The new head of the world's largest centralized crypto exchange (CEX) Binance, Richard Tan, announced that it has surpassed the mark of 210 million users worldwide. In an article titled "Seven Years at the Forefront of Financial Innovation" published ahead of Binance's birthday, Teng noted that the exchange is still a growth-oriented young startup that has already "survived many crises and learned many important lessons the hard way." experience."
What else is known? Teng, previously in charge of Binance's regional markets outside the US, took over as CEO of the exchange last November, replacing founder Changpeng Zhao, who stepped down as part of a settlement with US federal agencies over money laundering and securities violations. The exchange itself agreed to pay $4.3 billion in fines, and Zhao was sentenced to four months in prison.
Teng assured that Binance remains committed to being user-centric and committed to innovation. He called the past year “typical in the sense that there were both difficult challenges and exciting moments of success.” In particular, trust in the platform has been restored, leading to a rapid increase in the number of users, many of whom are new to the crypto space.
Tan also shared some of the exchange's metrics. Thus, as a result of the growth in the number of clients, the volume of funds in custody for the first time earlier this year exceeded the $100 billion mark. Ten emphasized that all assets are safe and fully secured.
To date, Binance supports 541 cryptocurrencies and 2,632 trading pairs, and the number of requests per second (QPS) is 2.58 million, which reflects its resistance to congestion, the CEO notes.
Binance Pay is used by 24 million users around the world to transfer funds securely and efficiently within and outside the country, and another 43.6 million people use the Binance Academy educational platform.
Separately, Teng emphasized the growth of institutional participation in the crypto market, which is observed in the current cycle and contributes to the global implementation of blockchain technology. Thus, between January and June 2024, the number of institutional registrations on Binance increased by more than 36%.
The head of Binance also emphasized that the exchange is actively improving its compliance systems and currently has licenses and registrations in 18 jurisdictions. According to him, this is much more than any other CEX.
From June 2023 to May 2024, Binance processed approximately 62,800 law enforcement requests, bringing the total number of requests to 173,800.
The exchange also has a SAFU fund with assets worth over $1 billion, which is intended to pay compensation in the event of a failure or hack of the platform. Earlier this year, all of SAFU's assets were converted into USDC from issuer Circle, which is the second-largest stablecoin in the crypto market with a capitalization of $34 billion.
“We are confident that with the trust and support of our global community, our first seven years of hard work have laid a strong foundation for even greater success in advancing financial freedom and inclusion. We have just begun,” concluded Richard Tan.
