Cryptocurrency exchange Binance has seen a 40% increase in institutional and corporate investors on its platform this year, according to CEO Richard Teng in an interview with CNBC.

Teng noted a year-long rise in this trend but did not disclose specific firms or their sizes.

This comes as Binance navigates ongoing regulatory challenges, including a US$4.3 billion settlement earlier this year.

To meet regulatory expectations, Binance has shifted from a founder-led structure to a board-led governance model, now comprising seven directors, Teng said.