Binance Rides the Crypto Wave: $4.6 Billion Inflows Surge After Regulatory Agreement
Jan 19, 2024
Binance, the major digital-asset exchange, has seen a resurgence in crypto trader interest despite facing regulatory challenges and a recent multibillion-dollar penalty paid to US agencies in November 2023. Since the agreement with US authorities, Binance has experienced net inflows of $4.6 billion, surpassing its competitors like OKX and Bybit. In January 2024 alone, the platform attracted $3.5 billion, marking its strongest month since at least November 2022. Richard Teng, the new CEO who took over after the settlement, has seen Binance stabilise its share of spot crypto trading in December after a nine-month decline. Binance Coin, the platform's native token, has also gained 30% in value since November 21. These positive developments come amidst broader cryptocurrency market recovery and increased acceptance, including the approval of the first Bitcoin exchange-traded funds by the US Securities and Exchange Commission. However, Binance still faces challenges such as establishing a global headquarters, obtaining licences in key crypto hubs, and dealing with ongoing legal issues. Additionally, regulatory crackdowns have occurred in various countries, affecting its operations.