In an interview with CNBC, Binance CEO Richard Teng revealed that 2024 has been a “landmark year” for the crypto exchange, with a 40% increase in institutional and corporate investors joining the platform. Teng, who became CEO in November 2023, noted that institutional investment in crypto is still “just beginning,” as many firms are conducting due diligence before entering the market.
Key Points:
- Binance CEO Richard Teng reports a 40% increase in institutional and corporate investors in 2024.
- Institutional interest in Bitcoin and other cryptocurrencies continues to rise, despite Binance’s recent U.S. probe and $4.3 billion settlement.
- Binance has transitioned to a board-led structure with seven directors, a move Teng says aligns with regulatory expectations.
The Narrative
This surge in institutional interest signals that big money is increasingly comfortable with Bitcoin and other digital assets, even after Binance’s legal challenges in the U.S. and a multi-billion-dollar settlement.
Binance has also undergone a major governance shift, moving from a founder-led structure under Changpeng Zhao (CZ) to a board-led model with seven directors—a change Teng says regulators prefer. Zhao, who stepped down as CEO following the settlement, remains a major shareholder in the company.
Binance’s pivot to a board-led structure and its focus on institutional growth are signs of the exchange’s attempts to adapt to global regulatory pressures. As more institutions enter the crypto market, it’s critical for exchanges like Binance to meet strict compliance standards, especially in the wake of regulatory settlements. The increasing regulatory clarity, such as the approval of Bitcoin and Ether ETFs in the U.S., is expected to further boost institutional confidence in digital assets.