Dear Binance Users, Partners, and Community Members:

As we realize that 300 million people have chosen Binance, writing this year-end letter for 2025 feels different from any other year.

Over the past eight years, we have grown accustomed to running in the wilderness, being misunderstood, and proving ourselves amidst the storms. But this year, as we look back, the number of people behind us has grown to a figure that takes our breath away.

On this planet, on average, 1 in 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 a few; it is becoming a part of everyday life in this world.

Through the Fog: Resilience is More Important than Prediction

Looking back at this year, the journey has not been easy.

We all remember those moments: the frenzy of the AI track from the beginning of the year with "Project Stargate" to the panic of "DeepSeek Monday"; the immense uncertainty during the global trade war; the market's "blind flying" when data stopped being published after the U.S. government shutdown, and so on. Countless black swans and the market's violent fluctuations made everyone involved feel the chill.

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

We saw the light of rules shining through. The implementation of the "GENIUS Act" on July 18 was a signal that the industry had waited too long for—regulation is no longer the sword of Damocles hanging over our heads but has become a moat protecting innovators. When 70% of major regions worldwide began to implement clear frameworks, and when the new accounting standards from FASB made corporate crypto assets no longer a muddled account, we knew that the era of the "Wild West" had ended, and a more robust, more predictable new era had begun.

Connecting Two Worlds: No More Walls, Only Bridges

In the past, people often debated: Is centralization better, or is decentralization better? Are retail investors more important, or are institutions more important?

The answer for 2025 is: Integration.

At Binance, we have witnessed this integration happening. This year, retail users remain our heart, with global retail-led trading volume surging by 125%. At the same time, institutional adoption is also on the rise. A survey of large investors showed that 30% already hold digital assets, and another 40% plan to enter the market next year. We have also confirmed the same trend: Binance's institutional trading volume increased by 21% year-on-year.

This vitality has directly flowed to the places with the deepest liquidity. For the vast majority of days in 2025, nearly half of the global BTC and ETH trading volume occurred on Binance, while over 60% of mainstream chain transactions were completed through Binance Wallet. When the tide came in, users instinctively chose the safest and smoothest trading harbor, which also drove our total product trading volume to reach $34 trillion this year.

To make it easier for everyone to traverse on-chain and off-chain, we brought the Web3 experience directly into the exchange through Alpha 2.0. Over the past year, this platform has facilitated over $1 trillion in trading volume, with 17 million users exploring new projects like treasure hunters, receiving $780 million in airdrop rewards. Here, the boundaries between centralized and decentralized disappear; you only need to enjoy the joy of discovering value.

At the same time, traditional financial institutions, which once held a skeptical or even exclusionary attitude towards the crypto world, have stepped in. Whether it’s the astonishing net inflow of over $30 billion into ETFs or giants like BlackRock and Franklin Templeton moving nearly $10 billion in sovereign bonds on-chain, it all points to one thing: Wall Street has finally learned the language of blockchain.

Trust: Doing the Hardest Things in the Dumbest Way

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

This not only means we have to handle a massive volume of transactions but also that we must safeguard the "purse" for our users. Today, we can proudly say that Binance has become one of the world's primary vaults for digital wealth. The user asset balance verified through Proof of Reserves (PoR) has reached $162.8 billion. This is not a number to "show off," but a reminder that trust is not a slogan; it is homework we must do every day!

This year, we continue to protect this trust using the "dumbest" methods: sticking to compliance and security.

Obtaining that global license from Abu Dhabi (ADGM) was not easy; it is one of the strictest regulatory exams in the world. But that’s not enough; we have also secured 29 certifications globally (including ISO 27001, ISO 42001, PCI-DSS, etc.) and expanded our compliance team to 1,280 people. This is not for bragging rights but to ensure you can sleep soundly.

Data does not lie. To safeguard this trust, we have delivered the following "report card" through our "dumb efforts" over the past year:

• 96% risk reduction: Achieving a cliff-like drop in exposure to significant 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 the success rate of phishing attacks from 3.2% to the extreme.
• $11.7 million recovered: Helping over 50,000 users who suffered from external fraud recover stolen assets.

We never promise "zero risk"; that would be misleading. But we promise that to protect your assets, we will be armed to the teeth and will put in 100% effort, even for a 0.1% increase in safety, in ways you cannot see.

2026: When the Wind Rises

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

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

Look at this "five-horse carriage": a steadily growing global economy, a technology revolution on the brink of explosion, precise fiscal efforts from various countries, the reopening of the Federal Reserve's balance sheet, and the upcoming clarification of asset on-chain rules with the "RFIA/CLARITY Act." They are pushing the market from "uncertain expansion" to "certain expansion."

The next round of growth will be driven by both "sovereign-level funds" and "enterprise-level applications." When nations begin to discuss using Bitcoin as a strategic reserve, and when the scale of on-chain assets moves from hundreds of billions to trillions, this is no longer a simple "bull market" but a true reshaping of infrastructure.

In Closing

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

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

In the upcoming 2026, we will continue to increase our 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 inclusive finance (which has donated over $43.55 million to date, benefiting 4.02 million people, and helped over 270,000 people just in 2025), we are committed to ensuring that no matter where you are in your crypto journey, you can find a safe and trustworthy home at Binance.

300 million companions mean 300 million Humans of Binance. Behind the numbers is each vibrant individual, eager to change their life. Thank you for every click, every transaction, and every bit of trust in 2025. Your story is Binance's story, and together we will continue to walk the path ahead, witnessing how a more open financial world is gradually realized in our hands.

Lastly, if you feel this letter could have been written better or that Binance could do better—great! We need more people like you. Come, let’s get to work!

Happy New Year!

Yi He & Richard Teng

Binance Co-CEOs

December 31, 2025

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