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Binance CEO: '[Cryptocurrency] will form the foundation for growth and progress into the future'

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Binance CEO: '[Cryptocurrency] will form the foundation for growth and progress into the future'
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Richard Teng, CEO of Binance | Crypto Republique

Richard Teng, CEO of Binance, expressed optimism about the role of cryptocurrency in shaping the future financial services industry. "Crypto will lay the 'groundwork' for future 'growth'," he said, emphasizing its potential to create a more "inclusive" and advanced sector. Teng made these remarks during his opening speech at Binance Blockchain Week.

"This will form the foundation for growth and progress into the future," said Teng. "It will determine how we create a much better, more inclusive financial services industry for the future."

According to Financial News London, major hedge funds have significantly increased their cryptocurrency holdings in the first quarter of 2024. Millennium Management invested approximately $2 billion in spot Bitcoin Exchange-Traded Funds (ETFs), while Schonfeld allocated around $500 million.

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The report further indicates that over 50% of top U.S. hedge funds now own Bitcoin ETFs, signaling growing institutional confidence in crypto assets.

Reuters reported that as of October 1, 2024, the total cryptocurrency market capitalization reached $2.2 trillion, a significant rise from $8.3 billion at the start of 2023.

Teng has been CEO of Binance since November 2023 and brings over three decades of experience in financial services and regulation. Since joining Binance in August 2021, he has focused on compliance to drive the company's growth. Previously, he served as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), Chief Regulatory Officer at Singapore Exchange (SGX), and Director of Corporate Finance at the Monetary Authority of Singapore.

Binance operates as a leading global blockchain platform with the largest digital asset exchange by trading volume. The company offers a diverse range of financial products and services and is recognized for its comprehensive ecosystem, which includes educational resources, research initiatives, charitable activities, and an NFT marketplace. It supports users worldwide in 40 languages and prioritizes security and regulatory compliance to protect its users and foster blockchain industry growth.

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