Elja Boom, co-founder of cryptocurrency wallet provider Okse, recently stated that the financial data from Binance indicates a sustained level of user confidence in the exchange. This comes after Binance reached a settlement with the U.S. government last month. According to Boom, Binance continues to be the largest cryptocurrency exchange globally in terms of visible on-chain assets.
"This mammoth feat also stands as an iconic vote of confidence for our new leader at the helm," Boom said of Binance's performance under new CEO Richard Teng. "Storming ahead, it's clear that depth, liquidity, and scale are the non-negotiables traders seek, and Binance shines as the marketplace that provides an abundance of these."
According to data shared by Boom from decentralized finance aggregation platform DefiLlama, inflows to Binance totaled approximately $1.5 billion during the week leading up to Dec. 8. The platform's on-chain assets total $74 billion - more than the combined assets of the next 30 largest crypto exchanges. These figures, Boom said, demonstrate trust from nearly 170 million users worldwide and attest to Binance’s "robust compliance controls" and trustworthiness.
| https://twitter.com/Eljaboom/status/1733121278758838729
Crypto influencer "Next 100X Gems" echoed Boom's sentiments regarding DefiLlama's data, stating that Binance "isn't just leading; it's redefining the crypto narrative!"
On Nov. 21, Binance announced it had reached a settlement with the U.S. government over compliance violations which would allow them to continue operations. The company acknowledged past mistakes but saw this settlement as a stepping stone towards learning and growth.
As part of this settlement agreement, co-founder Changpeng Zhao (CZ) was replaced as CEO by Richard Teng, formerly Global Head of Regional Markets at Binance. The settlement also resolved the U.S. Department of Justice’s investigation into Binance and charges from the Commodity Futures Trading Commission (CFTC).
During a digital asset summit on Dec. 5, CFTC Commissioner Kristin Johnson clarified that Binance was penalized for rule-breaking, not fraud. She stated that while enforcement actions in the crypto or digital assets ecosystem often imply bad conduct, in Binance's case, there were no allegations of "fraud or similar misconduct."
In his new role as CEO, Teng stated at an X Spaces event on Dec. 1 that his top priorities are to continue prioritizing Binance users, promote regulatory clarity for the wider crypto industry, and work with partners to encourage crypto adoption. "Learning from our past actions, we now move stronger as an organization, and we have a strong foundation to build on," said Teng.