By
Bena Ilyas
April 30th, 2024
Richard Teng announced that Binance will remain user-focused, will work closely with regulators, and collaborate with its partners to ensure seamless adoption of crypto assets and blockchain technology.
After more than 18 months, Bitcoin (BTC) price has risen above $41,000 following heightened demand by institutional investors and more crypto regulatory clarity in different jurisdictions including the United States. The altcoin market, led by Ethereum (ETH) has registered a notable breakout fueled by FOMO traders. As a result, the total cryptocurrency market capitalization has reached $1.6 trillion but is still below individual companies like Microsoft Corp (NASDAQ: MSFT) and Apple Inc (NASDAQ: AAPL). Thus implying more upside in the coming future for the digital asset industry amid mainstream adoption fueled by institutional investors.
New CEO on Binance Role in Crypto Mass Adoption
Binance Holdings Ltd, the leading cryptocurrency exchange by registered users and daily traded volume, is expected to play a crucial role in onboarding billions of investors in the coming years. According to the company’s new Chief Executive Officer, Richard Teng, during an interview with Cointelegraph, the recent settlement with the United States government has increased confidence in the longevity of the cryptocurrency market. However, the new Binance CEO admitted there is still a lot to be done to ensure a seamless mass adoption of the Web3 market.
“When I first got in touch with crypto, my take was this is the future of finance. But for this to really gain traction and for mass adoption to be brought about, you need two elements. Clarity of rules and regulations is the first consideration, and the second is fostering institutional adoption,” Teng noted.
Teng has acknowledged the role played by the former CEO Changpeng Zhao alias CZ in pushing the company to more than 160 million globally registered customers. While Teng did not disclose how the company will settle the $4.3 billion with the United States government, he highlighted that Binance is more than healthy financially with more than 18 operating licenses from different jurisdictions.
“Fines in terms of the financial sector are not uncommon. If you do a Google search of the list of fines paid by financial institutions, that list is close to $90 billion in fines,” Teng said
Meanwhile, Teng highlighted that he will focus on three matters to differentiate from CZ’s four and ensure mainstream adoption of digital assets.
GM #btc crossing 41k. Exciting days ahead with greater regulatory clarity, institutional adoption, new products, greater liquidity and new investor class. Keep building 💪
— Richard Teng (@_RichardTeng) December 4, 2023
Bigger Picture
The UAE-headquartered crypto exchange intends to push to global markets especially in Europe amid the implementation of the Markets in Crypto Assets (MiCA) regulatory framework. Despite the recent regulatory hurdles that have seen more than 46k Bitcoins withdrawn from Binance in the past month, the exchange continues to lead with a balance of about 500k. Nonetheless, the loss of the US and the UK markets could see Binance overtaken by other exchanges like Coinbase Global Inc (NASDAQ: COIN).
