Key points

  • Over the past year, Binance has set new standards for growth, responsibility, and innovation, proving that both the company and the crypto industry continue to thrive.

  • The crypto industry has reached historic milestones, including the approval of a BTC ETF in major markets and significant institutional adoption, reflecting its growing legitimacy and integration with traditional finance.

  • Binance's commitment to responsible growth is evident in its heavy investments in compliance, security, and regulatory engagement, ensuring a safe and secure platform for its 240 million users worldwide.

A year ago, I was entrusted with a monumental task: leading the incredible organization that CZ and the founding team had built for a new era in the crypto industry. This transition came at the culmination of a challenging period for Binance and the digital asset space as a whole. Many questioned whether Binance and cryptocurrency would survive, let alone thrive. Instead, the past year has been one of the most transformative and encouraging chapters in our history. For that, I have to thank my amazing colleagues at Binance and our global community for their continued support – it was your resilience, wisdom, and dedication that made the past year a showcase of our collective strength.

The industry has grown stronger, with increased legitimacy, adoption, and utility. From regulatory breakthroughs to institutional advancements, this year has marked the beginning of a new era. As a global industry leader, Binance has set the standard for growth, responsibility, and innovation. Together, we have shown that cryptocurrency is not standing still, but is poised to thrive, paving the way for greater financial freedom and a more inclusive internet. Below are some of the insights and lessons I have learned from my first year at the helm of one of the most unique and innovative organizations in history.

Stages of resilience and growth

The crypto industry has reached historic milestones over the past year. Bitcoin ETFs have been approved in major markets such as the US, Brazil, Hong Kong and Australia, indicating wider adoption of the digital asset. In the year to date, net inflows into BTC ETFs have exceeded net inflows into gold ETFs, indicating the growing role of cryptocurrency in finance and its deeper integration with traditional institutions and systems. Meanwhile, the pace and scale of global retail adoption suggests that the coveted first billion cryptocurrency users may be reached sooner than we ever dreamed.

This wave of progress has been reflected in Binance’s amazing growth over the past year, driven by the vision of our remarkable leadership team, the dedication of thousands of Binance employees across all time zones, and the ever-growing support and trust of our community.

Our platform now serves over 240 million users worldwide, holding over $130 billion in user assets. In 2024, Binance’s institutional registrations more than doubled year-on-year, reflecting the growing trust in our platform and services from professional investors. We became the first centralized cryptocurrency exchange to surpass $100 trillion in combined spot and derivatives trading volume all-time. In response to the demands of an evolving industry and the increasing adoption of cryptocurrencies, we are strengthening our headcount by hiring 1,600 new employees over the past year, with a focus on world-class compliance talent. These numbers underscore not only the resilience of Binance and cryptocurrencies, but also a level of maturity and adoption that was unthinkable just a year ago.

There is also something incredibly important that is harder to capture in numbers. In dozens of meetings with regulators over the past year, I have sensed a noticeable shift in the way they talk about digital assets. In many regions and continents, people who can shape the financial landscape are becoming more aware of and interested in cryptocurrency. Many are asking deep and informed questions that are prompting serious thought about how the power of blockchain can be harnessed for social good and a sustainable future for digital finance. This growing curiosity hints at a welcome shift in regulatory and policy-making that is fundamental to making it truly mainstream.

A new era of responsibility

As we celebrate milestones in our industry, it’s important to recognize that not all growth is created equal. The growth that will sustain our industry’s momentum is responsible growth—a process that builds trust, prioritizes collaboration and compliance, and ensures safety for all participants.

The crypto industry has come a long way in this regard, with a notable shift towards regulatory engagement and cooperation. Binance is proud to be at the forefront of this evolution. Today, we have over 20 licenses and registrations worldwide, as well as recent approvals in key markets such as India and Argentina. Over the past year, we have continued to invest in compliance, strengthening our processes and technology, strategically hiring world-class talent, and engaging with regulators and policymakers around the world.

Supporting shared security in the digital space, we have effectively assisted law enforcement agencies in dozens of investigations and conducted over 200 training sessions over the past two years to develop the ability of law enforcement officers to more effectively confront cryptocurrency-related threats. For example, Binance Law Enforcement Day, our online educational event held in April 2024, brought together 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 registered agents.

Achieving this growth takes time, effort, and resources, but the rewards are significant. Responsible growth is not driven by 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 sustaining this momentum. One recent estimate found that about a quarter of the 80 largest centralized crypto exchanges still have no KYC requirements. As an industry, we can and must do better, and Binance’s evolution offers a great blueprint for our peers to follow. Working together, we can improve the entire ecosystem, ensuring its long-term success and building trust.

Future

Looking ahead, the crypto industry is clearly poised for even greater progress. The momentum we have built over the past year, combined with favorable tailwinds, will make us even stronger in 2025. Institutions are increasingly eager to explore the potential of cryptocurrencies, and many are taking their first steps into this world.

Cryptocurrency is also becoming embedded in culture and lifestyles in new and exciting ways. Meme coins, for example, have become more than just speculative assets – they are a global cultural phenomenon, often the first step into the crypto world for young internet users. This recent integration is evidence that digital assets are moving beyond finance to touch various aspects of everyday life. There will be many more integrations as digital assets become mainstream.

As for my personal anniversary, the part of my job that brings me the most joy remains the same as it was a year ago. Meeting Binance users and other crypto enthusiasts wherever I go is always the best way to remind myself of what this movement really means. It’s a movement for a better life. A level playing field for all players. Expanding financial freedom and giving people functional tools and alternatives. That, plus the warm smiles and handshakes at every community event, is what keeps me, Binance, and our industry going. In a sea of ​​change, this is what remains the same.

This is an exciting time for financial innovation, and the best is yet to come. I am proud that Binance is paving the way for the future with an unwavering focus on our 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 cryptocurrency continues to transform lives and create opportunities for millions of people around the world. Let the second year of this new era be even more impactful and productive for Binance, the industry, and the global crypto community!

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