Binance, the leading cryptocurrency exchange, has experienced a notable 40% increase in institutional and corporate investors this year, as revealed by CEO Richard Teng in a recent interview with CNBC. This growth signals a shift as larger financial players are becoming increasingly receptive to cryptocurrencies like Bitcoin, despite the exchange’s previous regulatory challenges, including a $4.3 billion settlement with U.S. authorities.
Speaking at the Token2049 conference in Singapore, Teng emphasized that institutional investment in crypto is just beginning, stating, “Allocation into crypto by institutions is just at the tip of the iceberg. A lot of them are still doing their due diligence.” He noted that while specific firms were not disclosed, the uptick in onboarding reflects growing confidence in the crypto market.
Under Teng’s leadership since November 2023, Binance has transitioned from a founder-led structure to one governed by a board of seven directors, a change he believes will foster greater regulatory acceptance. This shift follows the departure of co-founder Changpeng Zhao as CEO last year, although Zhao remains a significant shareholder.
The renewed interest from institutions comes at a pivotal time for the cryptocurrency market. With regulatory clarity emerging from the U.S., particularly the approval of spot exchange-traded funds (ETFs) for Bitcoin and Ethereum, Teng anticipates further institutional engagement. He cited BlackRock CEO Larry Fink’s evolution from skepticism to referring to Bitcoin as “digital gold” as indicative of this trend.
Teng pointed out that Bitcoin had reached record highs earlier this year, surpassing $70,000 in March, attributed to institutional inflows. As of Wednesday, Bitcoin was trading around $60,440, with Teng noting historical patterns that suggest prices often rise approximately 160 days following a halving event, which last occurred in April.
While Teng refrained from providing specific price predictions, he remains optimistic about the potential for greater institutional investment in the coming months.
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