One year ago, I was humbled and honored to be entrusted with an enormous task: leading the incredible organization that CZ and the founding team had built into the new era of the crypto industry. This transition became the culmination of a challenging period for Binance and the digital-asset space as a whole. Many doubted whether both Binance and crypto could emerge unscathed, let alone thrive. Instead, this past year has proven to be one of the most transformative and inspiring chapters in our history. For that, I have my amazing colleagues at Binance and our ever-supportive global community to thank – it is your resilience, wisdom, and dedication that have turned the last year into a demonstration of our collective strength.
The industry has emerged stronger, advancing in legitimacy, adoption, and utility. From regulatory breakthroughs to institutional milestones, this year marked the dawn of a new era. As the industry’s global leader, Binance has risen to the occasion, setting benchmarks for growth, responsibility, and innovation. Together, we’ve shown that crypto is not just here to stay – it is here to thrive, leading the way toward greater financial freedom and a more inclusive internet. Below are some thoughts and learnings I’ve taken away from the first year at the helm of one of history’s most unique and innovative organizations.
Resilience and Growth Milestones
Over the last year, the crypto industry has reached historic milestones. Bitcoin ETFs have gained approval in major markets such as the United States, Brazil, Hong Kong, and Australia, signaling broader acceptance of digital assets. Within just a year, net inflows into BTC ETFs surpassed those of gold ETFs, a testament to the growing role of crypto in finance and its deeper integration with more traditional institutions and systems. In the meantime, the pace and breadth of global retail adoption suggest that the coveted first billion of crypto users might be within reach sooner than we have ever dreamed.
This wave of progress has been mirrored in Binance’s remarkable growth this past year, driven by the vision of our excellent leadership team, dedication of thousands of Binancians scattered throughout every time zone, and 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, the rate of institutional onboarding at Binance has more than doubled compared to the previous year, demonstrating growing trust in our platform and services among professional investors. We have become the first centralized crypto exchange to surpass $100 trillion in combined all-time spot and derivatives trading volume. In response to the demands of the burgeoning industry and expanding crypto adoption, we’ve been strengthening our numbers, welcoming 1600 new employees over the past year, with a particular focus on world-class compliance talent. These numbers underscore not just the resilience of Binance and crypto but the level of maturity and acceptance unthinkable just a year ago.
There is also something tremendously important in the air that is harder to capture in numbers. Throughout dozens of meetings with regulators over the past year, I’ve sensed a noticeable shift in the way they talk about digital assets. Across many regions and continents, people with the power to shape the landscape of finance are becoming more curious and intentional about crypto. Many are asking deep, well-informed questions, suggesting serious thinking about how the power of blockchain can be harnessed for social good and a sustainable future of digital finance. This growing curiosity hints at a welcome shift happening in regulators and policymakers’ perception of crypto, one that is fundamental to making it truly mainstream.
A New Era of Responsibility
As we celebrate our industry’s growth milestones, it’s important to recognize that not all growth is equal. The kind of growth that will sustain our industry’s momentum is responsible growth – a process that builds trust, prioritizes cooperation and compliance, and ensures security for all participants.
The crypto industry has come a long way in this regard, with a noticeable shift toward regulatory engagement and collaboration. Binance is proud to be at the forefront of this evolution. Today, we hold over 20 licenses and registrations worldwide, with recent approvals in key markets like India and Argentina. Over the past year, we continued to heavily invest in compliance, strengthening our processes and technology, strategically hiring world-class talent, and engaging with regulators and policymakers globally.
Championing collaborative security in the digital space, we have impactfully assisted law enforcement authorities in dozens of investigations, in addition to delivering more than 200 training sessions over the past two years to build crime fighters’ capacity to counter crypto-related threats more effectively. For example, Binance Law Enforcement Day, our online educational event held in April 2024, welcomed over 1,300 investigators representing agencies from over 80 countries. From January to mid-November 2024, we responded to more than 55,700 law enforcement requests, serving over 13,800 registered officers.
Achieving this kind of growth requires time, effort, and resources, but the rewards are profound. Responsible growth is not dependent on market cycles – it is about building infrastructure, ensuring safety, and preparing for the mass adoption that will bring the first billion users into the crypto ecosystem.
While the industry has made progress, a universally shared commitment to transparency, compliance, and security is essential for sustaining this momentum. One recent estimate suggested that about a quarter of the largest 80 centralized crypto exchanges still lack any KYC requirements. We as an industry can and should do better, and Binance’s evolution provides a fine blueprint for our peers to follow. By working together, we can elevate the entire ecosystem, ensuring its long-term success and fostering greater trust.
Facing 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 favorable tailwinds, positions us for an even stronger 2025. Institutions are increasingly eager to explore crypto’s potential, with many taking their first steps into the space.
Crypto is also embedding itself into culture and lifestyle in new and exciting ways. Memecoins, for instance, have emerged as more than just speculative assets – they are a global cultural phenomenon, often serving as the first step into the crypto world for younger, internet-native users. This recent integration is a testament to how digital assets are expanding their relevance beyond finance, touching various aspects of daily life. There will be many more integrations as digital assets go mainstream.
On a personal note for this one-year anniversary, the part of the job that gives me the most pleasure and satisfaction is still the same as one year ago. Meeting with Binance users and fellow crypto enthusiasts in person wherever I go is always the best way to remind myself of what this movement is really about. Making lives better. Leveling the playing field. Extending the freedom of finance and giving people functional tools and alternatives. This – and warm smiles and handshakes at every community event – is what keeps me, Binance, and our industry going. In the sea of change, this is what remains 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 the future with an unwavering focus on our users. Our commitment remains steadfast: 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 around the world. Here’s to the second year of this new era being even more impactful and productive for Binance, the industry, and the global crypto community!
