Key points to remember
Over the past year, Binance has set new standards for growth, accountability, and innovation, proving that the company and the crypto industry are here to thrive.
The cryptocurrency sector has achieved historic milestones, including the approval of BTC ETFs across major markets and significant institutional adoption, reflecting its growing legitimacy and integration with traditional finance.
Binance’s commitment to responsible growth is evident through its significant investments in compliance, security, and regulatory engagement, ensuring a secure and trusted platform for its 240 million users worldwide.
One year ago, I had the privilege and honor of being entrusted with an enormous task: leading the incredible organization that CZ and the founding team had built into the new era of the cryptocurrency industry. This transition is the culmination of a challenging period for Binance and the digital asset space as a whole. Many doubted that Binance and crypto would survive unscathed, let alone thrive. Instead, this past year has proven to be one of the most transformative and inspiring chapters in our history. I am grateful to my incredible colleagues at Binance and our global community for their continued support. It is because of your resilience, wisdom, and dedication that this year has been a true demonstration of our collective strength.
The industry emerged stronger, gaining legitimacy, adoption, and utility. This year marked the dawn of a new era between regulatory breakthroughs and institutional advancements. As a global industry leader, Binance rose to the occasion by setting new standards for growth, accountability, and innovation. Together, we showed that crypto is not only here to stay, it’s here to thrive, paving the way for greater financial freedom and a more inclusive internet. Here are some thoughts and lessons I took away from my first year leading one of the most unique and innovative organizations in history.
Resilience and growth advances
Over the past year, the cryptocurrency industry has reached historic milestones. Bitcoin ETFs have been approved in major markets like the United States, Brazil, Hong Kong, and Australia, a sign of broader acceptance of digital assets. In just one year, net inflows to BTC ETFs have surpassed those of gold ETFs, an achievement that speaks to crypto’s growing role in finance and its deeper integration into more traditional institutions and systems. Meanwhile, the pace and scale of global retail adoption suggests that the coveted first billion crypto users could be within reach sooner than we ever dreamed.
This wave of progress has been reflected in Binance’s remarkable growth over the past year, driven by the vision of our excellent leadership team, the dedication of thousands of Binancians across the globe, and the ever-growing support and trust of our community.
Our platform now serves over 240 million users globally, safeguarding over $130 billion in user assets. In 2024, Binance’s institutional onboarding rate more than doubled year-over-year, demonstrating the growing trust of professional investors in our platform and services. We became the first centralized crypto exchange to surpass $100 trillion in combined spot and derivatives trading volume. In response to the demands of the burgeoning industry and the growing adoption of cryptocurrencies, we have expanded our workforce, welcoming 1,600 new employees in the past year, with a particular focus on world-class compliance talent. These numbers underscore not only the resilience of Binance and crypto, but also a level of maturity and acceptance that was unthinkable just a year ago.
There is also a hugely important dimension in the air that is harder to capture in numbers. In dozens of meetings with regulators over the past year, I have sensed a noticeable shift in how they are approaching digital assets. Across many regions and continents, those with the power to shape the financial landscape are increasingly curious and eager to engage with crypto. Many of them are asking sharp and pertinent questions, suggesting serious thinking about how the power of blockchain can be harnessed for social good and a sustainable future for digital finance. This growing curiosity suggests a welcome shift in how regulators and policymakers view crypto—one that is fundamental to making crypto truly mainstream.
A new era of responsibility
As we commemorate the great strides in growth in our industry, it is important to recognize that not all growth is created equal. The type of growth that will sustain our industry’s momentum is responsible growth: a process that builds trust, prioritizes cooperation and compliance, and ensures the safety of all participants.
The cryptocurrency industry has come a long way in this regard, with a notable shift towards regulatory engagement and collaboration. Binance is proud to be at the forefront of this evolution. Today, we are licensed and authorized in over 20 countries worldwide, most recently in key markets like India and Argentina. Over the past year, we have continued to invest heavily in compliance, strengthen our processes and technology, strategically hire world-class talent, and collaborate with regulators and policymakers around the world.
As advocates for collaborative security in the digital space, we have supported law enforcement in dozens of investigations and hosted over 200 training sessions over the past two years to strengthen the ability of crime fighters to more effectively counter crypto threats. For example, Binance Law Enforcement Day, our online educational event held in April 2024, hosted over 1,300 investigators representing agencies from over 80 countries. From January to mid-November 2024, we responded to over 55,700 law enforcement requests, serving over 13,800 agents.
Achieving this type of growth takes time, effort, and resources, but the rewards are enormous. Responsible growth isn’t about market cycles; it’s about building infrastructure, ensuring security, and preparing for the mass adoption that will bring the first billion users into the crypto ecosystem.
While the industry has made progress, a shared commitment to transparency, compliance, and security is essential to maintaining this momentum. A recent estimate suggests that around a quarter of the top 80 centralized crypto exchanges still have no KYC requirements. As an industry, we can and must do better, and Binance’s evolution provides a clear model for our peers to follow. By working together, we can advance the entire ecosystem, ensure its long-term success, and foster greater trust.
Looking to the future
Looking ahead, the crypto industry is undoubtedly poised for even greater advancements. The momentum we’ve built over the past year, coupled with tailwinds, positions us for an even more dynamic 2025. Institutions are increasingly eager to explore the potential of crypto, with many taking their first steps into the space.
Crypto is also integrating into culture and everyday life in new and exciting ways. Memecoins, for example, have become more than just speculative assets: they are a global cultural phenomenon, often serving as a first step into the world of cryptocurrencies for young, internet-native users. This recent integration is a testament to how digital assets are expanding beyond finance to touch upon various aspects of everyday life. There will be many more integrations as digital assets become more mainstream.
On a personal note for this first anniversary, the part of the job that gives me the most pleasure and satisfaction is still the same as it was a year ago: Meeting Binance users and crypto enthusiasts in person, wherever I go, is still the best way to remind myself of what this movement is all about. Improving quality of life, leveling the playing field, expanding financial freedom, and providing people with tools and solutions that work: these are all elements, along with the warm smiles and handshakes at every community event, that motivate me, Binance, and our industry to continue working in this direction. In this sea of change, these elements remain constant.
This is an exciting time for financial innovation, and the best is yet to come. I am proud of how Binance is leading the way into this future with a focus on its users. Our commitment remains unwavering: to deliver value, protect and empower our community, and foster the responsible growth of this incredible industry. Together, we can ensure that crypto continues to transform lives and create opportunities for millions of people around the world. I look forward to an even more impactful and productive second year of this new era for Binance, the industry, and the global crypto community!
