By: Richard Teng, CEO of Binance
Key Points
Over the past year, Binance has set new benchmarks in growth, responsibility, and innovation, proving that both Binance and the cryptocurrency industry are thriving.
The crypto industry has achieved historic milestones, including the approval of Bitcoin ETFs in multiple major markets and significant institutional adoption, reflecting the legitimacy of crypto assets and their growing integration with traditional finance.
Binance is committed to responsible growth by providing a safe and trusted platform for its over 240 million users worldwide through significant investments in compliance, security, and regulatory engagement.
One year ago, I was deeply honored to be entrusted with the task of leading the incredible organization built by CZ and the Binance team into a new era for crypto. This transition came at a very challenging time for Binance and the crypto space as a whole. Many doubted whether Binance and crypto would be able to survive this phase, let alone thrive. However, the past year has proven to be the most transformative and inspiring new chapter in our history. For this, I want to thank my incredible colleagues at Binance and our global community for their continued support - it is your resilience, wisdom, and dedication that have made our collective power visible to the world over the past year.
The industry has emerged stronger, with increasing legitimacy, adoption, and utility. From regulatory breakthroughs to milestones in institutional adoption, this year marked the dawn of a new era. As a global leader in the industry, Binance has lived up to expectations and set the bar for growth, responsibility, and innovation. Together, we’re proving that cryptocurrency is not only here to stay, but will continue to thrive, leading to greater financial freedom and a more inclusive internet. Here are some of the insights and inspirations I’ve gained from my first year leading one of the most unique and innovative organizations in history.
Milestones of resilience and growth
The past year has seen historic milestones for the crypto industry. Bitcoin ETFs have been approved in major markets such as the United States, Brazil, Hong Kong, and Australia, signaling a wider acceptance of crypto assets. In just one year, net inflows into Bitcoin ETFs have surpassed those into gold ETFs, confirming the growing role of crypto assets in the financial world and their deepening integration with traditional institutions and systems. At the same time, the speed and scope of global retail adoption also suggests that our goal of reaching our first billion users may be achievable sooner than we ever thought.
This progress is reflected in Binance’s remarkable growth over the past year, thanks to the vision of our exceptional leadership team, the dedication of thousands of Binancians across all time zones around the world, and the growing support and trust of our community.
Our platform now has over 240 million users worldwide, protecting over $130 billion in user assets. In 2024, Binance’s institutional user growth rate doubled from last year, demonstrating the growing trust of professional investors in our platform and services. We became the first centralized exchange to exceed $100 trillion in combined spot and derivatives trading volume. In response to the booming industry and the growing adoption of cryptocurrencies, we welcomed 1,600 new employees in the past year, especially top compliance talents. These numbers not only reflect the resilience of Binance and crypto assets, but also demonstrate the maturity and acceptance that was unimaginable a year ago.
Something else is happening that is harder to capture in numbers, but is also extremely important. In dozens of meetings with regulators over the past year, I have sensed a clear shift in the way they discuss crypto assets. In many countries and regions, policymakers who control the financial landscape are showing increasing curiosity and interest in learning about crypto assets. Many are asking deep and insightful questions, showing that they are thinking seriously about how to use the power of blockchain to benefit society and pave the way for a sustainable future for crypto finance. This growing curiosity suggests that regulators and policymakers are undergoing a reassuring shift in their understanding of crypto assets, which is the key to making crypto assets truly mainstream.
A new era of responsibility
As we celebrate milestones in our industry’s growth, it’s important to recognize that not all growth is created equal. The growth that continues to drive industry trends is responsible growth—one that builds trust, prioritizes collaboration and compliance, and ensures the safety of all participants.
The crypto industry has made great 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. We currently have more than 20 licenses and registrations around the world, including recent approvals in important markets such as India and Argentina. Over the past year, we have also continued to invest heavily in compliance, strengthen our processes and technology, strategically hire world-class talent, and work with regulators and policymakers around the world.
We advocate for China-US cooperation and security in the crypto space, and actively assist law enforcement agencies in many case investigations. In addition, over the past two years, we have held more than 200 training courses to help enhance the ability of law enforcement officers to effectively respond to threats related to crypto assets. For example, at the Binance Law Enforcement Day online educational event held in April 2024, we welcomed more than 1,300 investigators representing more than 80 countries. From January to mid-November 2024, we have responded to more than 55,700 law enforcement requests and served more than 13,800 registered law enforcement officers.
Achieving this kind of growth takes time, effort, and resources, but the rewards are profound. Responsible growth is not dependent on market cycles, but rather focuses on building infrastructure, ensuring security, and preparing for mass adoption to bring the first billion users into the crypto ecosystem.
While the industry has made some progress, a universal commitment to transparency, compliance, and security is critical to maintaining this momentum. A recent estimate shows that about a quarter of the world's 80 largest centralized crypto exchanges 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 others to follow. By working together, we can elevate the entire ecosystem, ensure its long-term success, and promote trust.
Future-proof
Looking ahead, the crypto industry will undoubtedly see more significant developments. The momentum we have built over the past year, coupled with a favorable external environment, will put us in a stronger position in 2025. Institutional investors are increasingly interested in exploring the potential of crypto assets, and many have begun to take their first steps into this space.
Cryptocurrencies are also integrating into culture and life in new and exciting ways. Memecoins, for example, are more than just speculative assets — they have become a global cultural phenomenon, often serving as the first step into the world of crypto for young, internet-savvy users. This integration is proof that crypto assets are reaching beyond the financial sector to touch every aspect of daily life. As crypto assets enter the mainstream, expect to see more of these integrations in the future.
For me personally, on my first anniversary in office, the parts of my job that make me happiest and most fulfilled remain the same as they were a year ago. Meeting Binancians and crypto enthusiasts face-to-face wherever I go is the best way to remind me what it’s all about. Improving lives, leveling the playing field, enabling financial freedom, and giving people practical tools and choices. All of this, along with the warm smiles and handshakes at every community event, is what drives me, Binance, and the industry forward. In the midst of change, these are the constants.
It’s an exciting time for financial innovation, and the best is yet to come. I’m proud that Binance continues to lead the way by putting users at the core of our business. Our commitment remains strong: to deliver value, protect and empower our community, and drive responsible growth in this amazing industry. Together, let’s ensure crypto continues to improve lives and create opportunities for millions of people around the world. Let’s look forward to the second year of this new era, with even greater impact and results for Binance, the crypto industry, and the global crypto community!
