Coinspeaker Binance CEO Richard Teng Declares 2024 Landmark Year for Crypto
Leading crypto exchange Binance CEO Richard Teng hailed 2024 as a “landmark year” for the digital asset industry. He attributes this milestone to broader mainstream adoption, increasing regulatory clarity, and the Securities and Exchange Commission’s (SEC) approval of spot bitcoin and potential Ether (ETH) exchange-traded funds (ETFs).
During an interview with Bloomberg, Teng revealed that Binance’s customer assets surged by $42 billion in 2024. He states:
“The momentum continues to be very strong, which is a very encouraging sign for us. Beyond institutional involvement, we are also seeing significant participation from retail investors in our space now.”
Binance’s Continued Growth
Teng’s optimistic outlook aligns with Binance’s commitment to maintaining its leadership position in the sector. Notably, a company spokesperson told Bloomberg that Binance’s monthly active users grew by 12.5% from February to May. The exchange, boasting 200 million users globally, currently manages around $114.59 billion in assets on its platform, as per DeFiLlama.
This growth aligns with a broader recovery in cryptocurrency markets after a challenging bear market and numerous industry bankruptcies in 2022, including that of the once-leading crypto exchange FTX.
In May, Binance launched the Binance Launchpool, a platform designed to help users discover and acquire new crypto projects before they officially debut on the exchange. This initiative helped the exchange gain more popularity. Additionally, the native token of Binance Chain, BNB, recently hit an all-time high, driven by the increasing number of projects on the chain.
Teng, who stepped into the CEO role in November, replaced founder Changpeng Zhao. This leadership change was part of a settlement with US authorities, which included over $4 billion in penalties. Binance admitted to violating US money-laundering regulations and trade sanctions. As part of the plea deal, it agreed to Zhao’s removal and the appointment of Sullivan & Cromwell and Forensic Risk Alliance for a three-year monitoring. Zhao recently started serving a four-month sentence in California.
Teng stated that the company is still in discussion with multiple jurisdictions to finalize the location for its headquarters.
Impact of FlowBank Bankruptcy
Meanwhile, renowned Swiss bank FlowBank SA, which had partnered with Binance to allow clients to keep their trading collateral at the bank rather than on the crypto platform, recently shut down its operations, announcing bankruptcy. Addressing this issue, Teng reassured that Binance is in close communication with its customers.
“There’s very little assets on FlowBank on the tripartite arrangement front,” Teng clarified, emphasizing that all user assets should have been “properly segregated and custodied.”
FlowBank, holding around CHF 680 million ($760 million) in assets, failed to meet the minimum capital requirements for its operations, according to Switzerland’s banking regulator.
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Binance CEO Richard Teng Declares 2024 Landmark Year for Crypto