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Home News Crypto

Binance CEO Declares 2024 a ‘Landmark Year’ as Crypto Soars

by Team Lumida
June 14, 2024
in Crypto
Reading Time: 3 mins read
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two gold bitcoins sitting next to a binance sign

Photo by Kanchanara on Unsplash

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Key Takeaways

  1. Binance’s customer assets surged by $42 billion in 2024.
  2. Binance reached 200 million registered users this month.
  3. Regulatory clarity and mainstream adoption drive crypto’s “landmark year.”

What Happened?

Binance CEO Richard Teng declared 2024 a “landmark year” for the cryptocurrency industry. Customer assets on Binance’s exchange surged by $42 billion as crypto prices rebounded. Binance now boasts 200 million registered users, with monthly active users increasing by 12.5% from February to May.

This growth coincides with heightened regulatory clarity, mainstream adoption, and the launch of Bitcoin exchange-traded funds (ETFs). Teng was appointed CEO in November, replacing founder Changpeng Zhao as part of a US settlement involving over $4 billion in penalties. Binance pleaded guilty to violating US money-laundering regulations and agreed to a three-year monitoring arrangement.

Why It Matters?

The substantial growth in Binance’s assets and user base signals strong momentum in the crypto market, driven by regulatory clarity and mainstream adoption. The launch of Bitcoin ETFs further legitimizes crypto as an investment asset, attracting both institutional and retail investors.

Teng’s leadership amid regulatory scrutiny showcases Binance’s commitment to compliance, which could bolster investor confidence. The ongoing monitoring by Sullivan & Cromwell and Forensic Risk Alliance aims to ensure transparency and adherence to regulations, crucial for sustaining this growth.

What’s Next?

Expect Binance to continue its growth trajectory as regulatory frameworks solidify and more mainstream financial products tied to crypto, like ETFs, emerge. The monitoring arrangement will likely bring more operational transparency, potentially attracting additional institutional investors.

Watch for Binance’s decision on its headquarters’ location, which will influence its global strategy. Additionally, the resolution of FlowBank’s bankruptcy will be crucial for maintaining customer trust. Bitcoin’s price movements and interest-rate expectations will also play pivotal roles in shaping the market dynamics.

Source: Bloomberg
Tags: BinanceBitcoin ETFsregulatory clarityRichard Tenguser growth
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018