Binance CEO Richard has completed his first year in office
Binance's new CEO, Richard, has completed his first year in office, and he has issued a public letter to report on the new benchmarks Binance has set in growth, responsibility, and innovation over the past year.
Below is the original text of the public letter:
A year ago, I took on a daunting task with humility and honor: 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 doubted whether Binance and crypto assets could weather this phase, let alone continue to grow.
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 who have 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, making 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 set a benchmark in growth, responsibility, and innovation.
We have collectively proven that crypto assets will not only remain but will continue to thrive, leading us towards greater financial freedom and a more inclusive network. Here are some insights and inspirations I have gained during my year leading one of the most unique and innovative organizations in history.
Milestones 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 increasing acceptance of digital assets. In just one year, the net inflows into Bitcoin ETFs have surpassed those of gold ETFs, confirming that the role of crypto assets in the financial world is strengthening, deepening the integration with traditional institutions and systems. At the same time, the speed and scope of global retail adoption also suggest that we may reach our goal of the first billion users sooner than we previously imagined.
This 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 various global time zones, and the increasing support and trust from our community.
Our platform now has over 240 million users globally, protecting over 130 billion dollars in user assets. In 2024, Binance's institutional user growth rate doubled compared to last year, indicating a continuously growing trust from professional investors in our platform and services.
We became the first centralized exchange to surpass a total trading volume of 100 trillion dollars in spot and derivatives. To cope with the booming industry and the expansion of crypto adoption, we hired 1,600 new employees over the past year, especially top compliance talent. These figures not only reflect the resilience of Binance and crypto assets but also highlight the maturity and acceptance that were unimaginable a year ago.
There are also some things that cannot be described in numbers, yet are equally important. Over the past year, in dozens of meetings with regulators, I have sensed a notable shift in how they discuss digital assets. In many countries and regions, decision-makers who control the financial landscape are demonstrating increasing curiosity and a willingness to understand crypto assets.
Many have posed insightful and profound questions, indicating that they are seriously considering 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 a reassuring shift in regulators' and policymakers' perceptions of crypto assets, which is key to truly making crypto assets mainstream.
A responsible new era
As we celebrate milestones in industry growth, it is important to recognize that not all growth is the same. Growth that continues to drive industry development trends is responsible growth—a process focused on building trust, prioritizing collaboration and compliance, and ensuring the safety of all participants.
The crypto industry has made significant progress in this regard, with a clear shift in engagement and collaboration with regulators. Binance is proud to be at the forefront of this change. Currently, we have obtained over 20 licenses and registrations globally, including recent approvals in key markets like India and Argentina. Over the past year, we have also made substantial investments in compliance, strengthening our processes and technologies, strategically hiring world-class talent, and maintaining collaboration with global regulators and policymakers.
In advocating for collaborative security in the digital realm, we actively assist law enforcement in numerous case investigations. Additionally, over the past two years, we have conducted more than 200 training sessions to enhance law enforcement's ability to effectively respond to threats related to crypto assets.
For example, during the Binance Law Enforcement Day online educational event 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, servicing over 13,800 registered law enforcement personnel.
Achieving this kind of 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 safety, and preparing for mass adoption, thus 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. Recent estimates indicate that about a quarter of the world's 80 largest centralized crypto asset exchanges still lack any KYC (Know Your Customer) requirements. As an industry, we can and should do better, and Binance's development path offers a good blueprint for others to follow. With collective effort, we can uplift the entire ecosystem, ensuring its long-term success and enhancing trust.
Embracing the future
Looking ahead, the crypto industry will undoubtedly see more significant advancements. The momentum we built over the past year, combined with a favorable external environment, will make us stronger in 2025. Institutional investors are increasingly interested in exploring the potential of crypto assets, with many institutions already taking their first steps into this realm.
Cryptocurrency has also integrated into culture and life in a new and exciting way. For example, meme coins are not just speculative assets—they have become a global cultural phenomenon, often the first step for young, internet-savvy users entering the crypto world.
This latest integration proves that the influence of digital assets is extending beyond finance, touching all aspects of daily life. As digital assets enter the mainstream, we can expect more such integrations in the future.
For me personally, on the occasion of my one-year anniversary in this position, the part that still brings me the most joy and fulfillment remains the same as it was a year ago. Engaging face-to-face with Binance users and crypto enthusiasts wherever I visit has always been the best way to remind me of the true meaning of all this: improving lives, ensuring equal competition, providing financial freedom, and offering practical tools and choices to people.
All of this—and the warm smiles and handshakes at every community event—drives me, Binance, and the entire industry forward. In the tides of change, this is the only constant.
Now is an exciting time for financial innovation, and the best part is yet to come. I take pride in Binance's commitment to being user-centric and continuously leading the industry into the future. Our commitment remains steadfast: to deliver value, protect and empower our community, and drive responsible growth in this amazing industry. Let us work together to ensure that crypto assets continue to improve lives and create opportunities for millions around the world. Let's look forward to the second year of this new era, which will have a profound impact and more fruitful results for Binance, the crypto industry, and the global crypto community!
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