Binance – the leading cryptocurrency exchange – will celebrate seven years of operations on July 14, 2024. In honor of this milestone, Binance will host several global events, meetups and giveaways. On this occasion, Richard Teng – CEO of Binance – pledged to the community to prioritize consumers and focus on innovations.

“By traditional standards, a seven-year-old company is a young and ambitious startup. By cryptocurrency industry standards, surviving and being able to maintain a leadership position for most of a seven-year period means having survived and thrived through ups and downs as well as triumphs. The vision of an industry that appears to be growing the fastest in history proves to be a seasoned veteran.” 

Teng believes that Binance's focus on users as the most important factor driving decisions, its rigorous work culture and entrepreneurial mindset, and its commitment to continuous innovation to improve people's lives remains has remained unchanged over the past seven years.

Over the past 7 years, Binance has gone through both ups and downs, difficult challenges to moments of resounding success. Last year in particular, CEO ChangPeng Zhao was forced to resign after pleading guilty to the US Department of Justice and was sentenced to four months in prison in early May, which is still being served.  

The leading exchange has a global customer base of up to 210 million people. Teng shares:

“We warmly welcome all newbies, committed to providing a great, comfortable and safe experience for users as they explore the future of innovative finance.”

With the current user base, the value of funds held by users on the exchange surpassed the $100 billion mark for the first time. Teng assured users that “as always, everyone's money is safe and stored transparently at a 1:1 ratio.” 

The CEO added that the projects of institutions involved in the cryptocurrency industry have brought liquidity and more users to this famous cryptocurrency exchange. 

“From January to June 2024, we saw a more than 36% increase in institutional applications.”

Additionally, approximately 43.6 million students have visited Binance Academy to learn about the world of blockchain and digital assets.

Binance's achievements in 2023 and 2024 amid tight regulatory controls

The cryptocurrency exchange faced tough hurdles in 2023 and 2024, especially from US regulators. After numerous rounds of regulatory tightening, Binance “now holds licenses and applications across 18 jurisdictions, more than any other centralized cryptocurrency exchange.”

Richard Teng said Binance is just getting started and there will be more in the coming years. He is certain about the direction Binance is taking: 

“Entering our eighth year serving the crypto community, we are in a strong position to lead the digital assets sector into its next phase of growth. Some of the factors that will shape the future of this sector are already well understood, as market and industry trends are in full swing.”

Binance processed approximately 62,800 law enforcement requests from June 2023 to May 2024, out of a total of 173,800 requests. Each request contributes to solving crime problems, identifying criminals and recovering victims' money.

Additionally, the exchange keeps its SAFU fund above $1 billion to protect Binance users from security breaches and other extreme events.

“Earlier this year, we migrated all SAFU assets to USDC – a trusted and transparent stablecoin, further improving the trustworthiness of the fund and ensuring it remains stable at 1 billion dollars".



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