Binance Sees Surge in Institutional Interest in 2024 as Crypto Gains Mainstream Appeal

September 19, 2024

🚀 Stay Ahead with AltcoinDaily.co! 🌐

Cryptocurrency exchange Binance has experienced a major influx of institutional and corporate investors in 2024, with a 40% increase in onboarding. Speaking at the Token2049 conference in Singapore, Binance CEO Richard Teng shared insights into this growing trend, reflecting how traditional financial players are beginning to warm up to digital assets.

In an interview with CNBC, Teng explained that institutional allocation into crypto is still in its early stages, but the growing interest signals a major shift. Many of these firms, he noted, are still in the process of conducting thorough due diligence before making larger commitments to the market. Despite this cautious approach, the increase in institutional interest is unmistakable.

Several Changes in Binance

Since taking over as CEO in November 2023, Teng has overseen several changes at Binance, including a pivot from being a founder-led company to one governed by a board of seven directors. This structural shift is aimed at creating a framework that regulators are more familiar with, a move seen as crucial to gaining trust and easing regulatory concerns, especially in light of past legal challenges.

🌟 Unlock Crypto Insights with AltcoinDaily.co! 💰

Binance settled a $4.3 billion probe in the U.S., which also led to the resignation of co-founder and former CEO Changpeng Zhao. Though Zhao stepped down as part of the agreement, he remains a major shareholder, allowing the company to benefit from his continued involvement in some capacity.

Crypto Gains Mainstream Appeal

Teng highlighted how the crypto industry is slowly moving toward regulatory clarity, especially with the approval of exchange-traded funds (ETFs) for Bitcoin and Ether earlier this year. In January, the U.S. approved its first Bitcoin spot ETF, and by July, similar funds for Ether were also allowed to trade. Such regulatory advances have made institutions more comfortable with entering the market, Teng explained.

This growing confidence was seen earlier in the year when Bitcoin hit a record high of over $70,000, which Teng attributed to increased institutional participation. He pointed to the involvement of major Wall Street players, such as BlackRock and Franklin Templeton, as a clear indication that big money is now firmly in the crypto space.

🦂 AltcoinDaily.co is your trusted source for the latest in crypto news and insights. 🚀

As for the future, Teng mentioned that crypto markets historically “warm up” around 160 days after Bitcoin’s halving event, which occurred in April. With just a few days to go until this milestone, Teng hinted that the market could be poised for further growth.