Binance CEO Richard Teng was recently interviewed and shared his thoughts on his first year in office, discussing the reasons behind the surge in Bitcoin (Bitcoin) prices and the impact of Trump's election on cryptocurrency regulation. Teng stated that the golden age of the cryptocurrency market is just beginning.
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ToggleIn the first year, emphasize the company's transformation and use of AI to strengthen compliance
At the beginning of the interview, Teng reviewed his first year as Binance CEO and emphasized the "transformation of Binance's structure" and the growth of "compliance investment". Teng pointed out that Binance has transformed from a "founder-led" company to a "board-led" enterprise, and has obtained 20 regulatory approvals globally, including new additions in India, Argentina, Indonesia and Dubai this year.
Teng also said that Binance's investment in compliance has also increased significantly, from $158 million in 2022 to $213 million in 2023, and will continue to invest more resources in compliance in the future. Teng further stated that Binance currently has 1,300 employees dedicated to compliance, and uses AI to strengthen transaction monitoring and identity verification processes to ensure that Binance becomes the "most compliant cryptocurrency exchange in the world".
BTC ETF and Trump effect, driving the surge in BTC prices
Regarding the amazing performance of BTC, which has soared from $40K at the beginning of this year to the current near-historic high of $100K, Teng believes that there are two driving forces behind this:
- The launch of BTC spot ETFs: With the successive approvals of BTC spot ETFs in the US and around the world, this has greatly attracted the attention of institutional investors. The involvement of financial giants like BlackRock has further gained mainstream financial market recognition for BTC.
- The impact of Trump's election: Teng stated that Trump and his team had previously expressed strong support for cryptocurrencies, and after being elected, they will establish crypto-friendly policies and discuss establishing a "BTC reserve" in the US. The election of many pro-crypto legislators in the US Congress and Senate is also a positive factor for the US and global crypto market.
Global adoption accelerates, the golden age of the cryptocurrency market is just beginning
Teng emphasized that the current global cryptocurrency adoption rate is around 6-7%, at a historical turning point. Teng used the "development of the Internet" as an example, stating that when the Internet adoption rate reached 6-7%, the subsequent growth would be very rapid. He further stated that the golden age of the cryptocurrency market is just beginning.
Teng also predicted that as more countries develop crypto-friendly regulatory frameworks, and institutional investors gradually enter the market in the next few years. However, many institutions currently require 6 to 9 months for due diligence, and it is expected that these new funds will enter the market within the next one to two years. Teng stated that the market performance in 2025 will be even more impressive than this year.
Re-entering the US is still undecided, continue to cooperate with regulators around the world
Regarding whether Binance will "re-enter the US market", Teng stated that there are no specific plans at the moment, but Binance will continue to monitor market developments. He emphasized that Binance currently has 242 million users globally, and added 62 million new users this year, with institutions and high-end investors also experiencing rapid growth.
Regarding stablecoins and the regulatory framework in the US, Teng said that Binance will actively cooperate with regulatory policies in various countries, and provide professional advice to help formulate regulations that balance "innovation" and "risk control". Teng also mentioned that Binance is actively evaluating the location for a global headquarters, but needs to consider factors such as taxation, regulation, and talent support, and has not yet finalized a decision.
Optimistic about Bitcoin price reaching 250K, investors are advised to do their research
The host asked "Will the Bitcoin price reach 250K?", discussing the future price trend of Bitcoin. Although Teng did not give a specific figure, he expressed considerable optimism and at the same time reminded investors not to overlook the risks of the cryptocurrency market. While the market has great potential, investors should also do their own research.
(Words from the CEO: Leading Binance's year in the new crypto era)
