Binance CEO Says Crypto Adoption Advancing, Industry Now in “Early Majority” Stage

By Ben Knight June 11, 2024 In Binance, Cryptocurrency
A mobile phone or cell phone being held in a hand with the Binance Bitcoin wallet app open on screen
  • In an email statement to outlet Cointelegraph, Binance’s CEO has celebrated a major milestone for the world’s largest crypto exchange.
  • The industry mainstay ticked over 200 million registered users on the weekend, a huge achievement for the crypto company and sector at large.
  • Richard Teng, Binance CEO, claimed that the impressive Binance numbers were a sign of the industry moving from early adoption to early majority.
  • 2024 has shown positive signs that crypto may actually achieve widespread adoption among financial institutions.

The crypto universe has reached new heights in 2024. A key milestone was the approval of spot Bitcoin ETFs in the United States, becoming the catalyst for a wave of high-profile (and rich) institutions entering the scene. 

Bitcoin ATHs, spot Ether funds and the BTC halving event are just some of the seismic changes the cryptosphere is experiencing. Put it all together, and the new CEO of Binance, Richard Teng, believes that the sector has officially transformed into its next era.

Welcome to the “Early Majority” stage.

Related: Coinbase Proposes New Metric To Accurately Track Blockchain and Crypto Adoption


Binance Breaches 200 Million Users, Doubling Customer Base In Just Over Two Years

Teng, in a statement to Cointelegraph over the weekend, was prompted for a response to Binance reaching a new userbase milestone. The world’s largest crypto exchange shook off the early-year controversy to continue climbing new heights in 2024.

We are deeply honoured and humbled to have welcomed 200 million registered users and counting.

Richard Teng

The company has seen its customer base double in barely over two years (from 100 to 200 million), in large part thanks to cryptocurrency’s newfound legitimacy as an asset class.

Teng was sure to acknowledge the broader ecosystem’s growth as key to Binance’s success, emphasising collaboration among the industry and “financial inclusion and innovation”.

This milestone isn’t merely a triumph for Binance. It’s also a sign of robust growth and maturity for the broader crypto sector…It reflects a transition from ‘early adopters’ of crypto to the ‘early majority’, indicating that more and more of the global population are warming up to crypto and its limitless possibilities.

Richard Teng

Crypto’s transition into the public eye won’t always be smooth sailing – the last time the sector saw this much attention culminated in the cataclysmic collapse of FTX.

But the industry has learned from this experience and is now working with regulators in its path toward global domination adoption. SEC approving Bitcoin ETFs was the first big step, but it is just one of many that will play out in the next six months.

Related: Analyst Reveals Several Reasons Why Ethereum Could Reach a $150K Valuation per ETH

The US election, and its outcome, will likely have major ramifications for the industry as both candidates jostle to position themselves as the “pro-crypto President”.

No matter who wins that battle, the fact digital assets are such a hot topic can only be a good thing moving forward.

Ben Knight

Ben Knight

Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.

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