Key Points
Over the past year, Binance has set new benchmarks in growth, responsibility, and innovation, demonstrating that both Binance and the cryptocurrency industry are thriving.
The cryptocurrency industry has reached a historic milestone, with the approval of Bitcoin ETFs in several major markets and significant institutional adoption, reflecting the legitimacy of crypto assets and deepening integration with traditional finance.
Binance is committed to responsible growth, providing a secure and trusted platform for its global user base of over 240 million through substantial investments in compliance, security, and regulatory engagement.
A year ago, I was entrusted with a significant responsibility and felt honored: to lead this remarkable organization created by CZ and the Binance founding team into a new era of the cryptocurrency industry. This transformation occurred during a challenging time for Binance and the entire crypto asset sector. Many doubted whether Binance and crypto assets could safely navigate 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 Binance's incredible colleagues 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 regulatory breakthroughs 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. Here are some insights and reflections from my first year leading 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. The approval of Bitcoin ETFs in major markets such as the US, Brazil, Hong Kong, and Australia marks broader acceptance of crypto assets. Within just one year, net inflows into Bitcoin ETFs have surpassed those of gold ETFs, affirming the growing role of crypto assets in the financial world and deepening integration with traditional institutions and systems. Meanwhile, the speed and scope of global retail adoption also suggest that reaching our goal of the first billion users may be achieved sooner than we once imagined.
This wave of progress is also reflected in Binance's significant growth over the past year, thanks to the vision of our outstanding leadership team, the dedication of thousands of Binance employees across global time zones, and the increasing 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 a growing trust from professional investors in our platform and services. We became the first centralized exchange to surpass $100 trillion in combined spot and derivatives trading volume. To accommodate the booming industry and the expanding adoption of cryptocurrencies, 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 a maturity and acceptance level that was unimaginable just a year ago.
There are also significant developments that are difficult to quantify numerically. Over the past year, in dozens of meetings with regulators, I have sensed a notable shift in their discussions around crypto assets. In many countries and regions, decision-makers controlling the financial landscape are showing increasing curiosity and intent to understand crypto assets. Many have raised insightful and in-depth questions, indicating that they are seriously considering how to harness the power of blockchain for societal benefit and pave the way for the sustainability of crypto finance. This growing curiosity suggests a reassuring shift in regulators' and policymakers' understanding of crypto assets, which is key to making them truly mainstream.
A Responsible New Era
As we celebrate the milestones of industry growth, it is essential to recognize that not all growth is the same. The growth that can sustainably drive industry trends is responsible growth—a process centered on building trust, prioritizing collaboration and compliance, and ensuring the safety of all participants.
The cryptocurrency industry has made significant progress in this regard, with a clear 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 such as India and Argentina. Over the past year, we have also continued to invest heavily in compliance, strengthening our processes and technologies, strategically hiring top talent, and maintaining cooperation with global regulators and policymakers.
We advocate for collaborative security in the crypto space, actively assisting law enforcement with many case investigations. Additionally, over the past two years, we have conducted over 200 training sessions to enhance law enforcement's ability to effectively address threats related to crypto assets. For example, during the online education event 'Binance Law Enforcement Day' held in April 2024, we welcomed participation from over 1,300 investigators representing more than 80 countries. From January to mid-November 2024, we have responded to over 55,700 law enforcement requests, serving over 13,800 registered law enforcement personnel.
Achieving this growth takes time, effort, and resources, but the returns are profound. Responsible growth does not depend on market cycles but focuses on building infrastructure, ensuring safety, and preparing for widespread adoption, thereby bringing the first billion users into the crypto ecosystem.
While the industry has made some progress, maintaining this momentum requires a universal commitment to transparency, compliance, and security. A recent estimate shows that among the world's largest 80 centralized crypto asset exchanges, about a quarter still lack any KYC (Know Your Customer) requirements. As an industry, we can and should do better, and Binance's development path provides a good blueprint for peers to follow. With a collective effort, we can elevate the entire ecosystem, ensuring its long-term success and enhancing trust.
Looking to the Future
Looking ahead, the cryptocurrency industry will undoubtedly see more significant developments. The momentum we have built over the past year, combined with favorable external conditions, will make us stronger in 2025. Institutional investors are increasingly interested in exploring the potential of crypto assets, and many institutions have begun taking their first steps into this field.
Cryptocurrencies are also integrating into culture and life in novel and exciting ways. For instance, Memecoins are not merely speculative assets—they have become a global cultural phenomenon and often serve as the first step for young, internet-savvy users entering the crypto world. This integration proves that the influence of crypto assets is transcending the financial realm, touching every aspect of daily life. As crypto assets enter the mainstream, we can expect more such integrations in the future.
For me personally, on the anniversary of my appointment, the aspects of my work that bring me the greatest joy and satisfaction remain the same as a year ago. Wherever I go, face-to-face interactions with Binance users and crypto enthusiasts always remind me of the true meaning of it all. 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 my drive and that of Binance and the entire industry to keep moving forward. In the waves of change, these elements remain constant.
This is an exciting time for financial innovation, and the most exciting parts are yet to come. I am proud that Binance continues to maintain a user-centric approach and lead into the future. Our commitment remains strong: to provide value, protect and empower our community, and drive the responsible development of this amazing industry. Let us ensure that crypto assets continue to improve lives and create opportunities for millions around the world. Let us anticipate the second year of this new era, which will have a more profound impact and yield more fruitful results for Binance, the cryptocurrency industry, and the global crypto community!
Further Reading
A recap of Richard Teng's Q&A session celebrating Binance reaching 200 million users.
A message from Binance's CEO: It's better to be a trendsetter than a trend follower.
A message from Binance's CEO: Leaders and disruptors in the era of blockchain innovation.