Richard Teng, CEO of Binance: "Cryptocurrencies provide an opportunity for financial inclusion for 1.4 billion people without access to banking services."
In a conversation with Mastercard's Vice President for Global Communications, the CEO of Binance #RichardTeng shared his vision of the role of cryptocurrencies in the global financial system. Speaking from Dubai, Teng touched on financial inclusion, regulation, widespread acceptance, and Binance's role in driving innovation in the crypto industry.
Teng emphasized that cryptocurrencies exist to bridge the gap in access to financial services, particularly in markets with limited banking options. With over 1.4 billion people without access to traditional banks, cryptocurrencies often represent the only way to send or receive money. While traditional remittances can take days with fees of up to 15%, crypto transactions allow for fast, economical, and accessible transfers, available 24/7, regardless of geographical or infrastructural barriers, Teng stressed.
When it comes to broader adoption, Teng stated that clear regulation and institutional involvement are of utmost importance.
He listed the approval of spot Bitcoin ETFs in 2024 and increased activity from players like BlackRock and Fidelity as key features. Binance has grown from 170 million to over 280 million users in just 18 months, registering more than 150,000 new users daily - not just individual users, but also sovereign funds, companies, and professional family wealth management structures.
Teng, a former regulator, emphasizes that Binance's vision is compliance and trust, presenting the exchange as the "most regulated in the world" with a focus on security and transparency. Binance Pay has processed transactions worth over $27 billion, saving users $1.75 billion in remittance fees.
Teng highlights that the crypto market today is more resilient due to institutional diversification and increasing practical applications. "It's not just about cryptocurrencies, but about the opportunities they provide," he said.
"It's not just about cryptocurrencies," he said. "It's about what cryptocurrencies enable."
Binance is committed to building a more inclusive and stable financial future through every product, user, and partnership.