During Binance Blockchain Week, I had the extraordinary opportunity to sit down with Richard Teng, the newly appointed CEO of Binance. As the former Head of Regional Markets for Binance, Teng witnessed the rapid growth of the cryptocurrency industry firsthand. He shared his fascination with the foray of cryptocurrencies into traditional finance circles during a futures conference in 2017. It was at this conference that Teng saw a shift, with a significant number of crypto players entering the scene. This experience sparked his belief in the potential of cryptocurrencies and drove him to spearhead regulatory frameworks as the CEO of Abu Dhabi Global Market. Teng’s personal journey into the crypto world began with trading and understanding the field deeply before regulating it effectively.
Teng emphasized Binance’s remarkable journey since its establishment in 2017. With its unwavering focus on user needs, trust, and confidence, the platform has soared to become the world’s largest crypto exchange by trading volume, boasting a staggering 150 million users worldwide. As the new CEO, Teng is committed to further investing in infrastructure, human talent, and intellectual growth. He highlighted the recent launch of Binance’s Web3 wallet as an example of the company’s dedication to fostering innovation. Notably, Teng also emphasized Binance’s status as the most regulated exchange globally, holding 18 different regulatory approvals across continents.
Discussing Binance’s global expansion, Teng acknowledged the differing regional developments in cryptocurrency regulation and adoption. While some countries, such as Japan, Singapore, Hong Kong, and various nations in the Middle East and Europe, have embraced crypto with significant regulatory advancements, others are still navigating the landscape. Teng expressed his support for regulators’ efforts worldwide, as they provide clarity and frameworks that support the innovative nature of the industry. Binance remains committed to working closely with partners and users to meet their needs both globally and locally.
A Unique Insight into Changpeng Zhao (CZ)
We also delved into Teng’s work and relationship with Changpeng Zhao (CZ), Binance’s former CEO and a prominent figure in the cryptocurrency industry. Teng provided an exclusive perspective on CZ’s personality and leadership style, describing him as an intellectual, driven, and passionate leader. CZ’s enthusiasm for each new Binance product and the industry as a whole aligns with the company’s core values. Teng expressed his admiration for CZ, highlighting his humility and down-to-earth nature, considering it a privilege to work alongside him.
Looking ahead, Teng maintains a bullish outlook on the crypto market’s growth. He points to the increasing involvement of major global financial institutions, such as BlackRock, Charles Schwab, and Fidelity, in crypto and blockchain as a positive indicator. Teng believes that the evolving regulatory landscape worldwide, providing clarity and transparency, will foster trust among users, ultimately driving mass adoption and liquidity in the crypto market. With regulatory frameworks being established globally, Teng highlighted the importance of compliance and standards that will benefit the industry as a whole. Furthermore, Teng mentioned the upcoming Bitcoin halving and the emergence of exciting new projects that will continue to attract use cases for the industry in the future.
The interview with Richard Teng shed light on the inspiring journey and future aspirations of Binance. As the cryptocurrency industry continues to mature and gain recognition from major financial institutions and regulators, Binance remains at the forefront, spearheading innovation and fostering trust. Under Teng’s leadership, the company is poised to expand its global presence while closely collaborating with partners and users to meet their needs. With a strong belief in the potential of cryptocurrencies and an unwavering commitment to regulatory compliance, Binance is paving the way for the future of finance.
