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40% growth in institutional, corporate investors

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Binance CEO Richard Teng speaks in Singapore on Sept. 17, 2024, at an event hosted by the local foreign correspondents association.

Bloomberg | Bloomberg | Getty Images

Cryptocurrency exchange Binance has seen a 40% increase this year in institutional and corporate investors joining the platform, CEO Richard Teng told CNBC’s Lin Lin in an interview Wednesday.

“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 said on the sidelines of the Token2049 conference in Singapore. He became CEO in November 2023.

“So we on our own, we are seeing a huge uptick in terms of institutional and corporate investors. We have seen a 40% increase in onboarding in that category throughout the course of this year alone,” he said. Teng did not name specific firms or share how large they were.

The stated growth reflects how so-called big money is warming up to bitcoin and other cryptocurrencies, and now willing to work with an exchange that was hit with a U.S. probe and $4.3 billion settlement.

Changpeng Zhao, the billionaire co-founder and former CEO of Binance, stepped down last year as part of the settlement. Zhao remains a major shareholder, Teng said.

Teng noted how Binance has pivoted from a founder-led company to one led by a board with seven directors — a structure he said that regulators are more used to.

Trump-backed crypto platform announces new details on token offering: CNBC Crypto World

Teng joined Binance in 2021 as CEO of the company’s Singapore operations. He was previously CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market and chief regulatory officer of the Singapore Exchange, among other roles.

Bitcoin launched in 2009, paving the way for many other cryptocurrencies based on similar blockchain technology. The tech eliminates the need for a third-party intermediary by quickly creating a permanent and secure record of transactions between two parties.

More institutions coming in

After years of regulatory uncertainty, the U.S. in January approved the the first exchange-traded funds for spot prices of bitcoin. In July, the U.S. allowed trading of similar funds for ether, another cryptocurrency.

Such regulatory clarity “will give certainty to mainstream users,” Teng said. He attributed bitcoin’s record high earlier this year — above $70,000 in March — to “the effect of institutions coming through.”

He noted how BlackRock CEO Larry Fink has turned from bitcoin skeptic to calling it “digital gold.”

The company and other traditional Wall Street investment firms such as Franklin Templeton have also issued ETFs for bitcoin and ether.

Franklin Templeton CEO Jenny Johnson told CNBC in May that bitcoin gains at the time were due to “the first wave of the early adopters.” She said she expects another wave of “much bigger institutions” to buy crypto funds.

Bitcoin was trading near $60,440 as of Wednesday afternoon Singapore time.

Teng declined to share a specific price forecast, but noted how cryptocurrency prices tend to “warm up” 160 days after bitcoin goes through a technical event known as “halving.” The last such event was in April.

As of Wednesday, Teng pointed out the market was “nine days away from that 160 days.”

— CNBC’s Ryan Browne, MacKenzie Sigalos and Jesse Pound contributed to this report.

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Stocks making the biggest moves after hours: HIMS, TEM, FANG

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Anthropic closes in on $3.5 billion funding round

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Dario Amodei, Anthropic CEO, speaking on CNBC’s Squawk Box outside the World Economic Forum in Davos, Switzerland on Jan. 21st, 2025.

Gerry Miller | CNBC

Anthropic is in talks to raise a $3.5 billion funding round, significantly more than the amount previously expected, CNBC has confirmed.

The round would roughly triple the artificial intelligence startup’s valuation to $61.5 billion, according to two sources familiar with the deal, who asked not to be named because the details aren’t public. Lightspeed Ventures is leading the funding, with participation from General Catalyst and others, the sources said.

The financing, which was first reported by the Wall Street Journal, signals continued investor demand for top-tier AI companies, even in the face of potential disruption from China’s DeepSeek. Anthropic is backed by Amazon and Google, and had initially set out to raise $2 billion, according to a source.

Anthropic declined to comment.

The company’s last private market valuation was $18 billion. Amazon has poured $8 billion into the startup.

Anthropic was founded by early OpenAI employees and is the creator of the popular chatbot Claude. Earlier Monday, Anthropic released what it says is it’s “most intelligent AI model yet. Its so-called hybrid model combines an ability to reason — or stopping to think about complex answers — with a traditional model that spits out answers in real time.

WATCH: Anthropic unveils newest AI model

Amazon-backed Anthropic unveils newest AI-model

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Jamie Dimon calls U.S. government ‘inefficient,’ touts Elon Musk’s DOGE effort

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Watch CNBC's full interview with JPMorgan CEO Jamie Dimon

JPMorgan Chase CEO Jamie Dimon on Monday said the U.S. government is inefficient and in need of work as the Trump administration terminates thousands of federal employees and works to dismantle agencies including the Consumer Financial Protection Bureau.

Dimon was asked by CNBC’s Leslie Picker whether he supported efforts by Elon Musk’s Department of Government Efficiency. He declined to give what he called a “binary” response, but made comments that supported the overall effort.

“The government is inefficient, not very competent, and needs a lot of work,” Dimon told Picker. “It’s not just waste and fraud, its outcomes.”

The Trump administration’s effort to rein in spending and scrutinize federal agencies “needs to be done,” Dimon added.

“Why are we spending the money on these things? Are we getting what we deserve? What should we change?” Dimon said. “It’s not just about the deficit, its about building the right policies and procedures and the government we deserve.”

Dimon said if DOGE overreaches with its cost-cutting efforts or engages in activity that’s not legal, “the courts will stop it.”

“I’m hoping it’s quite successful,” he said.

In the wide-ranging interview, Dimon also addressed his company’s push to have most workers in office five days a week, as well as his views on the Ukraine conflict, tariffs and the U.S. consumer.

Watch CNBC's full interview with JPMorgan CEO Jamie Dimon

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