Dear Binance Users, Partners, and Community Members:
When we realized that 300 million people have chosen Binance, writing this 2025 year-end letter felt different from any previous year.
Over the past eight years, we have grown accustomed to running on uncharted ground, being misunderstood, and proving ourselves amidst storms. But this year, when we looked back, the crowd behind us had swelled to a number that even took our breath away.
On this planet, on average, one out of every 27 people has chosen to believe in crypto assets and walk alongside Binance. This is no longer a game for geeks or a secret for the few; it is becoming part of the world's daily life.
Navigating the Fog: Resilience Matters More Than Prediction
Looking back on this year, the journey hasn't been easy.
We all remember those moments: the AI sector's frenzy from the "Project Stargate" hype at the beginning of the year to the panic of "DeepSeek Monday"; the immense uncertainty when global trade wars erupted; the market's "blind flight" when U.S. government data releases halted after the shutdown. Countless black swans and severe market turbulence made everyone involved feel the chill.
But it was precisely in this "fog" of unclear direction that the industry demonstrated remarkable vitality.
We saw the light of rules ignite. The enactment of the "GENIUS Act" on July 18 was a long-awaited signal—regulation is no longer a sword of Damocles hanging overhead but has become a moat protecting innovators. When 70% of major regions worldwide began implementing clear frameworks, and when the FASB's new accounting standards made corporate crypto assets no longer a messy account, we knew the era of the "Wild West" was over, and a new, more stable, predictable era had begun.
Connecting Two Worlds: No More Walls, Only Bridges
In the past, people often debated: Is centralized better, or decentralized? Are retail investors more important, or institutions?
The answer 2025 gave is: Integration.
At Binance, we witnessed this integration happening. This year, retail users remained our heart, with global retail-driven trading volume surging by 125%. At the same time, institutional adoption also rose. A survey of large investors showed that 30% already hold digital assets, and another 40% plan to enter next year. We confirmed the same trend: Binance's institutional trading volume increased by 21% year-over-year.
This vitality flowed directly to the places with the deepest liquidity. For the vast majority of days in 2025, nearly half of global BTC and ETH trading volume occurred on Binance, while over 60% of mainstream on-chain transactions were completed via Binance Wallet. When the wave hit, users instinctively chose the safest, smoothest trading harbor, driving our total product trading volume to $34 trillion this year.
To make it easier for everyone to move between on-chain and off-chain, we brought the Web3 experience directly into the exchange through Alpha 2.0. Over the past year, it handled over $1 trillion in trading volume, with 17 million users exploring new projects like treasure hunters, receiving $780 million in airdrop rewards. Here, the boundary between centralized and decentralized disappears; you only need to enjoy the thrill of discovering value.
Meanwhile, traditional financial institutions that were once skeptical or even hostile to the crypto world have stepped in. Whether it's the staggering net inflow of over $30 billion into ETFs or giants like BlackRock and Franklin Templeton moving nearly $10 billion in sovereign bonds on-chain, one thing is clear: Wall Street has finally understood the language of blockchain.
Trust: Using the Hardest Ways to Do the Toughest Things
Of course, the trust of 300 million users is a heavy responsibility.
This not only means we handle massive volumes of transactions but also that we must safeguard users' "wallets." Today, we can proudly say that Binance has become one of the world's primary vaults for digital wealth. The user asset balance publicly verified through Proof of Reserves (PoR) has reached $162.8 billion. This isn't a number to "flex muscles" but a reminder: Trust isn't a slogan; it's homework we must do every day!
This year, we continued to use the "hardest" methods to protect this trust: relentless compliance, relentless security.
Obtaining that global license from Abu Dhabi (ADGM) wasn't easy—it's one of the world's strictest regulatory exams. But that wasn't enough; we secured 29 more certifications globally (including ISO 27001, ISO 42001, PCI-DSS, etc.) and expanded our compliance team to 1,280 people. This isn't for show but to let you sleep soundly.
The data doesn't lie. To protect this trust, we delivered this "report card" with "hard work" over the past year:
- 96% risk reduction: A cliff-like drop in exposure to major illegal activities.
- $6.69 billion intercepted: Protecting the hard-earned money of 5.4 million users through AI and risk control models.
- 0.4% ultimate defense line: Reducing phishing attack success rates from 3.2% to an extreme low.
- $11.7 million recovered: Helping over 50,000 users recover assets stolen in external scams.
We never promise "zero risk"—that's a lie. But we promise that to protect your assets, we will arm ourselves to the teeth, striving 100% for even a 0.1% improvement in security, even in places you can't see.
2026: When the Wind Rises
Standing at the end of 2025, we are more optimistic than ever.
If 2025 was about navigating through fog, then in 2026, we sense the wind is coming.
Look at these "five driving forces": steadily growing global economy, the tech revolution on the verge of explosion, precise fiscal efforts by governments, the Fed restarting its balance sheet expansion, and the upcoming "RFIA/CLARITY Act" clarifying rules for on-chain assets. They are pushing the market from "uncertain expansion" to "certain expansion."
The next wave of growth will be driven by two wheels: "sovereign-level capital" and "enterprise-level applications." When countries start discussing Bitcoin as a strategic reserve, and when on-chain asset scale moves from hundreds of billions to trillions, this is no longer just a simple "bull market" but a true reshaping of infrastructure.
Final Words
No matter how the world changes, Binance's初心 (original intention) is simple: Freedom of Money.
We will continue to be the "road builders." Whether you're a young person buying your first Bitcoin with savings, an institutional trader managing billions in assets, whether you're searching for the next 100x opportunity in Alpha 2.0 or buying a coffee with stablecoins via Binance Pay, we will always be by your side.
In the coming 2026, we will continue to increase investment in security, compliance, and education. From AI-driven security projects to Binance Junior financial literacy education for the next generation, to Binance Charity's ongoing support for global financial inclusion (to date, over $43.55 million donated, benefiting 4.02 million people, with over 270,000 helped in 2025 alone), we are committed to ensuring that no matter where you are in your crypto journey, you can find a safe, trustworthy home at Binance.
300 million companions mean 300 million Humans of Binance. Behind the numbers is every vibrant you, eager to change your life. Thank you for every click, every trade, every bit of trust in 2025. Your story is Binance's story. On the road ahead, let's continue walking together, witnessing how a more open financial world is forged bit by bit in our hands.
One last thing: If you feel this letter isn't good enough or think Binance can do better—that's great! We need people like you. Come, let's build together!
Happy New Year!
Yi He & Richard Teng
Binance Co-CEOs
December 31, 2025
