Binance CEO: From ‘Scam’ to ‘Next Big Thing’—How Institutions Flipped on Crypto

• Binance CEO Richard Teng reflects on crypto’s journey from being labeled a scam.
• Major banks like JPMorgan, Morgan Stanley, and PNC are now offering or planning crypto-backed services.
• Corporate treasuries are accumulating Bitcoin at record levels.

Binance CEO Richard Teng has drawn attention to the stunning transformation in how crypto is perceived. In a recent post on X, Teng contrasted the 2017 skepticism with today’s wave of institutional adoption.

“Skeptics in 2017 said crypto was a scam,” Teng wrote, while “Institutions in 2025 [are saying]: ‘Crypto is the next big thing.’ Funny how things change,” he noted.

His comments highlight how dramatically the financial landscape has evolved in just a few years. What was once viewed as a fringe technology is now being embraced by some of the largest financial institutions in the world.

JPMorgan Considers Crypto-Backed Loans

Among the clearest signs of this shift is JPMorgan Chase’s plan to offer loans backed by crypto holdings such as Bitcoin and Ethereum. According to Financial Times, the bank could roll out the service as early as 2026.

The move would mark a complete reversal from…

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