Richard Teng CEO of Binance Binance Continues to Lead Cryptocurrency Industrys Financial Innovation on its 7th Anniversary
Richard Teng, CEO of Binance: Our team and the global cryptocurrency community are celebrating the 7th anniversary of Binance, which is also my first anniversary as CEO of Binance. In general, companies that have been established for seven years are still in the early stages of growth and are ambitious startups. However, in the cryptocurrency industry, a company that has been established for seven years and has maintained a leadership position throughout this period, Binance has become an experienced industry veteran. In this rapidly changing industry, Binance has survived and thrived through various development periods.
The upcoming 7th anniversary of Binance combines the characteristics of both a startup and a seasoned veteran: it maintains the curiosity, agility, and growth mindset of a startup, while also possessing the wisdom and resilience of a seasoned veteran that has endured various crises and learned important experiences from difficult processes. With over 210 million global users and still growing, they have given us great trust and are willing to embark on their cryptocurrency journey with us, becoming a force that drives global financial freedom and inclusivity. This is where we stand today.
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Current Status of Binance Ecosystem
Driving Cryptocurrency into the Mainstream Infrastructure
Security and Compliance
Future Outlook
Whether it is our first anniversary, second anniversary, upcoming seventh anniversary, or any future anniversary, Binance never forgets its original intention: “user-centered” is the most important consideration for all our decision-making. Our hardcore work culture and entrepreneurial mindset aim to continuously innovate for the purpose of improving people’s lives.
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The past year has been familiar for Binance: challenging challenges and exciting moments of success intertwined. We have turned the page from past issues and leadership changes and have seen signs of user confidence in strong capital inflows and soaring new registrations. We remain strong and have never stopped building the industry.
A key milestone this year is that our global registered user count reached the threshold of 200 million in early June. Among them are many users who are already familiar with digital assets, but there are also many new users entering this industry. They believe that Binance will open the door for them to enter the Web3 world for the first time, and each of their joinings means that we are one step closer to digital assets entering the mainstream. We warmly welcome these new users and promise to do everything we can to make them feel comfortable and secure in exploring the future of finance with us.
The addition of more users means that Binance is custodian of more funds. Earlier this year, the amount of user funds held by our platform surpassed $100 billion for the first time. Our user funds are safeguarded in accordance with the principles of security and transparency, with a 1:1 ratio.
To better support both new and existing users in exploring the world of cryptocurrency, we have provided a range of infrastructure, products, and services to meet the diverse needs of any user in the Web3 and cryptocurrency space. Currently, Binance supports a total of 541 carefully selected digital assets and 2,632 cryptocurrency trading pairs. Our robust system is ready to handle a large volume of user activity. The highest historical queries per second (QPS) on the Binance platform, a metric used to measure the number of user requests sent to our system and responded to per second, reached as high as 2.58 million. This number indicates that Binance is able to handle very large loads when users need it most.
To promote the popularization of cryptocurrency and financial inclusion, we continue to expand our product coverage to ensure the accessibility of a wider range of cryptographic fields and provide essential financial services.
Our “Simple Earn” product line allows users to increase their cryptocurrency assets in 392 different cryptocurrencies and has attracted over 8 million users to experience Binance Earn. Payment is another pillar for the mainstream adoption of cryptocurrencies. Currently, over 24 million people worldwide use Binance Pay for secure and efficient domestic or cross-border transfers.
In the current market cycle, another key force driving the mainstream adoption of digital assets is the participation of more institutions. 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 the Binance ecosystem. Between January and June 2024, we witnessed an increase of over 36% in institutional user registrations.
Cryptocurrency education is also another important foundation for the popularization of digital assets. The total number of learners who have accessed Binance Academy has reached 43.6 million. Through learning, users can gain a deeper understanding of the blockchain world and digital assets, and invest in cryptocurrencies in a more thoughtful and responsible manner.
Over the past seven years, we have made significant investments in regulatory compliance, and we will continue to do so with even greater determination. We are well aware that robust compliance practices will play a crucial role in the maturity of the cryptocurrency industry. We continue to recruit top talent, improve our systems and technologies, and work closely with governments and regulatory authorities in many countries to obtain operational licenses and registrations. Currently, we have obtained licenses and registrations in 18 jurisdictions, ranking first among all centralized cryptocurrency exchanges.
Another area that Binance focuses on is strengthening security cooperation in the digital finance field. Our law enforcement training program has made contributions to the capacity building of global law enforcement agencies in combating illegal activities related to digital assets through organizing a series of online and offline courses. Between June 2023 and May 2024, the Binance team handled 62,800 law enforcement requests, with a total of 173,800 requests processed. Each request plays a crucial role in investigating and prosecuting criminal cases, locating criminals, and recovering funds for victims.
To protect Binance users from potential security risks and losses caused by extreme circumstances, we will maintain the SAFU fund size at over $1 billion and will continue to do so. Earlier this year, we converted all SAFU funds into the more trusted and transparent stablecoin USDC, further enhancing the reliability of the fund size and ensuring its value stability at $1 billion.
As we enter the eighth year of serving cryptocurrency users, we will steadfastly lead the digital asset industry into the next stage of development. With market and industry trends becoming more apparent, some forces shaping it are well known.
The institutionalization of digital assets, coupled with clearer regulations, 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 group of major early adopters will continue to expand, attracting more new users from new regions and demographics. They need a more intuitive user experience, easily understandable knowledge of cryptocurrencies, user support, and continuous innovation—exactly what Binance was born for.
With the trust and support of the global community, we believe that the hard work of the past seven years has laid a solid foundation for greater success, and the path to financial freedom and inclusivity will become wider and wider. And this is just the beginning.
Richard Teng
CEO, Binance
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