Changpeng Zhao sums up the year: Binance has 120 million users

The outgoing 2022 has been a good year for Binance’s business, despite the macroeconomic turmoil and crisis that has gripped the cryptocurrency market. The user base of Binance has exceeded 120 million people, and the team of the largest exchange now has 7,500 employees. Trading floor manager Changpeng Zhao told about it in an open letter.

Zhao wrote that 2022 was difficult only at first glance – the fall in prices for cryptocurrencies compared to the previous year’s all-time highs and a series of major bankruptcies have greatly shaken faith in the crypto market. The collapse of FTX hit the industry hard and it will take a long time to recover from this shock.

However, it is worth looking further:

While this may seem like a threatening combination of several major hurdles, our industry is still in its infancy and should be defined not by the challenges it faces, but by how it weathers them.

2022 has become an important year for the adoption of crypto and blockchain technology. Well-known brands such as KPMG, JPMorgan, Rakuten, CVSHealth, Tencent, Fidelity, Baidu, Tesla, Cloudfare, PayPal, American Express, Accenture, Christie’s, BlackRock, Nasdaq, McDonald’s, Google Cloud, Mastercard, Sony, and Nike have benefited from the adoption blockchain-based solutions this year.

Zhao admitted that he is proud of this year’s results:

We have expanded our business and our team, with 7,500 Binance employees representing over 100 nationalities now serving over 120 million users worldwide.

Binance has received licenses to operate in 14 countries, including Kazakhstan, Italy, and France. For 12 months, the exchange has processed more than 47,000 requests from law enforcement agencies.

Binance Labs has invested over $500M in various Web3 projects this year. Binance Charity, the company’s charitable arm, has donated over $20 million to non-profit organizations.

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