Richard Teng, CEO of Binance, addressed the recent downturn in cryptocurrency markets, emphasizing that it should not be viewed as a structural decline but rather as a temporary retreat. He said that cryptocurrencies have historically rebounded from macroeconomic pressures. This statement was made on X on February 25.
"It's important to view this as a tactical retreat, not a reversal," said Teng. "History has shown that crypto markets react to macroeconomic shifts much like traditional assets, but they also bounce back with remarkable resilience. What we are witnessing now is another short-term tactical retreat, far from a structural decline. Market cycles come and go, but the fundamental indicators of crypto's strength are getting stronger."
In his post, Teng referenced historical market trends, particularly Bitcoin's performance during macroeconomic shifts. In 2022, Bitcoin fell below $20,000 following aggressive interest rate hikes by the U.S. Federal Reserve, which tightened monetary conditions and drove risk-averse sentiment in financial markets. Despite this downturn, Bitcoin and other cryptocurrencies rebounded as inflationary pressures eased and central banks signaled more stable economic policies, according to CoinDesk.
Bloomberg reported that the introduction of Bitcoin exchange-traded funds (ETFs) has significantly bolstered institutional investment in the cryptocurrency sector. In January 2025, BlackRock's iShares Bitcoin Trust experienced a record outflow yet remained the largest spot Bitcoin fund with over $53 billion in assets, indicating sustained institutional interest.
According to Binance's official reports, the exchange surpassed 250 million global registered users by the end of 2024, highlighting its dominant position in the cryptocurrency market. This milestone was achieved through a consistent growth rate of approximately 187,000 new registrations per day.
Binance's official blog notes that Richard Teng is an executive with over three decades of experience in financial services and regulation. Before becoming Binance's CEO, he served as the Chief Regulatory Officer at the Singapore Exchange (SGX) and held senior positions at the Monetary Authority of Singapore (MAS), focusing on financial oversight and market development.
Founded in 2017 by Changpeng Zhao, Binance has grown to become the world's largest cryptocurrency exchange by trading volume. The platform offers a wide range of services including spot and futures trading, margin trading, staking, and lending. Its rapid expansion and diverse product offerings have solidified its position as a leading entity in the cryptocurrency industry according to their website.