Following Binance’s announcement that it had 200 million registered users globally on June 8th, Richard Teng made the announcement. According to Teng, the exchange’s user base doubled in 26 months, going from 100 million to 200 million. A shift in the “landscape” of the crypto industry, he said, is to blame for the sector’s meteoric rise: word is getting out about the boundless potential of cryptocurrencies. According to Teng, this demonstrates the industry’s progress and ability to maintain growth.
The CEO of Binance has stated that the exchange will not rest on its laurels and that it aims to attract one billion users in order to increase access to financial services for various demographics. The road to one billion won’t be smooth, as Teng pointed out. Doing so will necessitate getting the approval of every eighth person on the planet to use cryptocurrencies and doubling the present number of cryptocurrency owners worldwide.
Politicians around the world who are in charge of regulation must back the widespread use of digital assets. According to Teng, this is particularly evident in the US, where about 10% of the world’s cryptocurrency users—roughly 50 million people—are confronted with regulatory uncertainty.
In an effort to better oversee the sector, the US Securities and Exchange Commission (SEC) is currently holding talks with other relevant authorities. After hearing Republican presidential candidate Donald Trump’s promises of a prosperous crypto industry upon election, Teng is holding out hope that the next US presidential election will bring clarity to the regulation of cryptocurrencies.
Following the guilty plea of exchange co-founder Changpeng Zhao to violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) in November 2023, Teng succeeded Zhao as CEO of Binance. After settling with US authorities for $4.3 billion, Zhao was compelled to depart from Binance.