From Our CEO: 2023, the Year of Embracing Change While Remaining Committed to Users

Dear Binance Community,

At the end of 2023, I would like to share with you several reflections, both as Binance’s new CEO and as one of the many Binancians who worked to advance the freedom of money throughout the entire year – after all, my tenure at the helm of this incredible organization only started in November. If I had to summarize my message in just one sentence, it would be this: As we enter the new year, the Binance community has very good reasons to look ahead with optimism and hope.

In 2023, we not only maintained our strength as a robust enterprise and the leader of the world’s most dynamic industry – we dared to embrace change and emerged stronger. Much of the overcast of the historical issues in the U.S. is now cleared as we have reached resolutions with regulatory agencies there. Binance has the culture, talent, and expertise in place to become a truly compliance-led organization in addition to being a user-focused one, structured and prepared to lead the digital asset industry into its new era.

Tangible Trust

The past few weeks demonstrated that this assessment is not mere verbiage and that our users have trust in us and our vision of the future. Following the announcement of U.S. resolutions and Binance’s leadership change, net inflows have been very robust, while new users continued coming in steadily. By the end of December, we passed the mark of 170 million registered users, recording a 30% increase over last year. Actions speak louder than words, and your tangible support means the world to us as we open a new chapter.

Importantly, we saw a particularly strong uptick in inflows coming from institutional investors. The reason I see this as fantastic news is that it suggests institutions’ trust in Binance and the larger Web3 ecosystem growing stronger at a time when institutional participation, along with clear regulation, is key to the mass adoption of digital assets. This year, we have already introduced exciting innovations – for example, the innovative banking tri-party agreement – to deliver unmatched value to this important category of customers, and we have more in store for the next year.

Blazing the Web3 Trail

Our most important commitment, as always, remains to our users. No changes in leadership or corporate governance can alter this foundational block of Binance’s DNA: the drive to build and deliver products that make people’s lives better. Responding to and anticipating user needs led us to participate in (and often set) some of the key trends that shaped the digital asset space in 2023.

Catering to the growing demand for more secure and accessible gateways into the world of Web3, we launched our Web3 wallet, which became an instant success with users. Responding to the trend toward a more compelling social Web3 experience, we revamped Binance Square, which grew its user base and the number of active creators manifold this year, and introduced social copy trading functionality. 

In 2023, Binance recorded significant growth in our key services related to crypto payments, P2P trading, and earning, showcasing solid progress on the path to the mass adoption of digital assets. The number of active Binance Pay users grew by 70%; Binance’s P2P platform served 39% more users; Binance Earn helped 35% more people put their crypto to work. For a comprehensive overview of the numbers and metrics describing Binance’s performance in 2023, you can read our year-end report, fresh off the press.

Above all, we remained, and will always remain, laser-focused on the security of users and their funds. From cooperating with global law enforcement to tackle criminal activity in the digital asset space to running educational campaigns for users, from maintaining our SAFU fund (worth $1.2 billion as of the end of the year) to expanding the coverage of our proof-of-reserves system – security and transparency of your funds are Binance’s top priority.

Looking Ahead

We have many reasons to be kicking off the new year in high spirits. Binance is starting its new chapter in a strong financial position, and we have the trust of our amazing global community, which is rapidly expanding. This organization is built to last – not years, but decades. Of course, building the future of finance and advancing the freedom of money globally is a long and rocky path, but we are prepared for the thoughtful, iterative, incremental effort that it takes. With the unwavering support of the Binance community, we’ve proven that there are no challenges we can’t overcome.

As we forge ahead, we will balance our commitment to three key groups. Firstly, our most important stakeholders: our users. Secondly, global regulators, who will play an increasingly vital role in shaping the future of our industry and its ability to realize the tremendous potential of blockchain and digital assets. Finally, we will place heavy emphasis on forming and maintaining industry partnerships – we are all in the same boat, and building a stronger ecosystem is best achievable through coordination and cooperation of our efforts.

Finally, I would like to thank Binance’s incredibly resilient, hardcore, mission-driven team for everything we have achieved this year despite the tough headwinds. It is an honor to lead this uniquely diverse group of talented and dedicated professionals – and a great pleasure as well. I look forward to accomplishing even more alongside all of you in 2024 and beyond.

Happy New Year!

Richard Teng