Key Summary
Over the past year, Binance has set new benchmarks in growth, responsibility, and innovation, proving that both the company and the crypto industry can not only survive but thrive.
The crypto industry has achieved historic milestones, including the approval of Bitcoin ETFs in multiple major markets and significant institutional adoption, reflecting the growing legitimacy of crypto assets and the deepening integration with traditional finance.
Binance is committed to responsible growth by investing heavily in compliance, security, and regulatory engagement, providing a safe and trustworthy platform for over 240 million users worldwide.
A year ago, I humbly and honorably took on a daunting task: to lead this incredible 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 digital asset space. Many were skeptical about whether Binance and crypto assets could weather this phase, let alone continue to grow. However, the past year has proven to be one of the most transformative and inspiring chapters in our history. For this, I want to thank Binance's amazing 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.
Today, the industry has become stronger, achieving progress in legitimacy, adoption, and practicality. From regulatory breakthroughs to milestones in institutional adoption, this year marks the beginning of a new era. As a global leader in the industry, Binance has lived up to expectations, setting benchmarks in growth, responsibility, and innovation. Together, we have proven that crypto assets will not only endure but will continue to thrive, leading us towards greater financial freedom and a more inclusive web. Below are some insights and reflections I have gained from leading one of the most unique and innovative organizations in history over the past year.
Milestone of Resilience and Growth
Over the past year, the crypto industry has reached historic milestones. Bitcoin ETFs have been approved in major markets such as the United States, Brazil, Hong Kong, and Australia, highlighting the growing acceptance of digital assets. Within just a year, the net inflow into Bitcoin ETFs has surpassed that of gold ETFs, confirming that the role of crypto assets in the financial world is strengthening and deepening integration with traditional institutions and systems. At the same time, the speed and scope of global retail adoption also suggest that reaching our goal of the first billion users may happen faster than we previously imagined.
This wave of progress is also reflected in Binance's significant growth over the past year, thanks to the vision of our exceptional leadership team, the dedication of thousands of Binance employees across various time zones worldwide, and the community's increasing support and trust in us.
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 that professional investors' trust in our platform and services is continually increasing. We became the first centralized exchange to surpass a total trading volume of $100 trillion in spot and derivatives. To respond to the booming industry and the expansion of crypto adoption, we hired 1,600 new employees in the past year, particularly top compliance talents. These figures not only reflect the resilience of Binance and crypto assets but also highlight a level of maturity and acceptance that was unimaginable a year ago.
There are also some things that cannot be quantified but are of great importance happening. Over the past year, in dozens of meetings with regulators, I have sensed a significant shift in their discussions about digital assets. In many countries and regions, decision-makers who control the financial landscape are showing increasing curiosity and willingness to understand crypto assets. Many have posed in-depth and insightful questions, demonstrating their serious consideration of how to harness the power of blockchain for social good and pave the way for the future of digital financial sustainability. This growing curiosity suggests that regulators and policymakers' perceptions of crypto assets are undergoing a reassuring transformation, which is vital for crypto assets to truly become mainstream.
A Responsible New Era
As we celebrate the industry's growth milestones, it is important that we also recognize that not all growth is the same. The growth that continues to drive industry development trends is responsible growth—a process that prioritizes trust, cooperation, and compliance while ensuring the safety of all participants.
The crypto industry has made significant progress in this regard, with a noticeable shift in engagement and cooperation with regulators. Binance is proud to be at the forefront of this change. Currently, we have obtained over 20 licenses and registrations worldwide, including recent approvals in key markets like India and Argentina. Over the past year, we have also continued to invest heavily in compliance, strengthening our processes and technologies, strategically hiring world-class talent, and collaborating with global regulators and policymakers.
In advocating for collaborative security in the digital realm, we actively assist law enforcement agencies in numerous case investigations. Furthermore, over the past two years, we have conducted more than 200 training sessions to help enhance the capabilities of law enforcement personnel in effectively addressing crypto asset-related threats. For instance, at the Binance Law Enforcement Day online education event held in April 2024, we welcomed participation from over 1,300 investigators representing more than 80 countries. From January 2024 to mid-November, 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 rewards are profound. Responsible growth does not rely on market cycles but 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 certain progress, maintaining this momentum is crucially dependent on a universal commitment to transparency, compliance, and security. A recent estimate shows that among the world's 80 largest 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 joint efforts, we can elevate the entire ecosystem, ensure its long-term success, and build trust.
Embracing the Future
Looking ahead, the crypto industry will undoubtedly see more significant advancements. The momentum we have built over the past year, combined with favorable external conditions, will make us even stronger by 2025. Institutional investors are increasingly interested in exploring the potential of crypto assets, and many institutions have begun to take their first steps into this field.
Cryptocurrencies are also integrating into culture and life in a new and exciting way. For example, memecoins are not just speculative assets—they have become a global cultural phenomenon and often serve as the first step for young, internet-savvy users to enter the crypto world. This latest integration proves that the influence of digital assets is extending beyond the financial realm, touching every aspect of everyday life. As digital assets enter the mainstream, we can expect even more of such integrations in the future.
For me personally, on the occasion of my first anniversary in this role, the part that brings me the most joy and satisfaction remains the same as a year ago. Interacting face-to-face with Binance users and crypto enthusiasts wherever I visit is always the best reminder of the true meaning of it all. Improving lives, ensuring fair competition, providing financial freedom, and offering people practical tools and choices. All of this—and the warm smiles and handshakes from every community event—are the driving forces that propel me, Binance, and the entire industry forward. In the waves of change, this is the only constant.
Now is an exciting time for financial innovation, and the best is yet to come. I am proud that Binance continues to prioritize users while leading the industry towards the future. Our commitment remains steadfast: to provide value, protect and empower our community, and promote responsible growth in this amazing industry. Let us work together to ensure that crypto assets continue to improve lives and create opportunities for millions globally. Let's look forward to the second year of this new era, with deeper impacts and more fruitful results for Binance, the crypto industry, and the global crypto community!
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