Binance CEO's Message: Leading Binance into a New Era of Cryptocurrency

Author: Binance CEO Richard Teng

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 several major markets and significant institutional adoption, reflecting the legitimacy of crypto assets and their deepening integration with traditional finance.
• Binance is committed to responsible growth, providing a safe and trustworthy platform for its over 240 million users worldwide through substantial investments in compliance, security, and regulatory engagement.

A year ago, I was honored to take on the responsibility of leading this remarkable organization created by CZ and the Binance founding team into a new era of the cryptocurrency industry. This transformation occurred during a challenging time for Binance and the entire crypto asset space. Many doubted whether Binance and crypto assets could weather this phase, let alone continue to thrive. However, the past year has proven to be one of the most transformative and inspiring chapters in our history. For this, I want to thank my incredible colleagues at Binance and our global community that has always supported us—your resilience, wisdom, and dedication have showcased our collective strength to the world over the past year.

The industry has become stronger, with increasing legitimacy, adoption rates, and practicality. From breakthroughs in regulation to milestones in institutional adoption, this year marks the dawn of a new era. As a global leader in the industry, Binance has lived up to expectations, setting benchmarks for growth, responsibility, and innovation. Together, we have proven that cryptocurrencies will not only continue to exist but will thrive, leading to greater financial freedom and a more inclusive internet. Here are some insights and inspirations I have gained in my first year leading one of the most unique and innovative organizations in history.

Milestones of Resilience and Growth

Over the past year, the crypto industry has reached historic milestones. The approval of Bitcoin ETFs in major markets such as the U.S., Brazil, Hong Kong, and Australia signifies broader 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. Meanwhile, the speed and scope of global retail adoption suggest that we may reach our goal of the first billion users sooner than we previously imagined.

This progress is also reflected in Binance's significant growth over the past year, thanks to the vision of our outstanding leadership team, the dedication of thousands of Binance employees across global time zones, and the increasing support and trust from our community.

Our platform now has over 240 million users worldwide, safeguarding over $130 billion in user assets. In 2024, Binance's institutional user growth rate doubled compared to last year, indicating a growing trust from professional investors in our platform and services. We became the first centralized exchange to surpass a total trading volume of $100 trillion in spot and derivatives. To meet the booming industry and expanding cryptocurrency adoption, we welcomed 1,600 new employees over the past year, particularly top compliance talent. These numbers not only reflect the resilience of Binance and crypto assets but also showcase a maturity and acceptance that seemed unimaginable just a year ago.

There are also significant developments that are hard to quantify but equally important. In numerous meetings with regulators over the past year, I have sensed a noticeable shift in how they discuss crypto assets. In many countries and regions, decision-makers who control the financial landscape are showing increasing curiosity and a desire to understand crypto assets. Many have posed insightful and in-depth questions, indicating that they are seriously considering how to harness the power of blockchain for societal benefit and pave the way for the sustainable future of crypto finance. This growing curiosity suggests a reassuring shift in regulators' and policymakers' perceptions of crypto assets, which is key to making crypto truly mainstream.

A Responsible New Era

As we celebrate the industry's growth milestones, it is crucial to recognize that not all growth is the same. The growth that continues to drive industry trends is responsible growth—a process focused on building trust, prioritizing collaboration and compliance, and ensuring the safety of all participants.

The crypto industry has made significant strides in this regard, with a clear shift in engagement and cooperation with regulators. Binance is proud to be at the forefront of this transformation. Currently, we have obtained over 20 licenses and registrations globally, including recent approvals in key markets like 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 maintaining cooperation with regulators and policymakers worldwide.

We advocate for collaborative security in the crypto space, actively assisting law enforcement in numerous investigations. Additionally, over the past two years, we have conducted over 200 training sessions to enhance law enforcement's ability to effectively address threats related to crypto assets. For example, during the "Binance Law Enforcement Day" online educational event held in April 2024, we welcomed participation from over 1,300 investigators representing more than 80 countries. From January to mid-November 2024, we responded to over 55,700 law enforcement requests, serving over 13,800 registered law enforcement personnel.

Achieving this growth requires time, effort, and resources, but its rewards are profound. Responsible growth does not rely on market cycles but focuses on building infrastructure, ensuring safety, and preparing for mass adoption, thereby bringing the first billion users into the crypto ecosystem.

While the industry has made some progress, maintaining this momentum requires a universal commitment to transparency, compliance, and security. Recent estimates indicate that approximately one-quarter of the largest 80 centralized crypto asset exchanges globally still lack any KYC (Know Your Customer) requirements. As an industry, we can and should do better, and Binance's growth path provides a good blueprint for others to follow. With collective efforts, we can elevate the entire ecosystem, ensuring its long-term success and enhancing trust.

Looking to the Future

Looking ahead, the crypto industry will undoubtedly witness more significant advancements. The momentum we have built over the past year, combined with a favorable external environment, positions us to be even stronger in 2025. Institutional investors are increasingly interested in exploring the potential of crypto assets, with many institutions already taking their first steps into this space.

Cryptocurrencies are also integrating into culture and life in novel and exciting ways. For example, Memecoins are not just speculative assets—they have become a global cultural phenomenon, often serving as the first step for young, internet-savvy users to enter the crypto world. This integration demonstrates that the influence of crypto assets is extending beyond finance, touching all aspects of daily life. As crypto assets enter the mainstream, we can expect more such integrations in the future.

For me personally, as I mark my one-year anniversary in this role, the part of my work that brings me the most joy and fulfillment remains the same as it was a year ago. No matter where I go, engaging face-to-face with Binance users and crypto enthusiasts is always the best reminder of the true meaning behind all of this. Improving lives, fostering equal competition, achieving financial freedom, and providing people with practical tools and choices—these, along with the warm smiles and handshakes at every community event, are the driving forces that propel me, Binance, and the entire industry forward. In the waves of change, these remain constant.

Now is an exciting time for financial innovation, and the best is yet to come. I am proud that Binance continues to be user-centric and leads the future. Our commitment remains steadfast: to provide value, protect and empower our community, and drive the responsible development of this amazing industry. Let us work together to ensure that crypto assets continue to improve lives and create opportunities for millions of people worldwide. Let us look forward to the second year of this new era, with deeper impacts and more fruitful outcomes for Binance, the crypto industry, and the global crypto community!