Over the past year, Binance has set new standards for growth, responsibility, and innovation, proving that both Binance and the cryptocurrency industry are thriving.

The crypto industry has reached historic milestones, including the approval of Bitcoin ETFs in multiple major markets and significant institutional adoption, reflecting the legitimacy of crypto assets and their growing integration with traditional finance. .

Binance is committed to responsible growth and provides a safe and trustworthy platform to its more than 240 million users around the world through significant investments in compliance, security, and regulatory engagement.

A year ago, I was entrusted with the important task, and I am deeply honored: to lead this amazing organization built by CZ and the Binance entrepreneurial team into a new era of the crypto industry. This shift comes at a challenging time for Binance and the crypto-asset space as a whole. Many doubt that Binance and cryptoassets will survive 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 amazing colleagues at Binance and our global community for their continued support—your tenacity, intelligence, and dedication have made our collective power visible to the world over the past year.

The industry is becoming stronger, with increasing legitimacy, adoption and utility. From regulatory breakthroughs to institutional adoption milestones, this year marks the dawn of a new era. As a global leader in the industry, Binance lives up to expectations and sets the standard for growth, responsibility, and innovation. Together, we are proving that cryptocurrencies are not only here to stay, but will continue to thrive, leading to greater financial freedom and a more inclusive internet. Here are some of the insights and inspiration I gained from my first year leading one of the most unique and innovative organizations in history.

Over the past year, the crypto industry has reached historic milestones. The approval of Bitcoin ETFs in major markets including the United States, Brazil, Hong Kong and Australia signals wider acceptance of crypto assets. In just one year, net inflows into Bitcoin ETFs have surpassed gold ETFs, confirming the growing role of crypto assets in the financial world and deepening integration with traditional institutions and systems. At the same time, the speed and scope of global retail adoption also indicates that we may be closer to reaching our first billion users sooner than we once thought.

This progress is reflected in Binance’s significant growth over the past year, which is due to the vision of our exceptional leadership team, the dedication of thousands of Binancers across time zones around the world, and the community’s commitment to Our growing support and trust.

Our platform now has more than 240 million users worldwide and protects more than $130 billion in user assets. In 2024, Binance’s institutional user growth rate has doubled compared to last year, demonstrating the increasing trust of professional investors in our platform and services. we become the firstA centralized exchange with a combined spot and derivatives trading volume exceeding US$100 trillion. In response to the booming industry and expanding cryptocurrency adoption, we have welcomed 1,600 new employees over the past year, particularly top compliance talent. These numbers not only demonstrate the resilience of Binance and cryptoassets, but also a level of maturity and acceptance that would have been unimaginable a year ago.

There are also things that are difficult to capture with numbers, but are also very important and are happening. In dozens of meetings with regulators over the past year, I’ve sensed a clear shift in how they discuss cryptoassets. In many countries and regions, decision-makers who control the financial landscape are showing increasing curiosity and interest in learning about crypto-assets. Many people asked in-depth and insightful questions, showing that they are thinking seriously about how to harness the power of blockchain to benefit society and pave the way for a sustainable future in crypto finance. This growing curiosity hints at a welcome shift in the way regulators and policymakers think about cryptoassets, a shift that could be key to making cryptoassets truly mainstream.

As we celebrate milestones in our industry’s growth, it is important that we also recognize that not all growth is created equal. The growth that continues to drive industry trends is responsible growth—a process that builds trust, prioritizes collaboration and compliance, and ensures the safety of all involved.

The crypto industry has made great progress in this regard, with a clear shift in engagement and cooperation with regulators. Binance is proud to be at the forefront of this change. Currently, we have obtained more than 20 licenses and registrations around the world, such as recent approvals in important markets such as 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 working with regulators and policy makers around the world.

We advocate collaborative security in the encryption field and actively assist law enforcement in conducting many case investigations. In addition, in the past two years, we have held more than 200 training courses to help improve law enforcement personnel’s ability to effectively respond to crypto-asset-related threats. For example, in the "Binance Law Enforcement Day" online education event held in April 2024, we welcomed the participation of more than 80 representatives and a total of more than 1,300 investigators. From January to mid-November 2024, we have responded to more than 55,700 law enforcement requests and served more than 13,800 registered law enforcement officers.

Achieving this kind of growth takes time, effort, and resources, but the rewards are profound. Responsible growth does not rely on market cycles, but instead focuses on building infrastructure, ensuring security, and preparing for mass adoption to bring the first billion users into the crypto ecosystem.

Although the industry has made certain progressdevelopment, but to continue this momentum, a widespread commitment to transparency, compliance and security is critical. A recent estimate shows that about a quarter of the world’s 80 largest centralized crypto-asset exchanges still lack any KYC (know your customer) requirements. As an industry, we can and should do better, and Binance’s development path provides a good blueprint for peers to follow. By working together, we can enhance the entire ecosystem, ensure its long-term success and promote trust.

Looking to the future, the encryption industry will undoubtedly usher in more major developments. The momentum we have built over the past year, coupled with a favorable external environment, will position us even stronger in 2025. Institutional investors are increasingly interested in exploring the potential of crypto-assets, and many have taken their first steps into the space.

Cryptocurrencies are also integrated into culture and life in new and exciting ways. Memecoins, for example, are more than just speculative assets – they have become a global cultural phenomenon, often serving as the first step into the crypto world for young, internet-savvy users. This integration proves that the influence of crypto assets is beyond the financial field and touches every aspect of daily life. As crypto assets enter the mainstream, there will be more such integrations in the future.

For me personally, as I approach my first anniversary in office, the parts of me that make me most happy and satisfied at work are still the same as they were a year ago. No matter where I go, meeting Binance users and crypto enthusiasts face-to-face is always the best way to remind me what it all really means. Improving lives, leveling the playing field, achieving financial freedom, and providing people with practical tools and choices. All of this, along with the warm smiles and handshakes at every community event, is what keeps me, Binance, and the industry moving forward. Amid the waves of change, these remain constant.

It’s an exciting time for financial innovation, and the best part is yet to come. I am proud that Binance has always been user-centric and continues to lead the future. Our commitment remains strong: to provide value, protect and empower our communities, and drive responsible growth in this amazing industry. Together, let’s ensure cryptoassets continue to improve lives and create opportunities for millions of people around the world. Let us look forward to the second year of this new era, which will have a more profound impact and more fruitful results on Binance, the crypto industry and the global crypto community!