Richard Teng, the former CEO of the Abu Dhabi Global Market, succeeded Changpeng Zhao as CEO of Binance in November 2023. Teng is a well-known and successful professional who has made important contributions to finance and regulatory affairs. He has rich experience and skills and has played significant roles in defining the financial environment, notably in fintech, compliance, and risk management. His innovative leadership and strategic expertise have gained him industry prominence as a thought leader. Teng has exhibited a consistent dedication to pushing innovation, encouraging industry growth, and establishing strong regulatory frameworks throughout his career. As a renowned person in the financial sector, he continues to inspire and influence constructive change, leaving an indelible impact on the developing landscape of global banking.
Having worked in the financial services and regulatory industries for more than thirty years, Teng will assume the CEO position after being Binance’s global head of regional markets. He aims to support blockchain and crypto adoption by actively engaging both mainstream and Web 3 stakeholders.
A native of Singapore, Teng studied at Nanyang Technological University, where he graduated with First Class Honours in Accountancy. He earned his master’s degree in Applied Finance from the University of Western Australia. He has completed The Wharton School’s Executive Leadership Programme.
Richard Teng – Career
Teng began his career in 1994 as director of corporate finance at the Monetary Authority of Singapore, where he stayed for 13 years until joining the Singapore Exchange as chief regulatory officer in 2007.
Teng is a former CEO of the Abu Dhabi Global Market, the financial services regulator in the UAE capital.
He served as a part-time Board Director of Lulu Financial Group for one year and eight months.
He worked as a freelancer for Blockchain Association Singapore (BAS) as an Advisory Board Member for 2 years and 5 months.
From July 2021, he was a member of the Global FinTech Institute’s worldwide Council. It has already been 2 years and 5 months.
Teng has been promoted to the position of CEO of Binance. Most recently, he served as Binance’s global head of regional markets. Teng is one of the few top executives who remained with Binance after the US Securities and Exchange Commission brought 13 charges against the cryptocurrency exchange and its founder, Changpeng Zhao.
Richard Teng – Monetary Authority of Singapore
He was the Director of Corporate Finance at MAS for 13 years. As a result, he gained regulatory knowledge in the banking, insurance, and capital markets industries. He was active in a wide-ranging reform of Singapore’s financial services business in the late 1990s, pushing moves to develop private banking and capital market sectors. He was in charge of creating and implementing the Securities and Futures Act, as well as building the regulatory framework for REITS, business trusts, and trust companies. He also managed the Singapore Code on Takeovers and Mergers, which governs mergers and acquisitions in Singapore.
Richard Teng – Singapore Exchange
He spent 7 years and 6 months as the Chief Regulatory Officer at Singapore Exchange (SGX). Teng previously served as Senior Vice President, Head of Issuer Regulation, Chief of Staff for Risk Management and Regulation, and Head of Regulation at SGX. He was in charge of the Regulation Group, which works closely with the Monetary Authority of Singapore (MAS) to maintain a fair, orderly, and transparent market. The Group is responsible for developing policy, structure, and rules for listing, trading, and clearing, as well as regulatory solutions for new products and services. The Group is in charge of overseeing the rules regulating listing, trading, and clearing, as well as accepting listing applications and members and monitoring and enforcing ongoing compliance with the regulations. Issuer Regulation, Catalist Regulation, Membership Supervision, Surveillance, Regulatory Development and Policy, and Legal are the Group’s units.
Richard Teng – Abu Dhabi Global Market
Teng joined Abu Dhabi Global Market in March 2015, bringing more than two decades of regulatory leadership and capital markets expertise to the banking industry. As CEO, he was in charge of and directed the establishment and administration of ADGM’s financial services regulatory and supervisory framework to promote a fair, open, and transparent financial market.
Teng is an accomplished executive with over three decades of expertise in financial services and regulatory affairs.
Binance, which was founded in 2017, is the world’s largest cryptocurrency exchange, with around 150 million members.
Teng joined the world’s largest crypto exchange in 2021 as the CEO of Binance’s Singapore Company two years ago.
He remained as Singapore CEO for five months until being appointed as regional head of Europe, Asia, the Middle East, and North Africa in April 2023. He managed regional teams to develop strategic alliances, build an ecosystem of innovation, and expand the Bitcoin ecosystem inside their respective areas in this capacity.
Teng was eventually promoted to head of regional markets in May 2023 before being named CEO of Binance, barely more than two years after joining the company.
Richard Teng – Binance
Richard Teng – Introducing the Binance Web3 Wallet
Teng expressed his gratitude for the opportunity to assume the job of CEO, adding that he would focus on ensuring Binance’s 150 million users of the company’s financial strength, security, and safety.
His priority will be to reassure users that they can stay confident in the company’s financial soundness, security, and safety, as well as working along with authorities.
Teng, who joined as Singapore CEO of Binance in 2021, has a challenging task ahead of him. The exchange’s native cryptocurrency, BNB, is down 15% following Zhao’s departure, indicating declining client trust. Users withdrew a total of $1.3 billion from the Binance platform, with other cryptocurrencies and blockchain protocols such as Solana and Polygon also suffering losses.
Teng faces a difficult task in restoring Binance’s reputation.
Teng’s initial responsibility will be to try to repair the company’s damaged public image. His priority is to reaffirm the exchange’s financial strength, security, and safety to the exchange’s 150 million members. Other major areas of emphasis for him will include collaborating with regulators to uphold high standards globally and working with partners to drive growth and adoption of Web3.
Teng stated in a recent post, “To ensure a bright future, I intend to use everything I’ve learned over the past three decades of financial services and regulatory experience to guide our remarkable, innovative, and dedicated team.”
His priorities will be to:
Reassure 150 million users about the company’s financial strength, security, and safety.
Collaborate with regulators to uphold high standards globally that foster innovation while providing important consumer protections.
Work with partners to drive Web3’s growth and adoption.
Under his leadership, ADGM was named Financial Centre of the Year (MENA) by Euromoney’s Global Investors Group in both 2016 and 2017, collecting back-to-back awards.
Deloitte and the Global Fintech Hub Federation have named it the best Fintech Hub in the Middle East and North Africa.
Teng, who has decades of regulatory leadership and financial sector growth expertise, is a frequent worldwide speaker, particularly on FinTech regulations and Belt and Road initiatives.
FAQs
Why did Changpeng Zhao step down as CEO?
He stepped down on November 21, 2023, as part of a $4.3 billion settlement with the U.S. Department of Justice (DOJ) to resolve allegations of anti-money laundering (AML) violations and sanctions violations.
Who is the new CEO of Binance?
Richard Teng is the new CEO of Binance.
Is Binance 100% safe?
No, Binance is not 100% safe. No cryptocurrency exchange is completely immune to hacks or other security breaches. However, Binance is considered one of the safest exchanges in the world.
Changpeng Zhao is the founder of the world’s largest crypto exchange Binance. He has turned out to be a true inspiration to many since the company’s inception in 2017. In a span of a few months, Zhao turned the company into the largest exchange platform for the crypto trade. Changpeng Zhao, popularly known as CZ, was valued as the 11th richest person in the world. Recent estimates revealed that his net worth is around $96 billion.
From selling his apartment to buy cryptocurrencies to turning out to be one of the richest people in the world, the life of CZ is something inspiring and exciting to learn about. Let us see where and how Changpeng Zhao’s journey started, his early living and his life as the CEO of Binance.
Changpeng Zhao is a Chinese-Canadian business person who was born in Jiangsu province of China on 10th September 1977. Both of his parents were teachers. Zhao’s father was working as a professor in a university and he was exiled after getting labeled as “pro-bourgeois intellect”. As a result, the family moved to Vancouver, Canada by the late 1980s. During his teenage years in Canada, Zaho started working part-time to support his family’s expenses. He used to work at McDonald’s and a few gas stations after his school.
Changpeng Zhao – Initial Career
Changpeng Zhao was a computer science graduate from McGill University, Montreal. After graduation, he started his career as an intern in Tokyo. He worked for a trader on Tokyo Stock Exchange, who asked Zhao to develop software for matching orders in the stock trade. After the initial experience, he joined the Bloomberg Tradebook LLC in 2001 and worked as the head of Futures Development sector for the next 4 years.
Later in 2005, Zhao co-founded a company called Fusion Systems. The company was involved in providing IT solutions and other business consultancy services. Changpeng Zhao remained as a partner in Fusion Systems until the end of 2013 and then entered the world of Crypto.
Changpeng Zhao – Professions in the Crypto World
Changpeng Zhao – Binance Founder
By 2013, Changpeng Zhao joined as the head of the development team in Blockchain. Blockchain.com is a company that provides various cryptocurrency-related services. It created a cryptocurrency wallet that has dealt with almost 28% of the bitcoin transactions between 2011 and 2020. Zhao worked in this company for developing software related to crypto wallets.
After working in Blockchain for about a year, Zhao resigned from the company and joined as the Chief Technical Officer in a company named OKCoin. OKCoin, like Binance, was a Crypto Exchange company and is considered to be one of the largest in the world. But Zhao felt that the company doesn’t suit his vision on crypto exchange and he decided to quit his position.
Coming out of OKCoin, CZ founded a company named Bijie Tech. This company provided crypto exchange services to people in Shanghai. It kept serving people for two years from 2015 to 2017, until one day, all the platforms and websites of Bijie tech went dead. There was no information given or clarified from the management regarding the disappearance of the company. But with the death of Bijie Tech emerged a mighty company named Binance.
Changpeng Zhao – Journey as Binance CEO
Binance Logo
Changpeng Zhao’s interest in cryptocurrencies started as early as 2014 while he was playing a poker game with his friend. During that time he got to know about Bitcoin and started investing in it. He even sold his house to buy Bitcoins. Such was his interest in the crypto market. Zhao added experience to his interest by working in various companies.
Bijie Tech slowly disappeared only to bloom as Binance. All the top management and resources of the former company structured Binance. Changpeng Zhao has remained the CEO of the company since its formation in 2017. This cryptocurrency exchange platform is the largest exchange in terms of trading. Binance made Zhao a billionaire within just 180 days of its operation. He has grown to be the 11th richest person in the world with his net worth estimated at $96 billion.
Zhao faced myriad challenges during these 5 years in Binance. China’s stringent policies on crypto forced him to shift the headquarters from the Chinese land to Caymen Islands. The United States Department of Justice has put Binance under investigation for money laundering offenses. Similarly, many other countries like Germany and UK have also raised legal actions or warnings against the company. In fact, in 2019, there was a huge theft of bitcoins from Binance whose value stood around $40 million. Zhao faced all these challenges explicitly including the bitcoin theft. He made sure that the company makes up for all the losses and never let his customers down.
Conclusion
The story of Changpeng Zhao is truly inspiring. Everything we think as impossible was made possible by him. Cryptocurrencies and their market are just getting popular and most people are less knowledgeable or still unaware about it. In such a situation CZ created his own pathway and set a benchmark for aspiring leaders. Zhao created a belief that it is possible to start a business and make it the world’s largest in 5 years. He showed that becoming one of the richest in the world would take just a couple of years. He also proved that despite any hardships from the superpower countries, it is possible to flourish a business in every part of the world. A lot to grasp from such a stimulating personality.
FAQs
Who is Changpeng Zhao?
Changpeng Zhao is the founder of the world’s largest crypto exchange Binance.
When and where was Chengpeng Zhao born?
Zhao was born on 10th September 1977 in Jiangsu province of China.
What is the work of Binance?
Binance is the cryptocurrency exchange platform that helps people trade cryptos for assets.
Which is the largest crypto exchange platform?
Binance is the largest crypto exchange platform in the world.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Binance.
The advent of cryptocurrencies spawned a slew of crypto exchanges to make trading and purchasing cryptos easier. Because cryptocurrencies are digital assets, investors have a variety of problems exchanging them on current networks. One of the key reasons for the creation of many exchanges is this.
A small number of bitcoin exchanges have suddenly grown into multibillion-dollar businesses. The rise in popularity of bitcoin has transformed previously small-time platforms into powerhouses that generate millions of dollars in income every day.
The staggering profits are a slap in the face to stock and currency trading companies that have chosen to stay out of the digital asset industry. They must watch while start-ups with just four years on the market brag about huge profits. What remains to be seen is, how long the euphoria will persist.
Know more about the company profile, startup story, founder, business model, etc., of Binance by reading this article further.
Binance is a cryptocurrency exchange platform that mixes finance and digital technologies. Binance is a company that provides blockchain and cryptocurrency infrastructure. The company allows users to trade digital currency pairings on the market while retaining security and liquidity, allowing them to transact safely and efficiently with anybody, at any time and from any location.
Trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and other crypto products and services are all part of its portfolio.
In its whole journey, to date, Binance has introduced two cryptocurrencies that it created: Binance Coin (launched June 2017) and Binance Smart Chain (launched September 2020). The Binance Smart Chain uses “Proof of Staked Authority,” which is a hybrid of proof of stake and proof of authority. 21 validators have been approved. Binance Coin was the third-largest cryptocurrency by market value in 2021. Binance users may use Binance Coin to pay fees on the exchange.
Binance is a FinTech firm that provides clients in over 180 countries with a variety of crypto-related goods. The Binance exchange, which allows both retail and institutional investors to purchase, sell, and trade bitcoin, is the company’s main product. On the site, you may trade over 500 different currencies.
Binance is also distinguished from other exchanges by the large number of trading choices it provides. Stop limit or market orders, leverage trading, and peer-to-peer trading are some examples. Users can also contribute their current crypto assets to one of Binance’s organizations. The platform does not take a cut, and all revenues are donated to the user’s preferred charity.
Binance – Latest News
9th January 2022 – While probing a multi-million dollar scandal connected to fraudulent online investing mobile apps, Pakistan’s Federal Investigation Agency issued a warning to a major cryptocurrency exchange, Binance,
“An order of attendance has been issued to Hamza Khan, the general manager/growth analyst at Binance Pakistan, to explain his position on the company’s linkage to “fraudulent online investment mobile applications,” an FIA Cyber Wing (Sindh) press release said.
The inquiry was launched to investigate a series of online investment scams taking place in Pakistan under the pretext of Ponzi schemes, in which naive investors are promised large returns on their money if they bring in additional clients, according to the agency.
“A relevant questionnaire has also been sent to [the] Binance Headquarters [in] the Cayman Islands and Binance US to explain the same,” it said.
According to the company, Binance is the “biggest unregulated virtual currency exchange” in the world, with Pakistanis spending millions of dollars. The agency received multiple complaints from citizens around the country on December 20 last year, alleging that they had lost billions of rupees while using specific mobile applications.
According to the FIA, these apps convinced consumers to sign up for Binance Crypto Exchange (Binance Holdings Limited) and then move money from their Binance Wallet to the app’s account. At the same time, all members of the group were joined to Telegram groups where the anonymous owner of the program and moderators of the Telegram groups provided professional betting indications on the rise and fall of Bitcoin.
Once a substantial capital foundation had been formed, these applications failed, depriving users of millions of dollars through the “referral bonus mechanism.” According to the FIA’s preliminary results, each app had an average of 5,000 subscribers, with the HFC app boasting the highest client base of 30,000.
The agency has contacted Telegram to request information on the location of the administrators of fake applications.
“Legal letters are also being sent to social media influencers pushing these applications to clarify their point of contact with the apps,” according to the press release.
Binance – Industry
A cryptocurrency exchange, also known as digital currency exchange (DCE), is a company that lets consumers swap cryptocurrencies or digital currencies for other assets like fiat money or other digital currencies. Credit card payments, wire transfers, and other modes of payment may be accepted through exchanges in exchange for digital currencies or cryptocurrencies.
A cryptocurrency exchange may either be a market maker that charges a transaction commission based on the bid-ask spreads or a matching platform that simply collects costs.
COVID-19 has had an unprecedented and astounding worldwide impact, with cryptocurrencies experiencing a positive demand shock across all areas as a result of the epidemic. According to the research, the worldwide market will rise by 10% in 2020, compared to a 5% year-on-year increase from 2017 to 2019.
During the period 2021-2028, the market is expected to increase at a CAGR of 11.1 percent, from USD 910.3 million in 2021 to USD 1,902.5 million in 2028. This market’s demand and growth are responsible for the continuous increase in CAGR, which will revert to pre-pandemic levels after the pandemic is ended.
Binance – Name, Logo, and Tagline
The designers intended to use two squares in the company logo to reflect the bids and requests on the exchange while also repeating the “binary” term in the logo (Binance = Binary Finance).
Binance Logo
The term “Binance” comes from the words “bitcoin” and “financial.”
Binance’s company tagline says, “Revolutionary Trading With Half the Fees & Your Dividends Paid.”
Binance – Founders
Changpeng Zhao founded Binance crypto-exchange in 2017.
Founder of Binance – Changpeng Zhao
Chanpeng Zhao
Changpeng Zhao is a Chinese-Canadian business executive who goes by the moniker “CZ.” Zhao is the founder and CEO of Binance, which, as of April 2018, was the world’s largest cryptocurrency exchange by trading volume. Zhao was a part of the Blockchain.info development team and also served as the chief technical officer of OKCoin.
Zhao founded Binance, a cryptocurrency exchange, in 2017, after leaving OKCoin. After obtaining $15 million in an initial coin offering, the firm was launched in July 2017.
As of April 2018, Zhao had grown Binance into the world’s largest cryptocurrency exchange by trading volume in less than eight months. He was ranked third on Forbes Magazine’s list of “The Richest People in Cryptocurrency” in February 2018. His net worth is expected to be $96 billion in 2022.
Forbes Richest People in Cryptocurrency
Binance – Startup Story
Zhao’s life would be forever changed by a single night in August of 2013. He was playing poker in Shanghai with two of his pals, Bobby Lee, the creator of the BTCC Bitcoin exchange, and Ron Cao, a partner at Lightspeed Ventures at the time. Cao continued saying something that sounded like “Bit Coin,” but pronounced it as two syllables. It was Zhao’s first time hearing about it.
He overheard Cao suggesting that he should launch a startup on Bit Coin or blockchain. Then Lee suggested that he should invest 10% of his net worth in it. If it reaches zero, he would lose 10% of his investment. There was a good probability that it would go 10X and he would double his money.
His pals weren’t kidding when they said the same. Zhao was enthralled. He eventually raised him: a few months later, he sold his house for $1 million and placed everything on Bitcoin. BTC was trading for $600 per coin at the time. Despite Bitcoin’s price plunging as low as $200 at times, Zhao told Decrypt he hasn’t touched it. The value of the savings account has risen to $17 million.
The man has never shied away from taking chances since then. Changpeng Zhao, a developer who had previously designed high-frequency trading software, launched Binance. Binance was founded in China but moved its headquarters out of the country after the Chinese government tightened its grip on cryptocurrencies.
Fusion Solutions, founded by CEO Changpeng Zhao in Shanghai in 2005, specializes in high-frequency trading systems for stockbrokers. In 2013, he became the third member of the team at Blockchain.info, a bitcoin wallet. He also spent less than a year as the CTO of OKCoin, a platform for spot trading between fiat and digital assets.
With a market value of $1.3 billion in January 2018, Binance was the largest cryptocurrency exchange, a record it maintained until April 2021, despite competition from Coinbase and others.
Binance has introduced two cryptocurrencies that it built itself throughout its history: Binance Coin (BNB) in June 2017 and Binance Smart Chain (BSC) in September 2020.
Binance’s vision statement says, “Our vision is to increase the freedom of money globally. We believe that by spreading this freedom, we can significantly improve lives around the world”
Binance’s mission statement says, “Our mission is to be the infrastructure services provider for the blockchain ecosystem.”
Binance – Employees
Changpeng Zhao – CEO & Founder
Teck Chia – Partner
Yi He – Co-founder and CMO
Jarred Winn – Senior Vice President
Gleb Kostarev – CIS and Eastern Europe, Russia
David An – Director BD | NFT
Mai Lu – Vice President of Asia Pacific
Binance – Business Model, and Revenue Model
Trading fees, interest on loans, fees from its broker program, spreads, cloud products, interchange fees, mining services, and investment earnings are all sources of revenue for Binance. The site used to make money by charging listing fees when new cryptocurrencies were launched.
Binance is also distinguished from other exchanges by the large number of trading choices it provides. Stop limit or market orders, leverage trading, and peer-to-peer trading are some examples. Users can also contribute their current crypto assets to one of Binance’s organizations. The platform does not take a cut, and all revenues are donated to the user’s preferred charity.
Binance does not provide free cryptocurrency trading. Binance charges a range of fees for the various trading items it provides. On Binance, both retail and institutional investors can trade in a variety of ways, including on margin, through future contracts, and by acquiring synthetic stock tokens.
When it comes to cryptocurrencies, Binance charges a fee every time a customer buys or sells a digital asset. Binance charges a 0.1 percent commission on all trades. Those costs will be reduced if traders utilize BNB, Binance’s currency. In addition, when a trader wishes to cash out his or her profits, Binance imposes a withdrawal fee.
Binance has raised a total of $35 million in ten rounds of fundraising.
Date
Round
Amount
Lead Investors
Dec 1, 2020
Initial Coin Offering
–
–
Oct 23, 2018
Venture Round
–
Vertex Ventures
Nov 1, 2017
Initial Coin Offering
–
–
Nov 1, 2017
Initial Coin Offering
–
–
Sep 1, 2017
Series A
$10M
–
Sep 1, 2017
Series A
$10M
Black Hole Capital, Funcity Capital
Jul 21, 2017
Initial Coin Offering
–
–
Jul 1, 2017
Initial Coin Offering
$15M
–
Jul 1, 2017
Initial Coin Offering
–
–
Jan 1, 2017
Initial Coin Offering
–
–
Binance – Investments
Binance has invested in 56 different companies.
Date
Organization Name
Round
Amount
Nov 23, 2021
Avocado Guild
Series A
$18M
Nov 4, 2021
Mythical Games
Series C
$150M
Nov 2, 2021
SecondLive
Seed Round
–
Nov 1, 2021
StarSharks
Seed Round
–
Oct 22, 2021
Melos Studio
Venture Round
–
Sep 16, 2021
LayerZero Labs
Series A
$6.3M
Apr 13, 2021
MOUND
Seed Round
$1.6M
Apr 1, 2021
Mask Network
Venture Round
–
Mar 30, 2021
PureStake
Series A
$6M
Mar 29, 2021
EPNS
Seed Round
$660K
Binance – Acquisitions
Binance has acquired seven businesses.
Acquiree Name
About Acquiree
Date
Amount
Swipe.io
Swipe.io offers a multi-currency crypto wallet app as well as a crypto-to-fiat funded Visa debit card.
Jun 30, 2020
–
CoinMarketCap
CoinMarketCap provides transparent data to the cryptocurrency community, enabling users to form conclusions and interpretations.
Apr 1, 2020
$400M
BxB
BxB is building KRWb, a stable bridge from Korea to anywhere. It’s a globally accessible, 1:1 stable coin backed by the Korean Won.
Mar 31, 2020
–
DappReview
DappReview is a DApp ranking evaluation platform
Dec 3, 2019
–
WazirX
India’s leading bitcoin exchange
Nov 21, 2019
–
JEX Customer Care Number
JEX is a crypto futures and options exchange.
Sep 3, 2019
–
Trust Wallet
Trust Wallet is a mobile wallet company for Ethereum and ERC20/ERC223 tokens.
Jul 31, 2018
–
Binance – Growth
In 2020, already-vulnerable economies and countries witnessed unprecedented volatility and instability in global markets. With global economic uncertainty, inflation, and traditional assets all suffering as a result of the pandemic’s macroeconomic shock, individuals all around the world are rapidly turning to bitcoin and cryptocurrency as alternative assets. As a result, the cryptocurrency industry has exploded, allowing mainstream audiences to embrace cryptocurrency adoption for the first time.
Binance, a crypto version of the London, New York, and Hong Kong stock markets, was founded just four years ago and already towers over the digital currency industry. According to data source CryptoCompare, Binance conducts more deals for cryptocurrencies like bitcoin and ether each day, totalling $76 billion, than its four top competitors combined.
Binance, a prominent cryptocurrency exchange, has been chased by financial regulators all around the globe. Some have prohibited the site from engaging in specific operations, while others have alerted users that it is operating without a license. Because Binance does not provide financial information, it’s difficult to assess whether the company has suffered a setback.
Despite the regulatory pressure, the exchange has taken several important movements. Zhao, the CEO of Binance, stated that he wanted to repair his relationship with authorities. Their consent would be sought, and regional headquarters would be established.
Binance has also scaled back certain of its cryptocurrency goods that may be subject to regulatory oversight. It announced in 2021 that it will cease its European futures and derivatives business, with users in Germany, Italy, and the Netherlands among the first to be affected.
It has also limited Hong Kong customers’ ability to trade derivatives, citing the decision as “in keeping with our commitment to compliance.” Binance likewise ceased trading digital tokens connected to stocks in July 2021 after authorities slammed its “stock token.” It also announced that it will no longer allow crypto margin trading in the Australian dollar, euro, or pound sterling.
Binance hit an all-time high of $15 billion in 24-hour spot trading volume in 2021, while the average daily spot trading volume climbed by 36% to $3.88 billion. In addition, consumers looking for hedging and liquidity went to the crypto futures market. Binance Futures has risen to become the world’s leading crypto futures contract, with the highest trading volumes for Bitcoin and numerous other cryptocurrencies.
The company’s objective is to continue complying with local norms and regulations so that it can safeguard and give the finest services to its consumers while also increasing adoption.
In addition to the numerous RegTech solutions it invests in and compliance partner organizations with whom it collaborates, the company continues to collaborate closely with regulators, complying in the places where it operates as a global decentralized organization and assisting in the positive influence of regulations that will benefit our industry. According to the creator, the firm aims to collaborate with more local governments and officials in the coming years and encourages them to do so.
Binance – FAQs
Is Binance bigger than Coinbase?
Yes, Binance is the largest cryptocurrency exchange by volume.
How much does Binance make in a day?
Binance makes approximately $76 Billion a Day.
Which countries cannot use Binance?
The people in the UK cannot use Binance, as the crypto exchange is banned in the country.
Kinnary Nensee
