This statement by Richard Teng came after the number of registered Binance users worldwide reached 200 million on June 8. Teng said that the number of users of the exchange has grown from 100 to 200 million in just 26 months. He explained this rapid growth by changing the "landscape" of the crypto industry: more and more people are learning about cryptocurrency and its limitless possibilities. This indicates the maturity of the industry and its steady growth, Teng added.
According to the CEO of Binance, the exchange is not going to rest on its laurels and intends to attract one billion users to expand access to financial services for different segments of the population. Teng noted that the path to a billion will not be easy. This will require doubling the current number of cryptocurrency owners worldwide and obtaining the consent of every eighth inhabitant of the planet to use cryptocurrencies.
Mass adoption of digital assets will also require political support from global regulators. This is especially true in the United States, where almost 50 million holders of cryptocurrencies, which account for about 10% of the global user base, are in conditions of regulatory uncertainty, Teng said.
The U.S. Securities and Exchange Commission (SEC) is in discussions with other regulators on how to better control the industry. Teng hopes that the upcoming US presidential elections will help clarify the regulation of cryptocurrencies, as Republican presidential candidate Donald Trump promised that if elected, the crypto industry will have a bright future.
Teng took over as CEO of Binance in November 2023, when Changpeng Zhao, the co-founder of the exchange, pleaded guilty to non-compliance with anti-money laundering (AML) rules and the Bank Secrecy Act (BSA). Zhao was forced to leave Binance after an agreement with the US authorities in the amount of $4.3 billion.