At the Korea Blockchain Week 2024, Binance CEO Richard Teng outlined the company’s key commitments, which include prioritizing users, supporting global regulatory frameworks, and collaborating with global entities. He highlighted the significant growth of Binance, which has nearly 20 million users and aims to reach 100 million in the next two years. Teng compared Binance’s $9.7 billion trading volume to Coinbase’s $1 billion in 24-hour trading volume, underscoring the exchange’s milestones and heavy investment in compliance. Teng expressed his goal of developing Binance into a sustainable platform to serve a global user base and emphasized the importance of new projects and use cases to drive the exchange forward.
Teng acknowledged the contribution of former CEO Changpeng Zhao (CZ) to Binance’s success, describing him as a dynamic leader. Despite CZ’s pivotal role in the company, Teng emphasized the shift towards Binance 2.0, which has implemented a new corporate structure under his leadership. CZ’s involvement in the company seems to have diminished following a four-month prison sentence he received in April following a guilty plea to money-laundering violations. Teng expressed gratitude for the confidence placed in him by CZ and other leaders to lead Binance in its next phase of growth.
Discussing the future of industries, Teng asserted that the successful combinations of artificial intelligence (AI) and blockchain technology will play a crucial role in their development. He emphasized the abundance of talent in this space and advocated for regulatory frameworks that support innovation and growth. Teng believes that enabling such frameworks will attract more investments and talent to the industry, driving progress and advancement. He highlighted the importance of embracing AI and blockchain as integral components of the future business landscape.
In response to a panel question, Teng elaborated on the changes that have occurred within Binance under his leadership, emphasizing the company’s evolution towards a new corporate structure. Despite recognizing the challenges and changes brought about by this transition, Teng remains optimistic about the future of Binance and its role within the cryptocurrency ecosystem. He expressed his commitment to building a vibrant and sustainable platform that can effectively serve the needs of global users, embracing new projects and initiatives to drive innovation and utility within the exchange.
Addressing the detention of a Binance staff member in Nigeria, Teng assured stakeholders that the company is actively monitoring the situation and working towards a resolution. He reaffirmed Binance’s commitment to compliance and transparency, highlighting the importance of cooperation with regulatory authorities to address any challenges or discrepancies that may arise. Teng’s proactive approach to managing potential issues reflects Binance’s dedication to upholding the highest standards of compliance and ethical conduct within the cryptocurrency industry, ensuring the trust and confidence of its users and partners.
