Message from Binance CEO: A year to lead Binance into a new era of cryptocurrency

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, providing a safe and trusted platform for its more than 240 million users worldwide through significant investments in compliance, security, and regulatory engagement.

One year ago, I was entrusted with the task and honor of leading the incredible organization built by CZ and the Binance team into a new era for the crypto industry. This transition came at a very challenging time for Binance and the entire crypto space. Many doubted whether Binance and crypto could survive this phase, let alone continue to 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 the global community that has always supported us - it is your tenacity, wisdom, and dedication that have demonstrated our collective power in the past year.

The industry has emerged stronger, with growing 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 have proven that cryptocurrencies are 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 have 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 of gold ETFs, confirming the growing role of crypto assets in the financial world and 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 also reflected in the remarkable growth of Binance over the past year, thanks to the vision of our outstanding 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 more than 240 million users around the world, protecting more than $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 talent. These numbers not only reflect the resilience of Binance and crypto assets, but also highlight the maturity and acceptance that would have been unimaginable a year ago.

Something else is happening that is difficult 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 understanding crypto assets. Many are asking deep and insightful questions, demonstrating that they are thinking seriously about how to use the power of blockchain for social good and pave the way for a sustainable future for crypto finance. This growing curiosity hints at a welcome shift in how regulators and policymakers think about crypto assets, a shift that is key to truly mainstreaming crypto assets.

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 safety for all participants.

The crypto industry has made great strides 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 now have more than 20 licenses and registrations around the world, including recent approvals in key markets such as India and Argentina. Over the past year, we have also continued to invest heavily in compliance, strengthening our processes and technology, strategically hiring world-class talent, and working with regulators and policymakers around the world.

We have championed collaborative safety in the crypto space and actively assisted 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 crypto-related threats. 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 far-reaching. Responsible growth does not rely on market cycles, but 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.

Looking to the Future

Looking ahead, there will undoubtedly be more great progress in the crypto industry. The momentum we have built over the past year, coupled with a favorable external environment, will make us stronger in 2025. Institutional investors are increasingly interested in exploring the potential of crypto assets, and many institutions have begun to take their first steps into this space.

Cryptocurrencies are also being integrated 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 and are often the first step into the world of crypto for young, internet-savvy users. This integration is proof that crypto’s impact is moving beyond finance to touch every aspect of daily life. As crypto moves into the mainstream, expect more of these intersections to come.

For me personally, on my first anniversary, the parts of my job that bring me the most joy and satisfaction remain the same as they did a year ago. Meeting Binancians and crypto enthusiasts face-to-face wherever I go is the best way to remind me what this is all about. Improving lives, leveling the playing field, enabling financial freedom, and giving people practical tools and options. All of this, along with the warm smiles and handshakes at every community event, is what drives me, Binance, and the industry forward. Amidst the waves 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 its users at the heart of the action. 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 around the world. Let us look forward to the second year of this new era, which will have a more profound impact and more fruitful results for Binance, the crypto industry, and the global crypto community!