Binance CEO Richard Teng held an unique interview in Taiwan as a part of the corporate’s eighth anniversary.
Teng made necessary statements concerning the development of the platform since its institution, its regulatory compliance efforts, and the institutional acceptance strategy of cryptocurrencies.
Based in 2017, Binance has now reached roughly 300 million customers and a complete buying and selling quantity of $125 trillion. Its common every day buying and selling quantity is $91 billion. In response to Richard Teng, curiosity in crypto has accelerated considerably, particularly after 2024. Previously 12 months alone, the variety of Binance customers has elevated from 170 million to 280 million. Teng described this era as “the historical past of crypto’s mainstreaming.”
In an interview final 12 months, Teng acknowledged that Binance has no plans for an preliminary public providing (IPO) and that they don’t seem to be contemplating returning to the US market, and after these statements, he evaluated the altering world setting as follows:
The 12 months 2024 marked a turning level. With the approval of the primary spot Bitcoin ETF, many institutional traders who had beforehand been skeptical of crypto at the moment are displaying curiosity within the area. The IPO pattern has change into a marker of cryptocurrency’s integration into the mainstream monetary system.
Teng mentioned that authorities funding funds, household places of work, and foundations at the moment are accepting crypto as an asset class, making IPOs a pure development for the sector. Whereas he did not present a brand new date for Binance’s direct IPO plan, he famous that the $2 billion funding from institutional traders like MGX in Binance is a powerful signal that crypto is changing into institutionalized.
Within the interview, Teng additionally responded to the query of whether or not “rules limit innovation” as a result of short-lived nature of purposes reminiscent of buying flight tickets with crypto in some nations:
“The event of latest applied sciences at all times outpaces regulatory frameworks. This was true within the web age, and it is true at present with synthetic intelligence and blockchain. Regulation and innovation do not need to be at odds. Quite the opposite, a technology-friendly regulatory framework protects customers and fosters trade development.”
*This isn’t funding recommendation.
