Key Commitments and Milestones of binance CEO Richard Teng
binance CEO Richard Teng recently shared some key commitments and milestones of the leading cryptocurrency exchange during his speech at the Korea Blockchain Week 2024. Teng highlighted binance's focus on prioritizing users, supporting global regulatory frameworks, and partnering with global entities.
Teng emphasized that binance has significantly grown its user base, reaching nearly 20 million users, with an impressive milestone of acquiring the second 100 million users in just two years. In terms of trading volume, binance has seen substantial growth, with $9.7 billion in trading volume compared to Coinbase's $1 billion in 24-hour trading volume.
One of the crucial areas of investment for binance has been in compliance. Teng reiterated the exchange's dedication to building a vibrant and sustainable platform to better serve global users. He mentioned that binance is still at a late stage in this regard, but is thrilled to see new projects and use cases unfold.
Transition to binance 2.0 and Corporate Structure
Teng also touched upon the transition from binance under the leadership of the former CEO, Changpeng Zhao (CZ), to binance 2.0. Despite CZ's significant role as a key shareholder and co-founder, binance's corporate structure has evolved considerably.
Following CZ's two significant legal incidents, including a four-month prison sentence in April and a guilty plea for money-laundering violations, binance has undergone a notable transformation. Teng responded to a panel question, highlighting the shift in leadership and structure within the exchange.
Future Industry Will be Built on a Combination of AI and Blockchain: Teng
Looking ahead, Teng expressed his belief that the future industry across various sectors will be built on a combination of artificial intelligence (AI) and blockchain technology. He emphasized the importance of embracing this convergence as the talent pool in this space continues to grow with top-notch professionals.
Advocating for supportive regulatory frameworks that foster innovation and growth, Teng highlighted the need to attract more investments and talent to propel the industry forward. He emphasized the aspirations of binance to contribute to the expansion and development of this space.
Furthermore, Teng addressed the detention of Tigran, binance's Head of Financial Crimes, in Nigeria, showcasing the challenges and complexities involved in operating within a rapidly evolving regulatory landscape.
