Binance CEO Richard Teng said this year will be a turning point for the crypto industry. Teng added that increased regulatory clarity, greater mainstream acceptance and the introduction of Bitcoin exchange-traded funds (ETFs) will have an impact on this.

In the later part of his speech, Teng said, "The momentum continues to be very strong and we are encouraged by this. We see that individual investors, as well as institutions, are coming to the sector." he said.

Binance CEO stated that the value of customer assets on the exchange will increase by 42 billion dollars in 2024 with the increase in prices. According to the information provided by Teng, Binance's monthly active users, whose number of registered users exceeded 200 million, also grew by 12.5 percent from February to May.