The Binance cryptocurrency exchange recorded a net inflow of $1.2 billion in the last 24 hours. This is much higher than the numbers of its competitors, OKX and Bybit. This shows that more and more investors are turning to Binance, especially with the current market fluctuations.
Binance CEO Reports Record Capital Inflow
After Richard Teng took the CEO position at Binance, this exchange attracted a lot of capital. Teng added that this is among the top net inflow days of 2024. Richard Teng pointed out that the increase in token prices also reflects this positive outlook.
The CEO of this exchange, Changpeng Zhao, raised $3.5 billion in January alone despite legal issues threatening the company’s growth. Although it did not liquidate any cryptocurrencies, the company efficiently cleared a $4.3 billion Department of Justice fine. Furthermore, Binance functioned without any hitches during this financial repositioning.
Global Regulations Impact Binance Operations
Advertisement
Nevertheless, Binance faces many challenges regarding business regulation. Teng’s responsibilities include setting up a global base and naming a board. Also, for the next three years, the company must be supervised by an independent monitor. These are essential to ensure the organization’s continued growth and societal recognition.
The absence of full licenses in the significant markets poses continuing threats. For instance, India has blocked Binance by banning its application from the leading digital marketplaces. Comparable moves were made in Australia and Belgium last year due to international trends in corporate governance regulation. Teng agreed to these obstacles, stressing that they could be managed but required proper planning.
This is where Binance shows great strength as it tries to tackle these jurisdictions. Teng still has high expectations regarding eliminating these obstacles and enhancing Binance’s position in the market.
Advertisement
Also Read: Binance Challenges $86M Tax Demand From India’s DGGI
