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Richard Teng, the newly appointed CEO of Binance, expressed his belief that the cryptocurrency industry will face increased regulation in the future. Teng made these remarks during an X Spaces event on Dec. 1. He perceives this trend as a positive development for the industry. A summary of Teng's discussion was shared by Binance, the world's largest crypto exchange, in a blog post dated Dec. 4.
"The direction of travel is clear: We are going to see more regulations within crypto," Teng said. "Regulatory clarity is good for the entire industry, and I am committed to promoting it. We need everyone to play by the same standards, and that will help bring about mass adoption."
In June, during an interview, Teng cited France as an example of a jurisdiction that has advanced with digital asset regulations. This move has resulted in an influx of crypto businesses, according to CoinDesk. "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," said Teng.
