Data from DefiLlama, a decentralized finance data aggregator, reveals that Binance, the world’s largest cryptocurrency exchange, saw inflows totaling approximately $1.5 billion in the week ending on Dec. 8. During this period, Binance’s visible on-chain assets amounted to $74 billion, surpassing the combined total of the next thirty largest crypto exchanges.
The Journal Du Coin provided context for these figures by noting that while Binance holds more than $74 billion in on-chain assets, “the closest exchange to Binance on this metric holds just over $13 billion.” The Journal also emphasized that DefiLlama’s data shows Binance “is showing resilience, a few days after Richard Teng took over the management of the group. The exchange remains the undisputed number 1 with 170 million users, significant liquidity and confidence which seems preserved.”
On Nov. 21, Binance reached a settlement with the U.S. government to resolve historical compliance issues. In a post on its website, the company acknowledged its responsibility for past criminal compliance violations and expressed its intention to move forward from this “challenging yet transformative chapter of learning and growth.” As part of this process of change and resolution, former CEO Changpeng Zhao stepped down and was succeeded by Richard Teng, previously serving as Global Head of Regional Markets for Binance.
In his inaugural blog post as CEO, Teng stated that Binance has now moved beyond its previous compliance challenges and he is eager to guide the company into the future. He affirmed his commitment to prioritizing Binance users while also working closely with global regulators to support the development of international regulations for the crypto industry.
In an interview conducted in June reported by CoinDesk, Teng cited France as an example of a jurisdiction that has made significant progress in digital asset regulations resulting in an increase in crypto business. “If you look at what Paris is doing, it is very conducive for businesses. Not only ourselves, a number of crypto players are trying to use Paris as their base for expansion within Europe,” Teng stated.
In a post on Binance’s website, Teng emphasized the company’s commitment to its role as a custodian and to backing its users’ assets 1:1. He stressed that Binance remains financially healthy, operating the world’s largest cryptocurrency exchange by volume while maintaining a debt-free capital structure and generating robust revenues and profits despite charging low transaction fees.
Prior to joining Binance in Aug. 2021, Teng held various positions including CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), chief regulatory officer of the Singapore Exchange (SGX), and director of corporate finance at the Monetary Authority of Singapore, according to information available on Binance’s website.
