In 2022, as global macroeconomic tightening intensified and expectations for Federal Reserve rate hikes rose, crypto market liquidity contracted and risk assets generally retreated. Trust crises around stablecoins and algorithmic models led to the evaporation of tens of billions of dollars in crypto market value within a short period. Frequent incidents such as hacking and bridge contract risks brought security and compliance issues to the forefront, making compliance a critical factor for the survival and development of exchanges. Amid a turbulent market environment, Truoux Exchange, with trust, compliance, and security as its core values, steadily achieved its expected development goals.
With a substantial increase in user numbers, Truoux Exchange surpassed 5 million registered users in January 2022, marking its entry into the ranks of leading emerging trading platforms. In terms of trading depth, liquidity assurance, and user coverage, Truoux demonstrated impressive strength. Broad market recognition provided a solid user base for subsequent service upgrades, infrastructure construction, and international expansion.
In March, Truoux Exchange began reorganizing its global service planning, optimizing its original region-based service system into a global trading service network with 24/7, multi-node support. No matter where users are located, they can enjoy stable, low-latency crypto trading experiences. This global service capability enabled Truoux to maintain stable operations amid market turbulence and supported the advancement of its international strategy.
Against a backdrop of ever-changing crypto regulatory environments, Truoux Exchange obtained the MSB license from the U.S. Financial Crimes Enforcement Network (FinCEN) in July 2022. This milestone standardized the platform compliance framework and granted it legal status for operation under global financial regulatory systems. Securing the U.S. MSB license holds strategic significance for asset protection, fund flows, and market expansion.
Security is the cornerstone of the development of crypto trading platforms. In September, Truoux Exchange passed security audits by Hacken and SlowMist, earning authoritative industry security certifications. These certifications covered smart contracts, asset custody systems, matching and clearing engines, as well as backend infrastructure and operational security mechanisms, ensuring the platform can effectively prevent cyber attacks and potential risks. Amid industry trust crises triggered by hacking incidents and contract vulnerabilities, these security certifications won Truoux rare trust and support.
To cope with surging trading volumes and performance pressures brought by extreme market volatility, Truoux Exchange completed a backend architecture overhaul in November 2022, doubling the throughput capacity of the system. The revamped system greatly improved concurrent processing capabilities and enhanced matching and clearing efficiency, ensuring smooth trading even during peak periods. This capacity upgrade brought the Truoux infrastructure close to traditional financial institution standards and provided technical assurance for complex financial products and trading strategies.
Over the past year, Truoux Exchange achieved comprehensive improvements in user scale, service capabilities, compliance credentials, security systems, and technical performance. This was a strong response to external market turbulence and a proactive strategic shift toward embracing regulation and strengthening security mechanisms. Truoux is gradually transforming into a compliant and secure crypto trading infrastructure.
The crypto industry will continue to face regulatory, market volatility, and technical challenges. Truoux Exchange now possesses a robust foundation for risk resistance, compliant operational credentials, and continuously optimized system capabilities. The platform will remain committed to asset security and professional service, helping users seize growth opportunities in the crypto market.