Binance  CEO Richard Teng shared the exchange’s recent surge in an interview with CNBC’s Lin Lin at the Token2049 conference in Singapore on Wednesday.

The recent surge in institutional interest marks a significant milestone for the crypto industry, which is traditionally dominated by retail investors and crypto enthusiasts. “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 explained, highlighting the nascent stage of institutional involvement in the crypto space.

Despite facing regulatory issues, including a $4.3 billion U.S. settlement in November 2023 and the departure of co-founder Changpeng Zhao, Binance has not only retained users but also expanded its reach among institutional investors.

Binance Targets 1 Billion Users Globally

Binance’s institutional growth is complemented by its impressive user base expansion. The exchange recently celebrated reaching 200 million users, a milestone that represents approximately 36% of the global cryptocurrency user base. This achievement is part of Binance’s ambitious goal to onboard one billion users, equivalent to one in every eight people on Earth.

The platform’s growth has been particularly rapid in recent years, with 40 million new users added in 2023 and an additional 30 million in the first half of 2024 alone. If current trends persist, projections suggest Binance could reach 300 million users by 2026, aligning with the overall growth in global cryptocurrency adoption.

“Today, we celebrate 200 million – and it’s all because of YOU! Your support is the heartbeat of our journey to 1 billion users. Here’s to the stars of our story – you,” Binance shared across its social media channels, acknowledging the pivotal role of its user community in its success.

The exchange also reported $100 billion in user assets under custody. 

Institutional Surge Fuels Bitcoin Rise

Institutional investors are not flocking solely to Binance; the entire crypto market has seen major changes encouraging broader participation. In January 2024, the U.S. approved its first Bitcoin spot exchange-traded funds (ETFs). By July, Ether ETFs gained approval as well. These regulatory actions offered the clarity and legitimacy that many institutions needed to enter the space. The entry of traditional Wall Street firms into the crypto space, including BlackRock and Franklin Templeton issuing their own Bitcoin and Ether ETFs, further pushed the ETF trend.

Teng attributes Bitcoin’s record high of over $70,000 in March 2024 to “the effect of institutions coming through.” This sentiment is echoed by industry leaders like BlackRock CEO Larry Fink, who has shifted from being a Bitcoin skeptic to calling it “digital gold.” 

At the time of writing, Bitcoin is trading at $63,107, marking a 8.43% gain in the last seven days, according to Brave New Coin’s Bitcoin Liquid Index. Interest in Bitcoin has sustained over the past week marking the gain of 8.85%. While Teng declined to provide a specific price forecast, he noted that cryptocurrency prices tend to “warm up” 160 days after Bitcoin’s halving event, which last occurred in April 2024.

As Binance continues to attract institutional investors, the broader crypto market is poised for further growth and maturation. Franklin Templeton CEO Jenny Johnson suggested in May that the recent gains in Bitcoin were due to “the first wave of the early adopters,” and she anticipates another wave of “much bigger institutions” entering the market.