HomeNews2024: A Landmark Year for Crypto, Says Binance CEO Teng

2024: A Landmark Year for Crypto, Says Binance CEO Teng

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  • Binance customer assets surged by $42 billion in 2024.
  • Registered users on Binance have reached 200 million.

In a Thursday Bloomberg interview, Binance CEO Richard Teng called 2024 a “landmark year” for the cryptocurrency sector. He cited the emergence of bitcoin spot exchange-traded funds (ETFs), greater general adoption, and improved regulatory clarity as major drivers of this expansion.

Enhanced Regulatory Clarity and Mainstream Acceptance

Teng underlined the need for clear regulations to create a more safe and open atmosphere for crypto trading. He also mentioned how cryptocurrencies are becoming more and more accepted among the general public, which has been essential to the growth of the market.

With the launch of bitcoin spot ETFs, which provide institutional and ordinary investors with additional investment options, this momentum has been further increased.

“We find it really encouraging that the momentum is still very strong,” Teng remarked.

He brought out that the cryptocurrency market is being used more and more by institutions as well as individual investors. Sustained expansion and stability of the sector depend on this wide-ranging participation.

Binance: Surge in Customer Assets and User Growth 

Releasing stunning statistics, Teng said that this year, customer assets on Binance’s cryptocurrency exchange have increased by $42 billion. A startling 200 million people have now registered on Binance, in line with what ETHNews previously disclosed.

This noteworthy increase emphasizes Binance’s commanding position in the cryptocurrency space and its capacity to draw in and keep a sizable user base.

Meanwhile, CoinGecko data shows that Binance Coin (BNB) is currently valued at about $604.74, down 0.67% over the previous day. BNB has been dropping by 14.36% throughout the last seven days.

On the other hand, Changpeng Zhao, the former CEO of Binance, was sentenced to four months in prison, far less than the 36-month term that the prosecutors had requested, according to ETHNews.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: [email protected] Phone: +49 160 92211628