According to CNBC, Binance CEO Richard Teng said that institutional and corporate investors on the platform have grown 40% this year. Teng said at the Token2049 conference in Singapore that while institutional allocations in the cryptocurrency space are still in their early stages, the trend will continue to expand as more institutions conduct due diligence. Teng also noted that Binance has transitioned from a founder-led model to one managed by a board of directors to be more in line with regulators' expectations.