CEO Message | Binance at Seven: Continuously Leading Financial Innovation in the Crypto Industry
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CEO Message | Binance at Seven: Continuously Leading Financial Innovation in the Crypto Industry
"Entering our eighth year of serving users of crypto assets, we remain committed to leading the digital asset industry into its next stage of development."
Navigating Web3 tides with focused insightsBy Richard Teng, CEO of Binance
In less than two days, our team and the global crypto community will celebrate Binance's seventh anniversary—the first since I took over as CEO. By general standards, a seven-year-old company is still in its early growth phase, an ambitious startup; but in the cryptocurrency industry, a company that has maintained a leadership position for nearly all of its seven years has become a seasoned veteran, surviving and thriving through every stage of one of history’s most rapidly evolving industries.
The seven-year-old Binance embodies both identities: it retains the curiosity, agility, and growth mindset of a startup while also possessing the wisdom and resilience of a veteran forged through crises and difficult lessons. Over 210 million global users—and growing—have placed immense trust in us, choosing to embark on their crypto journey with us, forming a collective force driving financial freedom and inclusion worldwide. This is where we stand today.
Current State of the Binance Ecosystem
From our first year to our second, and now approaching our seventh and many more anniversaries ahead, Binance has never lost sight of our founding principles: “User-first” remains the top consideration in every decision we make; a strong work ethic and ownership mentality drive continuous innovation aimed at improving people’s lives.
The past year was no stranger to Binance: a mix of tough challenges and exciting successes. Turning the page from past issues and undergoing leadership transitions, we’ve seen clear signs of renewed user confidence—strong capital inflows and surging new registrations. We remain strong and have never stopped building for the industry.
A key milestone this year was reaching 200 million registered users globally by early June. Many are already familiar with digital assets, but many others are newcomers who believe Binance can open the door to Web3 for them. Each new user brings us one step closer to mainstream adoption of digital assets. We warmly welcome these new users and pledge to do everything possible to ensure they feel comfortable and secure as they explore the future of finance with us.
More users mean more funds entrusted to Binance. Earlier this year, the total value of user assets held on our platform surpassed $100 billion for the first time. These user funds continue to be safeguarded 1:1 under the principles of security and transparency.
Infrastructure Driving Crypto into the Mainstream
To better support both new and existing users exploring the world of crypto, we offer a comprehensive suite of infrastructure, products, and services to meet any Web3 and crypto-related need. Currently, Binance supports 541 carefully selected digital assets and 2,632 crypto trading pairs. Our robust systems are built to handle massive user activity. The historical peak Queries-per-Second (QPS)—a metric measuring how many user requests our system processes per second—reached 2.58 million. This demonstrates Binance’s ability to smoothly manage extremely high traffic when users need us most.
To promote crypto adoption and financial inclusion, we continue expanding our product offerings to ensure broader accessibility across the crypto landscape and deliver essential financial services.
Our Simple Earn portfolio enables users to grow their holdings in 392 cryptocurrencies and has attracted over 8 million users to Binance’s wealth management services. Payments represent another pillar for mainstream crypto adoption—over 24 million people worldwide now use Binance Pay for secure and efficient domestic or cross-border transfers.
In the current market cycle, increased institutional participation is another major force pushing digital assets into the mainstream. Binance’s unmatched liquidity and market depth, along with products and solutions tailored to meet the rigorous demands of professional investors, attracted a wave of institutions this year: from January to June 2024, institutional user registrations grew by over 36%.
Crypto education is another foundational element for widespread adoption. Binance Academy has reached a total of 43.6 million learners, empowering users to understand blockchain and digital assets more deeply and invest in a more thoughtful and responsible manner.
Security and Compliance
Over these seven years, our investment in regulatory compliance has been substantial—and will only grow stronger. We recognize that robust compliance practices play a critical role in the maturation of the crypto industry. We continue recruiting top talent, refining our systems and technologies, and working closely with governments and regulators around the world to obtain operating licenses and registrations. To date, we hold licenses or registrations in 18 jurisdictions—the highest number among all centralized crypto exchanges.
Another area of focus for Binance is strengthening security collaboration in digital finance. Our law enforcement training program has contributed to global law enforcement agencies’ capacity-building efforts in combating crypto-related illicit activities through numerous online and offline courses. Between June 2023 and May 2024, the Binance team processed 62,800 law enforcement requests, totaling 173,800 cases handled. Each request plays a vital role in criminal investigations and prosecutions, identifying perpetrators, and recovering victims’ funds.
To protect Binance users from potential security risks and extreme scenarios, we maintain our SAFU (Secure Asset Fund for Users) reserve above $1 billion—and will continue doing so. Early this year, we converted all SAFU funds into USDC, a more trusted and transparent stablecoin, further enhancing the fund’s reliability and ensuring its value remains firmly above $1 billion.
Looking Ahead
As we enter our eighth year serving crypto users, we remain committed to leading the digital asset industry into its next phase of development. As market and industry trends become clearer, the forces shaping the future are increasingly evident.
Institutional adoption of crypto, coupled with clearer regulation, will attract more large-scale investors and capital into the space. At the same time, the importance of retail users will not diminish, as the base of early adopters continues to expand, drawing new users from diverse regions and demographics. They will require more intuitive user experiences, easy-to-understand crypto knowledge, responsive user support, and continuous innovation—exactly what Binance was built for.
With the trust and support of the global community, we believe the hard work of the past seven years has laid a solid foundation for even greater success. The path toward financial freedom and inclusion will only grow wider. And this—this is just the beginning.
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