Cryptocurrency exchange Binance has seen a 40% increase this year in institutional and corporate investors joining the platform, CEO Richard Teng told CNBC's Lin Lin in an interview Wednesday.
"Allocation into crypto by institutions is just at the tip of the iceberg. It's just beginning, because a lot of them are still doing their due diligence," Teng said on the sidelines of the Token2049 conference in Singapore. He became CEO in November 2023.
The stated growth reflects how so-called big money is warming up to bitcoin and other cryptocurrencies, and now willing to work with an exchange that was hit with a U.S. probe and $4.3 billion settlement.
Teng noted how Binance has pivoted from a founder-led company to one led by a board with seven directors — a structure he said that regulators are more used to.
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