Binance CEO Reflects on Achievements Ahead of Seventh Anniversary

On July 14, cryptocurrency exchange Binance will mark its seventh anniversary. Ahead of the occasion, the company’s CEO, Richard Teng, shared statistics and future plans.

In the spirit of #BinanceTurns7, I took some time to reflect on our incredible journey.

While we’ve excelled in many areas, #Binance has also learned & grown in others. The result? A maturing organization that always put users first. ?

Read more ⤵️https://t.co/6cqr1EEeOM

— Richard Teng (@_RichardTeng) July 12, 2024

“By traditional standards, a seven-year-old company is young, often still an emerging startup. By crypto industry standards, existing in the market for seven years, while mostly maintaining a leading position, means surviving and thriving through several eras of possibly the fastest-growing sector in history, becoming a seasoned veteran,” he stated.

Teng highlighted a challenging yet significant year for Binance. A key achievement was surpassing 200 million registered users worldwide.

The top executive added that the exchange currently supports 541 “carefully selected” digital assets and 2632 trading pairs. The record number of requests per second reached 2.58 million.

One of the most important narratives in the current crypto market cycle, according to Teng, is adoption by TradFi. He noted that from January to June, the company recorded a 36% increase in institutional registrations.

“Throughout the seventh year, our focus on regulatory compliance, already significant, became even stronger. […] We continued to attract top talent, enhance our systems and technology, and secure approvals in close collaboration with numerous authorities and regulators. We now have licenses in 18 jurisdictions — more than any other centralized crypto exchange,” emphasized the Binance CEO.

From June 2023 to May 2024, the security teams of the trading platform processed approximately 62,800 law enforcement requests, bringing the total to 173,800, the platform’s head added.

Back in November 21, 2023, Teng assumed the role of Binance CEO, replacing the company’s founder Changpeng Zhao, who stepped down as part of a deal with the US Department of Justice. The platform agreed to pay a $4.3 billion fine.

Currently, Zhao is serving a four-month sentence in a federal prison in Lompoc, California, USA.

The new CEO promised to transform the cryptocurrency exchange and implement a traditional corporate structure. This includes a board of directors, a headquarters, and financial transparency, he clarified.