Key points
Over the past year, Binance has set new benchmarks in growth, responsibility, and innovation, demonstrating 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 engagement, ensuring a safe and reliable platform for its 240 million global users.
A year ago, I felt honored and grateful to be entrusted with a huge task: leading the incredible organization that CZ and the founding team had built into the new era of the crypto industry. This transition became the culmination of a challenging period for Binance and the digital assets space as a whole. Many doubted whether both Binance and crypto could emerge unscathed, let alone thrive. Instead, the past year has proven to be one of the most transformative and inspiring chapters in our history. For this, I must thank my amazing colleagues at Binance and our ever-supportive global community: it is their resilience, wisdom, and dedication that has made the past year a demonstration of our collective strength.
The industry has emerged stronger, advancing in legitimacy, adoption, and utility. From regulatory advancements to institutional milestones, this year marked the dawn of a new era. As a global leader in the industry, Binance has risen to the occasion, setting standards for growth, responsibility, and innovation. Together, we have demonstrated that crypto is not only here to stay, but is here to thrive, leading the way towards greater financial freedom and a more inclusive Internet. Below are some thoughts and lessons I've gained from my first year at the helm of one of the most unique and innovative organizations in history.
Resilience and growth milestones
Over the past year, the crypto industry has reached 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 a year, net inflows into BTC ETFs have surpassed those of gold ETFs, a testament to the growing role of crypto in finance and its deeper integration with more traditional institutions and systems. Meanwhile, the pace and breadth of global retail adoption suggest that the coveted first billion crypto users could be within reach sooner than we ever dreamed.
This wave of progress has been reflected in the remarkable growth of Binance this past year, driven by the vision of our outstanding leadership team, the dedication of thousands of Binancians spread across all time zones, and the increasing support and trust from our community.
Our platform now serves over 240 million users worldwide, safeguarding more than $130 billion in user assets. In 2024, institutional onboarding rates at Binance have more than doubled compared to the previous year, demonstrating growing confidence in our platform and services among professional investors. We have become the first centralized crypto exchange to surpass $100 trillion in combined spot and derivatives trading volume of all time. In response to the expanding industry demands and the growing adoption of crypto, we have been strengthening our numbers, welcoming 1,600 new employees over the past year, with a particular focus on top-tier compliance talent. These numbers underscore not only the resilience of Binance and crypto but also a level of maturity and acceptance unimaginable just a year ago.
There is also something tremendously important in the air that is harder to capture in numbers. Throughout dozens of meetings with regulators over the past year, I have felt a notable shift in how they talk about digital assets. In many regions and continents, those with the power to shape the financial landscape are becoming more curious and intentional about crypto. Many are asking deep and well-informed questions, suggesting serious thought about how to leverage the power of blockchain for social good and a sustainable future for digital finance. This growing curiosity hints at a welcome shift occurring in regulators' and legislators' perceptions of crypto, one that is crucial for making it truly mainstream.
A new era of responsibility
As we celebrate the growth milestones of our industry, it is important to recognize that not all growth is equal. The type of growth that will sustain the momentum of our industry is responsible growth, a process that builds trust, prioritizes cooperation and compliance, and safeguards security for all participants.
The crypto 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 have over 20 licenses and registrations worldwide, with recent approvals in key markets such as India and Argentina. Over the past year, we continued to invest heavily in compliance, strengthening our processes and technology, strategically hiring top-tier talent, and engaging with regulators and legislators on a global scale.
In defending collaborative security in the digital space, we have significantly assisted law enforcement in dozens of investigations, in addition to providing over 200 training sessions in the past two years to enhance the capacity of those combating crime to counter crypto-related threats more effectively. For example, the Binance Law Enforcement Day, our online educational event 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 requests, serving more than 13,800 registered officers.
Achieving this type of growth requires time, effort, and resources, but the rewards are profound. Responsible growth does not depend on market cycles: it is about building infrastructure, ensuring security, and preparing for the mass adoption that will bring the first billion users to the crypto ecosystem.
While the industry has made progress, a universally shared commitment to transparency, compliance, and security is essential to maintain this momentum. A recent estimate suggested that around a quarter of the 80 largest centralized crypto exchanges still lack KYC requirements. We, as an industry, can and must do better, and Binance's evolution provides an excellent model for our peers to follow. By working together, we can elevate the entire ecosystem, ensuring its long-term success and fostering greater trust.
Facing the future
Looking ahead, the crypto industry is undoubtedly poised for even greater advancements. The momentum we have built over the past year, along with favorable winds, positions us for an even stronger 2025. Institutions are increasingly eager to explore the potential of crypto, with many taking their first steps into the space.
Crypto is also becoming integrated into culture and lifestyle in new and exciting ways. Memecoins, for instance, have emerged as more than just speculative assets: they are a global cultural phenomenon, often serving as the first step into the crypto world for younger and internet-native users. This recent integration is a testament to how digital assets are expanding their relevance beyond finance, touching various aspects of daily life. There will be many more integrations as digital assets become mainstream.
On a personal note for this one-year anniversary, the part of the job that brings me the most joy and satisfaction remains the same as it was a year ago. Meeting with Binance users and fellow crypto enthusiasts in person, wherever I go, is always the best way to remember what this movement is really about. Improving lives. Leveling the playing field. Extending financial freedom and providing people with functional tools and alternatives. This, along with the warm smiles and handshakes at every community event, is what keeps me, Binance, and our industry moving forward. In the sea of change, this is what remains constant.
This is an exciting moment for financial innovation, and the best is yet to come. I am proud of how Binance is leading the way towards 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. Here's to the second year of this new era being even more impactful and productive for Binance, the industry, and the global crypto community!