Message from Binance CEO: Seven-year journey, continuing to lead financial innovation in the crypto industry

In less than two days, our team and the global cryptoasset community will celebrate Binance’s seventh anniversary, which will also be my first anniversary since taking over as CEO of Binance. By general standards, most companies that have been established for seven years are still in the early stages of growth and are ambitious start-ups. However, in the crypto-asset industry, companies that have been established for seven years have almost always maintained their leadership position during this period. Binance has become a very experienced industry veteran, having survived and prospered through various development periods in the most rapidly changing industry in history.

Binance, which is about to celebrate its seventh birthday, has the characteristics of both of the above: it not only maintains the curiosity, agility, and growth mindset of a start-up, but also has the ability to withstand various crises and learn through difficult processes. The kind of veteran wisdom and resilience that matters. More than 210 million global users, and counting, have given us great trust and are willing to embark on their crypto asset journey with us, becoming a force for financial freedom and inclusion around the world. This is where we are today.

Binance ecological development status

Whether it is our first anniversary, second anniversary, or the upcoming seventh anniversary and all upcoming anniversaries, Binance has never forgotten its original intention: "User-centered" is what we do The most important consideration in all decisions; a hard-core work culture and ownership mindset, and continuous innovation with the purpose of truly improving people's lives.

The past year has been no stranger to Binance: a mix of difficult challenges and exciting moments of success. Turning the page from past issues and moving towards a new chapter, as well as a change in leadership, we are seeing signs of renewed user confidence in strong funding inflows and soaring new registrations. We remain strong and never stop building the industry. pace.

A key milestone this year was that our global number of registered users reached the 200 million threshold in early June this year. There are many users who are already familiar with digital assets, but there are also many users who are new to the industry and believe that Binance will open the door for them to enter the Web3 world for the first time. And each of them joining means that we are one step closer to digital assets entering the mainstream. We warmly welcome these new users and commit to doing everything we can to make them feel comfortable and safe as they explore the future of finance with us.

The addition of more users means more funds are managed by Binance. Earlier this year, the amount of user funds managed by our platform exceeded 100 billion US dollars for the first time. Our user funds are, as always, kept under safe and transparent custody on a 1:1 basis.

Infrastructure to promote crypto assets into the mainstream

To better support new and old users to explore the world of crypto assets, we provide a series of infrastructure, products and services to meet any user's needs for Web3 and crypto assets. . Currently, Binance supports a total of 541 carefully selected digital assets and 2,632 crypto asset trading pairs. Our robust systems are ready to handle massive user activity. The Binance platform’s all-time high Queries per Second (QPS, Queries - per Second) – a number that measures the number of times users send requests to our system and receive responses per second – is as high as 2.58 million times. This value shows that Binance is able to smoothly handle very large loads when users need it most.

To promote the popularization of crypto assets and financial inclusion, we continue to expand product coverage, ensure accessibility to the wider crypto field, and provide important financial services.

Our "Simple Earn" product line allows users to increase their crypto assets among 392 crypto assets, and has currently attracted more than 8 million users to experience Binance Financial Services. Payments are another pillar of crypto-assets entering the mainstream, with more than 24 million people around the world now using Binance Pay for a safe and efficient domestic or cross-border transfer experience.

In the current market cycle, another key force driving digital assets into the mainstream is more institutional participation. Binance’s unparalleled liquidity and market depth, as well as products and solutions tailored to the strict requirements of professional investors, have attracted a large number of institutions to join Binance’s ecosystem this year: between January and June 2024 , we witnessed an increase of more than 36% in institutional user registrations.

Crypto-asset education is also another important foundation for the popularization of crypto-assets. The total number of students visiting Binance Academy has reached 43.6 million. Through learning, users can better understand the blockchain world and digital assets, and invest in crypto assets in a more thoughtful and responsible way.

Safety and Compliance

Over the past seven years, our investment in regulatory compliance has been very huge, and we will become even more determined. We understand that strong compliance practices will play a key role in the new stage of maturation of the crypto-asset industry. We continue to recruit the best talents, continue to polish our systems and technologies, and work closely with governments and regulatory agencies in many countries to obtain operational authorization and registration. Currently, we are licensed and registered in 18 jurisdictions, ranking first among all centralized crypto asset trading platforms.

Another area Binance focuses on is strengthening security cooperation in the digital financial field. Our law enforcement training program has contributed to the capacity building of global law enforcement agencies in combating illegal activities related to digital assets by holding multiple online and offline courses. Between June 2023 and May 2024, the Binance team handled 62,800 law enforcement requests, bringing the total number of requests handled to 173,800. Each request processed plays an important role in the investigation and prosecution of criminal cases, locating perpetrators and recovering victims' funds.

To protect Binance users from losses caused by potential security risks and other extreme situations, we have always maintained the SAFU fund size above $1 billion and will continue to maintain it. At the beginning of this year, we exchanged all SAFU funds into USDC, a more trustworthy and transparent stablecoin, further enhancing the reliability of the fund pool and ensuring that its value is stable at $1 billion.

Looking to the future

We are about to enter our eighth year of serving crypto asset users, and we will unswervingly lead the digital asset industry into the next stage of development. As market and industry trends emerge, some of the forces shaping it become well known.

The institutionalization of crypto assets, coupled with clearer regulation, will attract more large-scale investors and capital into this field. At the same time, the importance of retail users will not change, as the base of key early adopters will continue to expand, attracting new users from new geographies and demographics. They want a more intuitive user experience, easy-to-understand crypto asset knowledge, user support, and continuous innovation—Binance is here for it.

With the trust and support of the global community, we believe that the hard work in the first seven years has laid a solid foundation for greater success, and the road to financial freedom and inclusiveness will become wider and wider. And all this has just begun.

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