Binance's new CEO Richard Teng's open letter fully describes the current development status of Binance's ecosystem

As Binance is about to enter its 7th anniversary, CEO Richard Teng has issued an open letter, joining hands with the crypto community to review Binance’s efforts and achievements in the past 7 years, and looking forward to a more glorious chapter in the future. "Continue to walk side by side with the community on the road to financial freedom and inclusion."

The following is the full text of Richard Teng’s open letter:

In less than two days, our team and the global crypto asset community will celebrate Binance’s seventh anniversary. This will also be the first since I took over as Binance CEO. Anniversary. By general standards, most companies that have been established for seven years are still in the early stages of growth and are ambitious new ventures; but 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 highly experienced industry veteran, surviving and prospering through various development periods in the most rapidly changing industry in history.

Binance, which is about to turn seven years old, has the characteristics of both of the above: it not only maintains the curiosity, agility, and growth mindset of a new start-up, but also has the ability to withstand various crises and endure the difficult process. The wisdom and resilience of a veteran who learns important lessons. More than 210 million global users, and still growing, have given us great trust and are willing to embark on their crypto asset journey with us, becoming a force promoting 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 our The most important consideration in all decisions; a hard-core work culture and ownership mindset, and continuous innovation with the purpose of actually 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 inflows and soaring new sign-ups. We remain strong and never stop building the industry. pace of.

A key milestone this year is that our global number of registered users reached the 200 million threshold in early June this year. Many of them are users who are already familiar with digital assets, but there are also many new users who have entered the industry. They 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 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 their financial future 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 1:1 under the principles of security and transparency.

Infrastructure that promotes crypto-assets into the mainstream

To better support new and old users in exploring 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), 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 supports users to increase their crypto assets among 392 crypto assets, and has currently attracted more than 8 million users to experience Binance Earn's services. Payment is another pillar for crypto assets to enter the mainstream. Currently, more than 24 million people around the world use Binance Pay for a safe and efficient domestic or cross-border money 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 viewing 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.

Security and Compliance

Over the past seven years, our investment in regulatory compliance has been huge and will become even more determined. We know that strong compliance practices will play a key role in this new stage of maturation of the crypto-asset industry. We continue to recruit the best talents, continuously improve our systems and technologies, and work closely with many national governments and regulatory agencies to obtain operating authorization and registration. Currently, we have obtained licenses and registrations 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 digital asset-related illegal activities 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 plays a key 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 converted all SAFU funds into the more trustworthy and transparent stablecoin USDC, further enhancing the reliability of the fund scale and ensuring that its value is stable at US$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 more new users from new regions and demographics. They want a more intuitive user experience, easy-to-understand crypto asset knowledge, user support, and continuous innovation—Binance is here to help.

With the trust and support of the global community, we believe that the hard work in the past 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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