Binance CEO Richard Teng,, conducted his inaugural AMA on Twitter, addressing diverse topics such as past errors, the transformative role of cryptocurrencies in financial inclusion, challenges faced by Binance, and the necessity of regulation in the cryptocurrency industry.
Richard succeeded Changpeng Zhao as the CEO of Binance in November 2023. He is an experienced executive with more than three decades of financial services and regulatory expertise.
He joined Binance in August 2021 as CEO of Binance Singapore and later held roles looking after various regions before becoming the CEO.
Speaking in the AMA, he reflected on the organization’s journey, acknowledging past errors while emphasizing its strength and resilience.
He emphasized that Binance is committed to moving forward and building a stronger future by learning from past mistakes and using those experiences to propel growth and innovation.
He added that the crypto exchange is resilient, maintaining a user-centric platform, and prioritizing a user-friendly and efficient experience.
Richard expressed unwavering dedication to fostering comprehensive development within the business and the broader organizational ecosystem.
Why crypto is important
The CEO highlighted the transformative role of cryptocurrencies in improving global financial inclusion. Despite skepticism from traditional banking institutions and regulators, he believes that cryptocurrencies can provide a viable alternative to traditional banking, particularly in regions where financial services are inaccessible or unaffordable.
By allowing transactions at fractional costs, cryptocurrencies address issues such as exorbitant costs and high remittance fees contributing to low financial inclusion rates worldwide.
Furthermore, he said that the global economy’s susceptibility to inflation and hyperinflation can disadvantage less financially included populations and cryptocurrencies offer a persistent, open infrastructure that operates around the clock.
He revealed that Binance wants to extend the benefits of cryptocurrencies to more people through strategic investments and strong partnerships.
Binance and its financial position
Following the change of leadership in Binance, the crypto community speculated on the future of the exchange as the former CEO, CZ, faces legal charges from the SEC and DoJ.
However, Richard reassured the community about Binance’s strong financial position. Even though Binance paid the reported $4 billion fine to the DoJ, the CEO said that the robust financial health of the company stands as the largest cryptocurrency exchange globally.
Despite scrutiny from US agencies, Teng stated there have been no instances of misuse of user funds. He highlighted Binance’s commitment to its users, pledging to maintain competitive transaction fees contributing to strong revenue and profits.
Finally, he acknowledged the necessity of regulation in the cryptocurrency industry. Contrary to viewing it as something to run away from, he argued that regulation paves the way for increased clarity of rules and universal standards vital for fostering mass adoption of cryptocurrencies.