The return of Binance is here, and CEO Richard Teng envisions massive growth for the platform and the cryptocurrency industry, calling 2024 a "landmark" for the market. Massive events are at play in today's crypto industry , including the much-awaited regulatory clarity from various agencies that closely monitor the digital assets community and the growing adoption of cryptocurrency.
Additionally, the massive launch of Bitcoin's exchange-traded funds (ETFs), alongside the upcoming one for Ethereumwould also play a role in crypto's adoption.
Binance CEO Richard Teng Sees 2024 as a 'Landmark'
According to Bloomberg, Binance CEO Richard Teng is seeing massive hope in today's cryptocurrency market, calling 2024 a 'landmark' amidst the industry's rebound after several years of its decline since 2022. This new growth reflects the bear market happening now, with Binance holding about $114.6 billion in assets according to DefiLlama.
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The stellar growth in the crypto markets now only suggests that it will continue to improve in the coming years, but it is still important to note that the industry is still considered volatile.
Moreover, Binance's partnership with the recently bankrupted FlowBank SA is also under close monitoring after Switzerland opened proceedings against the crypto exchange.
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Binance's Growth Since Its SEC Fiasco
Binance's appointed monitors, Sullivan & Cromwell and Forensic Risk Alliance, have already begun working in the company as part of its settlement deal with the US government. This month alone, Binance reached a milestone of 200 million registered users on the platform, and its monthly active users also saw a 12.5 percent increase in the last four months, from February to May.
Binance's Issues in 2023
Less than a year ago, in 2023, Binance saw a massive crackdown from the United States government which focused on a hunt amidst the cryptocurrency companies operating in the country. This focused on regulatory and compliance issues by crypto exchanges and platforms in its many operations in the country, following the landmark case against FTX and Sam Bankman-Fried.
This led to a significant change in the company, as it faced lawsuits regarding unregistered licenses and securities in the country. Its former CEO and founder, Changpeng Zhao , was charged with federal money laundering. This led to Binance agreeing to a settlement and being set to pay $4.3 billion to the DOJ, while Zhao stepped down from his position and pled guilty to his crimes.
After Zhao's departure, Teng replaced him as the company's top executive, and they moved forward after the entire ordeal with the US DOJ, SEC, and the government. Now, Binance is seeing massive growth in its user base and monthly active users, with monitors now in place for its business. It is benefitting from crypto's ramping growth in today's market.
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