In less than two days, our team and the global cryptocurrency community will celebrate Binance’s seventh anniversary. This will also be the first anniversary celebration since I took over as CEO of Binance. Normally, a company that has been established for seven years is still in its early growth stage, an ambitious startup. However, in the cryptocurrency industry, a company that has been established for seven years and has maintained a leading position throughout this period is considered an experienced veteran. Binance has become a seasoned industry veteran in the rapidly changing cryptocurrency industry, surviving and prospering through various development phases.
The upcoming seventh anniversary of Binance embodies both characteristics: maintaining the curiosity, agility, and growth mindset of a startup, as well as the wisdom and resilience of a seasoned veteran forged through various crises and challenging experiences. With over 210 million global users and continuous growth, our users have placed great trust in us and are willing to embark on their cryptocurrency journey with us. Binance has become a force driving global financial freedom and inclusivity. This is where we stand today.
Current State of Binance’s Ecosystem
Whether it was our first anniversary, second anniversary, upcoming seventh anniversary, or any future anniversary, Binance has always remained true to its original intention: putting users at the center of everything we do. Our hardcore work culture and entrepreneurial mindset drive us to continuously innovate with the aim of improving people’s lives.
The past year has been a familiar mix of challenging moments and exciting successes for Binance. We have turned the page on past issues, experienced leadership changes, and witnessed signs of user confidence through strong capital inflows and surging new registrations. We have remained strong and never stopped building the industry.
A key milestone this year was reaching the threshold of 200 million global registered users in early June. Among these users are those who were already familiar with digital assets, as well as many new users entering the industry for the first time. They believe that Binance will open the door for their first entry into the Web3 world. Each new user brings us one step closer to bringing digital assets into the mainstream. We warmly welcome these new users and promise to do everything we can to make their journey into the future of finance comfortable and secure.
The addition of more users means that Binance is entrusted with more funds. Earlier this year, the amount of user funds held on our platform surpassed 100 billion US dollars for the first time. We continue to safeguard our users’ funds in a secure and transparent manner, adhering to the principle of 1:1 reserves.
Driving Mainstream Adoption of Cryptocurrencies
To better support both new and existing users in exploring the world of cryptocurrencies, we provide a range of infrastructure, products, and services to meet any user’s needs related to Web3 and digital assets. Currently, Binance supports 541 carefully selected digital assets and 2,632 cryptocurrency trading pairs. Our powerful system is ready to handle a large volume of user activity. The highest historical query per second (QPS) on the Binance platform, which measures the number of user requests sent to our system and responded to per second, reached an impressive 2.58 million. This indicates that Binance is capable of handling a significant load when users need it most.
To promote the popularization of cryptocurrencies and financial inclusion, we continue to expand our product coverage and ensure accessibility in a wider range of cryptocurrency fields, providing essential financial services.
Our “Binance Earn” product line allows users to increase their cryptocurrency holdings in 392 different digital assets. It has attracted over 8 million users to experience Binance Earn services. 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.
Another key force driving digital assets into the mainstream in the current market cycle is the increased participation of institutions. Binance’s unmatched liquidity and market depth, along with products and solutions tailored to the requirements of professional investors, have attracted a large number of institutions to join the Binance ecosystem. Between January and June 2024, we witnessed a 36% increase in institutional user registrations.
Cryptocurrency education is also an important foundation for the popularization of digital assets. The total number of learners who have visited Binance Academy has reached 43.6 million. Through learning, users can gain a deeper understanding of the blockchain world and digital assets, enabling them to invest in cryptocurrencies in a more thoughtful and responsible manner.
Security and Compliance
Over the past seven years, our commitment to regulatory compliance has been significant and will only grow stronger. We recognize that robust compliance practices will play a crucial role in the maturity of the cryptocurrency industry. We are continuously recruiting top talent, improving our systems and technology, and closely cooperating with governments and regulatory agencies 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 of focus for Binance is strengthening security cooperation in the digital finance 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 through various online and offline courses. From June 2023 to May 2024, the Binance team processed 62,800 law enforcement requests, with a total of 173,800 requests. Each request plays a critical 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 situations, we will maintain the size of the SAFU (Secure Asset Fund for Users) fund at over 1 billion US dollars and 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 remains stable at 1 billion US dollars.
Looking to the Future
As we enter our eighth year of serving cryptocurrency users, we will steadfastly lead the digital asset industry into the next stage of development. The forces shaping the industry are becoming increasingly apparent as market and industry trends unfold.
The institutionalization of cryptocurrencies, coupled with clearer regulations, will attract more large-scale investors and capital to enter this field. At the same time, the importance of retail users will remain unchanged as the group of major early adopters continues to expand, attracting more new users from new regions and populations. They need a more intuitive user experience, easily understandable knowledge about cryptocurrencies, user support, and continuous innovation – all of which Binance was born to provide.
With the trust and support of our global community, we believe that the hard work of the past seven years has laid a solid foundation for even greater success. The path to financial freedom and inclusivity will continue to broaden. And this is just the beginning.
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