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Binance CEO: 'Crypto is still at a very early stage of adoption'

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Webp richard teng
Richard Teng, CEO of Binance | Crypto Republique

Richard Teng, CEO of Binance, said that cryptocurrency is in the "early stage of adoption" globally, although major institutions are beginning to embrace blockchain and crypto agendas. Teng made his remarks during the opening speech of Binance Blockchain Week.

"Crypto is still at a very early stage of adoption, less than 10% globally," said Teng. "We are at the beginning of the journey. The institutions are now coming too. If you look at all the top 200 institutions around the world, everybody has a blockchain crypto agenda."

According to a report by Financial News London, in the first quarter of 2024, major hedge funds significantly increased their cryptocurrency holdings. For instance, 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, reflecting a growing institutional confidence in crypto assets.

A separate report by Reuters states that as of October 1, 2024, the total cryptocurrency market capitalization reached $2.2 trillion, marking a substantial increase from $8.3 billion at the start of 2023.

Teng has been CEO of Binance since November 2023 and brings over 30 years of experience in financial services and regulation. Since joining Binance in August 2021, he has advanced the company's growth with a focus on compliance. Previously, he was 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 major global blockchain platform featuring the largest digital asset exchange by trading volume. The company offers a wide range of financial products and services and is known for its comprehensive ecosystem, which includes educational resources, research initiatives, charitable activities, and an NFT marketplace. According to its website, Binance supports users around the clock in 40 languages and prioritizes security and regulatory compliance to protect its users and contribute to the growth of the blockchain industry.

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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.

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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

UK’s digital assets bill brings much-needed clarity to digital asset regulation

On November 6, the UK government issued an updated version of the Property (Digital Assets Etc.) Bill, clarifying its approach to defining digital assets, including crypto tokens, as recognized property under English law. The update aims to provide greater security and clarity for individuals and businesses engaging with digital assets.

Nov 20, 2024

Outlier Ventures CCO: People may use a 'more efficient, much less costly system to achieve the same user benefit'

Matt Law, Chief Commercial Officer at Outlier Ventures, said that it would not "surprise" him if many people embrace "more efficient," cost-effective systems like tokenization to gain the "same user benefit."

Nov 16, 2024

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