Binance, the leading crypto exchange, will celebrate seven years in business on July 14, 2024. In honor of this important milestone, Binance is hosting a number of global events, meetups, and giveaways. To that end, Richard Teng, Binance’s CEO, has promised the community to prioritize the consumers, hard work, and innovation.
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Richard Teng says, “By traditional standards, a seven-year-old company is a fledgling, often still an aspiring startup; by crypto industry standards, being around for seven years, nearly all of it in a leadership position, means having survived and thrived during several epochs in the development of what is perhaps the fastest-moving sector in history, becoming a seasoned veteran.”
Binance’s Richard Teng gives a way forward for the exchange
Richard believes that Binance’s focus on users as the sole most important factor driving their decisions, their hardcore work culture and ownership mindset, and their commitment to continuous innovation to tangibly improve people’s lives have remained constant over the past seven years.
Binance has experienced both tough challenges and exhilarating moments of success, especially last year. In 2023, ChangPeng Zhao stepped down as CEO and was sentenced to four months in prison, which he is currently serving.
At present, the exchange boosts a 210M global customer base. Teng adds, “We warmly welcome newcomers and pledge to do anything and everything we can to make them comfortable and safe as they explore the future of finance with us.”
With the current user base, the exchange value saw user fund holdings exceed $100B for the first time. Teng assures users that “as ever, user funds are SAFU and held transparently at a 1:1 ratio.”
The CEO adds that institutions’ ventures into the crypto industry have brought liquidity and more users to the crypto exchange. He adds, “Between January and June 2024, we saw more than a 36% increase in institutional registrations.”
In addition, the exchange has reached 43.6 million learners who visited Binance Academy to better understand the world of blockchain and digital assets.
Binance’s achievements in 2023 and 2024 amid regulatory chokehold
The crypto exchange faced tough hurdles in 2023 and 2024, especially from United States regulators. After all the regulatory clampdowns, the CEO adds, “We now hold licenses and registrations across 18 jurisdictions, more than any other centralized crypto exchange.”
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Richard Teng says that Binance has just begun, and more will be seen in the years to come. He is sure of the direction Binance is taking:
Going into our eighth year of serving crypto users, we are firmly positioned to lead the digital-asset sector into the next stage of its development. Some of the forces that will shape it are already well understood, as respective market and industry trends are in full swing.
Richard Teng
Binance processed 62,800 law enforcement requests between June 2023 and May 2024 and 173,800 overall. Each request contributed to solving crimes, identifying criminals, and recovering victims’ money.
In addition, the exchange keeps its SAFU fund over $1 billion to protect Binance users from security breaches and other extreme events. Teng adds, “Earlier this year, we transferred all SAFU assets to USDC, a trusted and transparent stablecoin, further improving the fund’s reliability and ensuring it remains stable at $1B.”