During Binance Blockchain Week – a major conference held earlier in Istanbul on November 2023, CryptoPotato had the chance to speak with Binance’s Richard Teng.
It is worth noting that Teng served as Binance’s Head of Regional Markets at the time, as the conference took place before the most recent Binance developments.
Recall that on November 21, the US Department of Justice settled charges against the cryptocurrency exchange, ending an investigation into 2018. Binance had to pay a hefty fee, while CZ, the company’s former head, had to resign.
Richard Teng has since held the position of Binance’s new CEO.
Conducted against the vibrant backdrop of Istanbul, the interview captured Teng’s enthusiasm for the industry, as well as his excitement for Binance’s future plans – which takes on an even greater spotlight as he becomes the CEO of the world’s largest crypto exchange according to trading volume.
Who is Richard Teng?
In one of our latest coverages, you can find out everything you need to know about Teng, but during our interview, Teng recalled that the rapid exodus of cryptocurrencies in traditional financial circles fascinated him.
In 2017, like every March, I attended a future conference in the USA, Boca Raton, Florida. At that meeting, unlike earlier ones, which were mainly attended by mostly TradFi exchanges, asset managers and regulators, that particular meeting, I saw a lot of crypto players coming through and talking about the topic of crypto. It fascinated me.
As the CEO of Abu Dhabi Global Market at the time, Teng realized the potential of cryptocurrencies and spearheaded regulatory frameworks, making them one of the first global entities to regulate crypto. His personal journey into the crypto world began with opening an account and trading, underscoring his belief in understanding a field deeply in order to regulate it effectively.
The Future of Binance: The Most Regulated Exchange
During our interview, Teng highlighted Binance’s extraordinary journey since its inception back in 2017. He said the platform’s focus on user needs, trust and confidence catapulted it to the top of the global exchange list, with 150 million users worldwide today.
The new CEO said that Binance is committed to investing in infrastructure, human and intellectual talent in an effort to drive innovation, exemplified by the most recent launch of their Web3 wallet.
The current chief also noted Binance’s status as “the most regulated exchange on a global scale” and pointed out that they have 18 different regulatory approvals across continents.
Discussing global expansion, he acknowledged the regional developments in regulation and adoption of cryptocurrencies. Some countries, such as Japan, Singapore, Hong Kong, and a number of nations in the Middle East and Europe, are already embracing crypto with significant regulatory advances such as the MiCA legislation in Europe.
We will continue to do global deployment and local deployment, very closely with our partners, very closely with users to support their needs locally.
Teng added that he applauds the efforts of regulators around the world to provide more clarity for platforms like Binance to operate globally.
A lot more policy makers, legislators and regulators are spending more time and energy in this space to really understand it, to come up with frameworks that support the innovative nature of the industry.
The Humble Persona of CZ: True Passion for Crypto
During the interview, we also asked Teng to give us some more insights into his work and relationship with Changpeng Zhao (CZ), Binance’s former CEO and one of the most recognizable names at the forefront of the cryptocurrency industry .
He gave a unique insight into the personality and leadership style of CZ, describing him as an intellectual, driven and passionate leader, who is incredibly enthusiastic about every new product that Binance rolls out and the industry as a whole.
He manifests what Binance is all about. He is very passionate about user needs, about our products and services.
Teng said that CZ is an “extremely humble person, down to earth, and that it is a privilege to work with him.”
2024: The key factors to keep in mind
Looking ahead, Teng remains positive about the growth of the crypto market. He cites the increasing involvement of major global financial institutions such as BlackRock, Charles Schwab and Fidelity in crypto and blockchain as a positive indicator.
The evolving regulatory landscape globally, which provides clarity and transparency, will further instill confidence among users, leading to mass adoption and liquidity in the crypto market.
If you compare it to three or five years ago, today, every major global financial institution has a crypto and blockchain agenda. They are coming out with new investment products, such as ETFs, and this will bring new investor classes and liquidity into crypto.
You also now have regulators around the world compared to before, when no regulators touched this space. They are now coming out with frameworks to regulate. This is a key positive, giving clarity and transparency to the market or the standards we have to meet.
Aside from that, there is also the Bitcoin halving, as well as new and exciting projects being built, and these will continue to drive the use cases for the industry going forward.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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