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Binance CEO Richard Teng held an exclusive interview in Taiwan as part of the company's eighth anniversary.
Teng made important statements about the growth of the platform since its establishment, its regulatory compliance efforts, and the institutional acceptance process of cryptocurrencies.
Founded in 2017, Binance has now reached approximately 300 million users and a total trading volume of $125 trillion. Its average daily trading volume is $91 billion. According to Richard Teng, interest in crypto has accelerated significantly, especially after 2024. In the past year alone, the number of Binance users has increased from 170 million to 280 million. Teng described this period as “the history of crypto's mainstreaming.”
In an interview last year, Teng stated that Binance has no plans for an initial public offering (IPO) and that they are not considering returning to the US market, and after these statements, he evaluated the changing global environment as follows:
The year 2024 marked a turning point. With the approval of the first spot Bitcoin ETF, many institutional investors who had previously been skeptical of crypto are now showing interest in the space. The IPO trend has become a marker of cryptocurrency's integration into the mainstream financial system.
Teng said that government investment funds, family offices, and foundations are now accepting crypto as an asset class, making IPOs a natural progression for the sector. While he didn't provide a new date for Binance's direct IPO plan, he noted that the $2 billion investment from institutional investors like MGX in Binance is a strong sign that crypto is becoming institutionalized.
In the interview, Teng also responded to the question of whether “regulations restrict innovation” due to the short-lived nature of applications such as purchasing flight tickets with crypto in some countries:
“The development of new technologies always outpaces regulatory frameworks. This was true in the internet age, and it's true today with artificial intelligence and blockchain. Regulation and innovation don't have to be at odds. On the contrary, a technology-friendly regulatory framework protects consumers and fosters industry growth.”
*This is not investment advice.