The rise in interest in cryptocurrencies among major Wall Street players is becoming more and more evident. Large wallets are landing more and more frequently in the crypto sector. In line with this, Binance CEO Richard Teng stated that institutional and corporate investments in the exchange grew by 40% this year.
It is worth noting that Binance is the largest centralized Cryptocurrency exchange (CEX) in the world. Despite legal troubles in the US, which resulted in a huge blow to the trading firm, its recovery seems complete. Now, large wallets are flocking to the platform to trade digital currencies.
In an interview with CNBC, Teng expressed his confidence that the arrival of big Wall Street players into the crypto world is just beginning. The revelation to the aforementioned media outlet occurred during the sidelines of the Token2049 event in Singapore.
He added that many large companies are currently undergoing due diligence to undertake investments in cryptocurrencies. In that sense, the arrival of institutional investments to Binance is a small part of what is expected in the coming years, the entrepreneur hinted.
Richard Teng, CEO of Binance, on the sidelines of Singapore’s Token2049. Source: CNBC
Institutional portfolios ready to continue investing in Binance
A key aspect of this is that large wallets would be ready to inject capital into various crypto firms. However, the current regulatory environment is one of the major obstacles. Thus, most of these players would be waiting for the results of the November elections in the United States.
If Republican candidate Donald Trump is elected president, the regulatory environment would be more favorable. This would lead to large amounts of institutional capital flowing into the crypto world. This would take the trend of increasing interest on Wall Street in cryptocurrencies, which began with the IPO of Bitcoin spot ETFs earlier this year, to new dimensions.
If it weren’t for the strong pressure from regulators, institutions would have a higher level of exposure to the crypto sector. It can be assumed that the level of presence of institutional and corporate investments in Binance would have grown several times greater than the aforementioned 40%.
Richard Teng became CEO of Binance in November 2023, following the scandalous departure of Changpeng Zhao. The latter admitted criminal charges and is now serving a short prison sentence. Despite this, Zhao remains the exchange’s largest shareholder in terms of share ownership.
Either way, the exchange remains the leading cryptocurrency trading exchange in the world.
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