In January alone, Binance managed to raise an impressive $3.5 billion, the highest monthly figure since November 2022. This surge in funds has also contributed to the stabilization of Binance’s market share in cryptocurrency spot trading, which had been experiencing consecutive months of decline. Additionally, the value of the Binance Coin token has increased by 30% since November 21, benefiting from the overall market recovery and the soaring price of Bitcoin, which rose by almost 160%.
To comply with the requirements of American financial regulators, Binance’s new CEO, Richard Teng, is actively working to establish a global headquarters, appoint a board of directors, and enlist an independent observer for a three-year period. Binance is also currently in the process of obtaining full licenses in major cryptocurrency hubs such as Singapore, Dubai, and Hong Kong. However, the exchange is still facing a legal battle with the US Securities and Exchange Commission (SEC).
Despite facing the challenges of stepping down as CEO and dealing with legal scrutiny, Changpeng Zhao, the founder of Binance, has seen a significant increase in his wealth. According to the Bloomberg Billionaires Index, his net worth has risen by $25 billion in 2023 to reach a total of $37.2 billion.