Binance CEO Richard Teng said that this year will be a turning point for the crypto industry. Teng added that increased legal clarity, greater mainstream acceptance and the launch of Bitcoin exchange-traded funds (ETFs) will have an impact on this.

In the later part of his speech, Teng said, “The momentum continues to be very strong and we are encouraged by this. We see individual investors as well as institutions coming into the sector.”

Binance CEO stated that the value of customer assets on the exchange increased by $42 billion in 2024 as prices increased. According to the information provided by Teng, Binance’s monthly active users, which exceeded 200 million in the number of registered users, grew by 12.5% from February to May.

Speaking about the legal process after the $4 billion fine imposed on the stock exchange, Teng said that the exchange started working with the appointed auditing companies Sullivan & Cromwell and Forensic Risk Alliance. Teng emphasized that the location of Binance’s headquarters has not yet been decided, but negotiations are being held with various countries.