The CEO of the world’s largest crypto exchange, Binance, Richard Teng, believes that the cryptocurrency industry has already outgrown the stage of “early adopters” and is now entering the era of the “early majority.”

Richard Teng’s announcement comes after Binance reached 200 million registered users worldwide on June 8th. Teng said the number of users on the exchange grew from 100 million to 200 million in just 26 months. He explained this rapid growth by a change in the “landscape” of the crypto industry: more and more people are learning about cryptocurrency and its limitless possibilities. This speaks to the industry’s maturity and sustainable growth, Teng added.

According to the CEO of Binance, the exchange is not going to rest on its laurels and intends to attract one billion users to expand access to financial services for different segments of the population. Teng noted that the path to a billion will not be easy. This will require doubling the current number of cryptocurrency owners worldwide and obtaining the consent of every eighth inhabitant of the planet to use cryptocurrencies.

Mass adoption of digital assets will also require political support from global regulators. This is especially true in the United States, where nearly 50 million cryptocurrency holders, accounting for about 10% of the global user base, face regulatory uncertainty, Teng said.

The US Securities and Exchange Commission (SEC) is in discussions with other regulators about how to better regulate the industry. Teng hopes the upcoming US presidential election will help clarify regulation of cryptocurrencies, as Republican presidential candidate Donald Trump has promised a bright future for the crypto industry if elected.

Teng took over as Binance’s CEO in November 2023 after exchange co-founder Changpeng Zhao pleaded guilty to anti-money laundering (AML) and Bank Secrecy Act (BSA) violations. Zhao was forced to leave Binance after a $4.3 billion settlement with US authorities.