in this regard, with a notable shift in engagement and cooperation with regulators. Binance is proud to be at the forefront of this transformation. Currently, we have obtained over 20 licenses and registrations globally, including recent approvals in key markets like India and Argentina. Over the past year, we have continued to invest heavily in compliance, strengthening our processes and technologies, strategically hiring world-class talent, and maintaining cooperation with global regulators and policymakers.
We advocate for collaborative security in the crypto field, actively assisting law enforcement agencies with many case investigations. Furthermore, over the past two years, we have held more than 200 training sessions to help enhance the capabilities of law enforcement personnel in effectively addressing crypto asset-related threats. For example, at the 'Binance Law Enforcement Day' online educational event held in April 2024, we welcomed participation from over 1,300 investigators representing more than 80 countries. From January to mid-November 2024, we responded to over 55,700 law enforcement requests, serving more than 13,800 registered law enforcement personnel.
Achieving this growth requires time, effort, and resources, but its returns are profound. Responsible growth does not depend on market cycles; instead, it focuses on building infrastructure, ensuring security, and preparing for mass adoption, thus bringing the first billion users into the crypto ecosystem.
While the industry has made some progress, it is crucial to maintain this momentum with a widespread commitment to transparency, compliance, and security. A recent estimate shows that approximately one-quarter of the world's largest 80 centralized crypto asset exchanges still lack any KYC (Know Your Customer) requirements. As an industry, we can and should do better, and Binance's growth path provides a good blueprint for others to follow. With a collective effort, we can enhance the entire ecosystem, ensure its long-term success, and build trust.
Looking to the future
Looking ahead, the crypto industry will undoubtedly see more significant advancements. The momentum we have built over the past year, coupled with a favorable external environment, will make us stronger in 2025. Institutional investors are increasingly interested in exploring the potential of crypto assets, and many institutions have already begun to take the first steps into this field.
Cryptocurrency has also integrated into culture and life in novel and exciting ways. For example, Memecoins are not just speculative assets—they have become a global cultural phenomenon, often serving as the first step for young, internet-savvy users to enter the crypto world. This integration demonstrates that the influence of crypto assets is surpassing the financial realm, touching all aspects of daily life. As crypto assets enter the mainstream, we will see more of such intersections in the future.
For me personally, on the occasion of my one-year anniversary in office, the part that brings me the most joy and satisfaction remains the same as it was a year ago. No matter where I go, engaging face-to-face with Binance users and crypto enthusiasts is always the best reminder of the true meaning of all this. Improving lives, ensuring fair competition, achieving financial freedom, and providing people with practical tools and choices. All of this, along with the warm smiles and handshakes at every community event, fuels me, Binance, and the entire industry to keep moving forward. In the wave of change, these remain constant.
Now is an exciting time for financial innovation, and the best is yet to come. I am proud that Binance continues to be user-centric and leads the future. Our commitment remains steadfast: to provide value, protect and empower our community, and drive responsible development in this amazing industry. Let us work together to ensure that crypto assets continue to improve lives and create opportunities for millions of people around the world. Let us look forward to the second year of this new era, which will have a more profound impact and yield richer results for Binance, the crypto industry, and the global crypto community!
This article comes from a submission and does not represent BlockBeats' views.