Binance CEO's Year-End Letter: Crossing Hills, Joining Hands with People

Dear Binance users, partners and community members:

When we realized that 300 million people had already chosen Binance, writing this year-end letter for 2025 felt quite different from any other year.

For the past eight years, we've grown accustomed to running across the wilderness, to being misunderstood, and to proving ourselves amidst the storms. But this year, when we look back, the team behind us has grown to a number that even makes us hold our breath.

On this planet, on average, one in every 27 people chooses to believe in crypto assets and chooses to partner with Binance. This is no longer a game for geeks, nor a secret of a select few; it is becoming a part of everyday life in this world.

Navigating the Fog: Resilience is More Important Than Prediction

Looking back on this year, the process was not easy.

We all remember those moments: the AI race went from the frenzy of "Project Stargate" at the beginning of the year to the panic of "DeepSeek Monday"; the immense uncertainty when the global trade war raged; the market's "blind flight" when data releases ceased after the US government shutdown, and so on. Countless black swan events and the market's violent fluctuations sent chills down the spines of everyone involved.

But it is precisely in this "fog" where the direction is unclear that this industry has shown amazing vitality.

We've seen the guiding light of the rules shine. The implementation of the GENIUS Act on July 18th was a signal the industry had been waiting for far too long—regulation is no longer a Damocles' sword hanging over our heads, but a protective moat for innovators. When 70% of the world's major regions begin to implement clear frameworks, and when the FASB's new accounting standards ensure that companies' crypto assets are no longer a murky mess, we know that the era of the "Wild West" is over, and a more stable and predictable new era has begun.

Connecting two worlds: no more walls, only bridges

In the past, people always debated: Is centralization better or decentralization better? Are retail investors more important or institutional investors more important?

The answer given in 2025 is: integration.

At Binance, we've witnessed this convergence. Retail users remain at our heart this year, with global retail-driven trading volume surging by 125%. Institutional adoption is also on the rise. A survey of large investors revealed that 30% already hold digital assets, and another 40% plan to enter the market next year. We've confirmed this trend ourselves: Binance's institutional trading volume grew by 21% year-over-year.

This energy flowed directly to where liquidity was deepest. For most of 2025, nearly half of the global BTC and ETH trading volume occurred on Binance, while over 60% of mainstream on-chain transactions were completed through Binance Wallet. When the wave hit, users instinctively chose that safest and smoothest trading haven, driving our total product trading volume to $34 trillion this year.

To facilitate seamless transitions between on-chain and off-chain environments, we've brought the Web3 experience directly to exchanges through Alpha 2.0. Over the past year, this platform has handled over $1 trillion in trading volume, with 17 million users exploring new projects like on a treasure hunt, earning $780 million in airdrop rewards . Here, the lines between centralized and decentralized have blurred; you simply enjoy the thrill of discovering value.

Meanwhile, traditional financial institutions that were once skeptical or even resistant to the crypto world have now entered the fray. Whether it's the staggering net inflow of over $30 billion into ETFs, or giants like BlackRock and Franklin Templeton putting nearly $10 billion in sovereign bonds on the blockchain, it all points to one thing: Wall Street has finally understood the language of blockchain.

Trust: Doing the hardest things in the simplest way.

Of course, the trust of 300 million users is a heavy responsibility.

This not only means processing massive volumes of transactions, but also safeguarding users' financial security. Today, we can proudly say that Binance has become one of the world's leading custodians of digital wealth. User assets publicly verified through Proof of Reserves (PoR) have reached $162.8 billion. This isn't a figure for show; it's a reminder that trust isn't just a slogan, but a daily responsibility!

This year, we continue to use the "dumbest" method to safeguard this trust: relentlessly pursuing compliance and security.

Obtaining the global licensing license from Abu Dhabi (ADGM) was no easy feat; it involves one of the most stringent regulatory exams in the world. But that wasn't all. We went on to acquire 29 more certifications globally (including ISO 27001, ISO 42001, PCI-DSS, etc.) and expand our compliance team to 1280 people. This isn't about showing off, but about ensuring your peace of mind.

Data doesn't lie. To uphold this trust, we've worked tirelessly over the past year to deliver this report card:

• 96% risk reduction: This allows for a dramatic decrease in the risk exposure to major illegal activities.
• $6.69 billion in interception: Protecting the hard-earned money of 5.4 million users through AI and risk control models.
• The 0.4% limit: Reduces the success rate of fishing attacks from 3.2% to the extreme.
• $11.7 million recovered: helped more than 50,000 users who were victims of external fraud recover stolen assets.

We never promise "zero risk"—that's a lie. But we promise that to protect your assets, we will be armed to the teeth, putting in 100% effort, even for a mere 0.1% increase in security, in places you can't see.

2026: When the Wind Rises

Standing at the tail end of 2025, we are more optimistic than ever before.

If 2025 was a year of navigating through fog, then in 2026, we sense the wind is coming.

Consider these five driving forces: a robust global economy, a technological revolution on the verge of explosive growth, targeted fiscal policies from various countries, the reopening of the Federal Reserve's balance sheet expansion, and the upcoming RFIA/CLARITY Act, which will clarify rules for asset tokenization. They are propelling the market from "uncertain expansion" to "certain expansion."

The next wave of growth will be driven by both "sovereign-level funding" and "enterprise-level applications." When nations begin discussing using Bitcoin as a strategic reserve, and when on-chain assets grow from tens of billions to trillions, this is no longer a simple "bull market," but a true reshaping of infrastructure.

In conclusion

No matter how the world changes, Binance's original intention is actually very simple: Freedom of Money .

We will continue to be the "road builders." Whether you are a young person who has just bought your first Bitcoin with your savings, or an institutional trader managing billions of dollars in assets, whether you want to find the next 100x opportunity in Alpha 2.0, or want to buy a cup of coffee with stablecoins on Binance Pay, we will always be there for you.

Looking ahead to 2026, we will continue to increase our investment in security, compliance, and education. From AI-driven security projects to next-generation Binance Junior financial literacy education, and Binance Charity's continued support for global financial inclusion (to date, we have donated over $43.55 million, benefiting 4.02 million people, including more than 270,000 in 2025 alone), we are committed to ensuring that no matter where you are on your crypto journey, you can find a safe and trustworthy home on Binance.

With 300 million partners, there are 300 million people on Binance . Behind these numbers are every vibrant individual, eager to change their lives. Thank you for every click, every transaction, and every act of trust in 2025. Your story is Binance's story. Let's continue walking together in the future, witnessing how a more open financial world is gradually becoming a reality in our hands.

One last thing: if you feel this letter isn't good enough, or that Binance can do even better—that's great, we need someone like you! Come on, let's get started!

Happy New Year!

Yi He & Richard Teng

Binance Co-CEOs

December 31, 2025