With the approval of Bitcoin spot ETFs in the United States and many other places by 2024, the crypto market has reached a critical turning point. In a Bloomberg interview on 2/19, Binance CEO Richard Teng stated that institutional investor interest has surged, and since the election of former U.S. President Donald Trump, governments around the world have taken a more positive attitude towards cryptocurrencies. He believes that cryptocurrencies are entering a "golden age," and the development of U.S. regulatory policies will become the focus of market attention.

Bitcoin ETF approval drives market, institutional investors surge in

Teng pointed out that the approval of Bitcoin spot ETFs in the U.S. in early 2024, followed by Hong Kong and other places, has significantly boosted market confidence. Last year, Binance's user base increased from 170 million to 240 million, and the number of institutional investors even doubled, indicating that traditional financial institutions are gradually accepting crypto assets.

"The U.S. elected a president who supports cryptocurrencies, which has brought a lot of optimism to the market," Teng predicted that the crypto market will enter a golden age, and governments around the world are becoming more open to cryptocurrencies.

U.S. regulatory policy may shift, industry expects new momentum

Regarding the U.S. market, Teng pointed out that the Biden administration has been cracking down on the crypto industry with enforcement actions (Chokepoint) over the past four years, subjecting the industry to strict regulations and high uncertainty. However, since the election of Trump, many governments have started to actively contact Binance to discuss how to develop the crypto industry and view it as an important pillar of the future economy.

Binance has now obtained regulatory approvals in 21 jurisdictions and has also provided regulatory recommendations to the U.S. government to help formulate a clearer regulatory framework. "We hope to see a regulatory framework that can manage risks and promote innovation," Teng stated clearly.

New U.S. regulatory direction, balancing business and consumer protection

Regarding the future regulatory model in the U.S., Teng used Dubai and Hong Kong as examples, pointing out that different countries have different regulatory approaches to cryptocurrencies. Dubai is more business-friendly, while Hong Kong leans more towards consumer protection. He predicted that the U.S. may adopt a "tailor-made" regulatory framework that balances innovation and risk management.

When asked whether Binance will return to the U.S. market, Teng said: "We need to see a clearer regulatory environment in the U.S. before we consider it."

Binance's global headquarters selection is still under evaluation, candidate countries kept confidential

Regarding the location of Binance's headquarters, Teng emphasized that the company is actively promoting institutional governance, including hiring independent directors and a chairman, to improve compliance. He said that the decision on the headquarters location involves considerations such as taxation, talent, and regulatory frameworks, and is still being carefully evaluated.

"We will announce the headquarters location at the appropriate time. We have several candidate locations," but Teng did not disclose specific countries or cities, only stating that they are in discussions with the relevant governments.

Regulatory framework and institutional participation will determine market direction

Teng believes that the crypto market is at a historic turning point, with surging interest from institutional investors and changing attitudes of governments, while U.S. regulatory policy will be a key factor in shaping market development. He emphasized that the future regulatory framework should balance risk management and industry innovation in order to truly integrate the crypto industry into the global financial system.

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