Coinspeaker
Binance CEO Richard Teng: Exchange Sees 40% Rise in Institutional Investors This Year
Binance CEO Richard Teng announced a 40% rise in institutional and corporate investors on the platform this year. He shared this achievement during an interview with CNBC on September 18, 2024.
Teng noted that this jump in institutional interest is โjust the beginning,โ as many firms are still conducting research before fully entering the crypto market. Even with ongoing regulatory challenges, Binance has managed to attract major investors, highlighting the companyโs strategic shift under Tengโs leadership.
Since taking the CEO role in November 2023, after Binanceโs co-founder Changpeng Zhao stepped down following a $4.3 billion US settlement, Teng has guided the company toward clearer regulation. He pointed out the firmโs transition from founder-led leadership to a more traditional corporate style โ an effort aimed at better aligning with global regulatory expectations.
Binanceโs Structural Shift and Leadership Changes
Binance has made significant progress after a tough period, which included settling legal issues with the US government. The departure of Zhao, who still holds a large share in the company, marked a shift in leadership. Teng, who previously managed regulatory bodies in Abu Dhabi and Singapore, highlighted that Binanceโs seven-member board is a good sign for regulators, showing the companyโs commitment to compliance.
The companyโs recent focus on corporate governance has drawn more institutional interest. Teng believes that clearer regulations, especially in markets like the US, are helping boost the credibility of the crypto sector. The approval of spot Bitcoin exchange-traded funds (ETFs) earlier this year has also attracted institutions to explore the market.
Binanceโs recent achievements reflect a broader trend in the industry, as major financial players like BlackRock and Franklin Templeton have introduced their own Bitcoin
BTC
$62 091
24h volatility:
3.4%
Market cap:
$1.23 T
Vol. 24h:
$48.42 B
and Ether
ETH
$2 436
24h volatility:
5.1%
Market cap:
$293.32 B
Vol. 24h:
$20.67 B
funds. The recent push from traditional finance has contributed to Bitcoinโs rise, which hit over $70,000 earlier this year. Teng links this price surge to the flow of institutional funds and notes that the Bitcoin halving event in April still affects market movements.
Although Teng did not provide specific price forecasts for Bitcoin, he mentioned that markets tend to heat up around 160 days after a halving event. As of September 18, 2024, the market was nine days away from this key period, signaling possible price changes ahead.
Institutional Confidence Paves the Way for Growth
The rise of corporate and institutional investors signals a clear change in market sentiment. Teng, speaking at Token2049, shows that while retail investors are still important, major institutions now see crypto as a long-term asset. The involvement of financial giants like BlackRock and Franklin Templeton has boosted the marketโs credibility of digital assets.
At the time of writing, Bitcoin is trading at $62,120, marking a 2.90% gain in the last 24 hours, according to CoinMarketCap. Bitcoinโs recent rise shows the marketโs steady progress despite regulatory challenges. Tengโs cautious optimism indicates that Binance will keep focusing on bringing in more institutional investors as the market evolves.
Binanceโs recent 40% increase in corporate and institutional investors shows the platformโs strength and appeal amid regulatory pressures. Under Tengโs leadership, Binance is positioning itself as a leader in institutional crypto, affirming that digital assets are becoming an established part of global finance.
Binance CEO Richard Teng: Exchange Sees 40% Rise in Institutional Investors This Year
