- The global cryptocurrency exchange leader Binance is now officially under scrutiny from auditing firms.
- Binance Holdings Ltd. CEO Richard Teng has stated that 2024 will be a pivotal year for the crypto industry, attributing this to increased regulatory clarity, wider mainstream adoption, and the launch of Bitcoin-linked exchange-traded funds.
- Binance has seen a significant rise in its user base and custodial assets, coinciding with the recent recovery in cryptocurrency prices.
Discover how Binance is navigating through regulatory changes, expanding its user base, and preparing for a transformative year in the crypto industry in 2024.
Binance User Base Surges Amid Market Recovery
With the rebound in cryptocurrency prices, Binance has experienced a substantial increase in customer assets, adding $42 billion to its balance sheet. The exchange now boasts 200 million registered users, reflecting its significant market presence and appeal.
Active Users on the Rise
According to a company spokesperson, the number of active monthly users saw a 12.5% increase from February to May. Teng highlighted the strong momentum, stating, “This growth is extremely encouraging for us.” Both institutional and individual investors have shown heightened interest in the platform, contributing to this upward trend.
Binance Now Under Formal Audits
Following a substantial settlement of over $4 billion in the United States, Richard Teng took over as CEO from Changpeng Zhao. Bloomberg reports indicate that Zhao remains Binance’s largest shareholder, with a net worth of $41.9 billion.
New Auditors Onboard
Auditing firms Sullivan & Cromwell and Forensic Risk Alliance have commenced their official review of Binance. Teng mentioned that the decision on Binance’s headquarters location is still under consideration, with several countries being evaluated.
Conclusion
As Binance undergoes formal audits and continues to grow its user base, 2024 is poised to be a transformative year for the crypto giant. Increased regulatory clarity, broader adoption, and the introduction of Bitcoin ETFs are set to reshape the landscape, and Binance aims to be at the forefront of these developments.
