Binance CEO: The platform has more than 210 million users, and the number of institutional registrations has increased by more than 36% in the first half of this year. On July 12, Binance CEO Richard Teng released an open letter on Binance's seventh anniversary. The letter stated that Binance currently has more than 210 million users, and Binance has always regarded users as the only most important factor driving its decision-making for many years. Earlier this year, the value of Binance user funds held exceeded US$100 billion for the first time. As always, user funds are safe and transparently kept at a 1:1 ratio. The infrastructure is in place to support the exploration of experienced and new users, while providing a wide range of products and services to meet any of their Web3 and crypto-related needs. Today, Binance supports 541 digital assets and 2,632 trading pairs. The number of queries per second (QPS) on the Binance platform has reached an all-time high of 2.58 million. This data shows that Binance can smoothly handle very large loads when users need it most. Binance's simple earning product line allows users to increase their cryptocurrency holdings in 392 different assets, and more than 8 million users use cryptocurrencies through Binance Earn. Another pillar of adoption is payments, with more than 24 million people around the world using Binance Pay today to transfer value securely and efficiently within and outside of the country. One of the key drivers of mainstream adoption of digital assets in the current market cycle is the increase in institutional participation. These institutions have joined the Binance ecosystem this year: institutional registrations grew by more than 36% between January and June 2024.
In addition, strengthening collaborative security in the digital financial sector remains one of Binance's key areas of focus. Between June 2023 and May 2024, the Binance team processed approximately 62,800 law enforcement requests, bringing the all-time high to 173,800. Each request helps investigate and prosecute criminal cases, find perpetrators, and recover victims' money. To protect Binance users from potential security breaches and other extreme situations, it maintains the value of its SAFU fund above $10 and will continue to do so in the future.
