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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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UK’s stringent crypto regulations spark debate as exchanges struggle to gain FCA approval

The UK cryptocurrency market continues to pose challenges for exchanges as they adapt to stricter regulatory requirements. Cryptocurrency exchange Bitget recently relaunched its UK platform after halting services in May 2024 to comply with the UK Financial Conduct Authority’s (FCA) Financial Promotions regime. This relaunch reflects Bitget’s efforts to align with the FCA’s evolving standards, aimed at enhancing consumer protection in the digital asset space.

Nov 24, 2024

Italy backtracks on crypto tax hike amid investor pushback

The Italian government recently announced a plan to increase the capital gains tax on bitcoin and other cryptocurrencies from 26% to 42%. This proposal, part of broader fiscal measures to support election pledges and reduce Italy’s fiscal deficit, has raised concerns among cryptocurrency investors and industry leaders.

Nov 24, 2024

European banking authority issues new guidelines for crypto providers to comply with restrictive measures

On November 14, the European Banking Authority (EBA) released comprehensive guidelines for Payment Service Providers (PSPs) and Crypto-Asset Service Providers (CASPs) to ensure alignment with European Union (EU) and national restrictive measures. These guidelines aim to reduce risks and strengthen compliance when transferring funds or crypto assets.

Nov 22, 2024

New crypto regulations aim to keep startups from 'sailing away' to the U.S.

The UK government is set to introduce new cryptocurrency regulations aimed at countering the growing appeal of the United States as a destination for crypto businesses. In response to concerns of regulatory delays following Brexit, the legislation focuses on establishing a clearer framework for stablecoins and staking activities, with the goal of strengthening the UK’s position as a global hub for digital assets.

Nov 22, 2024

OpenAI chooses Paris as its new home base

OpenAI, the world’s largest artificial intelligence company, has announced it will establish a new base in Paris.

Nov 20, 2024

Crypto investors sound alarm on UK’s capital gains tax hike and regulatory pressure

On October 30, UK Chancellor Rachel Reeves announced a capital gains tax (CGT) rate increase for high-income individuals, raising it to 24%. This change has raised concerns in the cryptocurrency community, where some investors fear that increased tax and regulatory pressures will diminish the UK's appeal for digital asset investment.

Nov 20, 2024

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