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Exclusive Interview with Binance CEO: User Growth of 110 Million, Richard Teng "I am very fortunate" This is the best era for encryption popularization.
On the occasion of Binance's eighth anniversary, Richard Teng, who succeeded the founder Zhao Changpeng (CZ) as CEO of Binance, came to Taiwan for an exclusive interview with BlockTempo. He mentioned that he feels very lucky and discussed the key points of the current era of crypto adoption during the interview. (Background: Binance CEO meets with the Taiwan Criminal Investigation Bureau and was presented with a commemorative badge in appreciation of their cooperation in crime prevention.) BlockTempo was able to invite Richard Teng, the current CEO of Binance, for an exclusive interview for its readers! Since its establishment in 2017, the world's largest cryptocurrency exchange, Binance, has rapidly developed over 8 years, boasting nearly 300 million users, a cumulative total trading volume of 125 trillion USD, and an average daily trading volume of 91 billion USD. On the occasion of Binance's eighth anniversary, Richard mentioned that after the Trump crypto wave post-2024, Binance is experiencing its fastest growth period in history. Since 2024, the number of Binance users has surged from 170 million to 280 million, witnessing the historical trend of cryptocurrency moving towards mainstream adoption. Amidst turbulent regulatory changes, Richard also highlighted Binance's compliance efforts in recent years, including over 1,000 people responsible for compliance work globally and the remarkable achievement of securing a 2 billion USD investment from the sovereign-level fund MGX. Richard previously served as a senior official at the Monetary Authority of Singapore (MAS) and as CEO of Abu Dhabi Global Market (ADGM). He joined Binance in 2021 and officially took over as CEO in 2023, and in just two years, he has delivered such performance, being acclaimed as one of the world's most balanced leaders in 'compliance' and 'innovation.' During the interview, he was particularly friendly, and although his native language is English, he still tried to interact with the readers in Chinese, often discussing the changes in international circumstances and the opportunities belonging to Taiwan with a humble attitude. Here is the full text of the interview: Looking back, Richard said two years ago: "I am actually very lucky to be in charge of Binance." BlockTempo: Thank you, Richard, for accepting the interview today, and thank you for taking the time during this important milestone of Binance's eighth anniversary. Your visit to Taiwan is of great significance to us. Two years ago, you became the CEO of Binance. If you could return to the past and say one thing to yourself before you became the CEO, what would it be? Richard Teng: Hello to all readers of BlockTempo! For this question, I think it is to prepare well for the exciting challenges ahead. I feel very, very lucky to have a strong and responsible leadership team and Binance people (Binancians) from around the world working closely with me. I have a powerful global team that supports us in realizing users' financial freedoms worldwide, so I feel very fortunate. BlockTempo: I remember you mentioned in an interview last summer that Binance does not need an IPO and does not consider returning to the US market. However, recently, significant changes have occurred in the international situation. How do you respond to your previous views now? Richard Teng: I think this proves the interest of investors in cryptocurrencies. I believe 2024 is a milestone year; 2024 is when the first crypto (spot) ETF is listed, and mainstream institutions that were previously skeptical about cryptocurrencies began to embrace them vigorously last year. The current IPO trend is actually part of the mainstreaming of cryptocurrencies. Many investors, whether sovereign wealth funds, institutions, family offices, foundations, and trusts, are starting to view cryptocurrencies as an asset allocation option. But we are still in the early stages, right? The global cryptocurrency adoption rate is only 7%. I believe the future is extremely bright because more and more people are beginning to allocate assets to the crypto space. These IPOs represent very strong cases of cryptocurrency adoption internally, so I am very optimistic. We also welcomed our first institutional investor, MGX, which invested 2 billion USD in Binance earlier this year, showcasing the trend of cryptocurrencies moving towards institutionalization. BlockTempo: Binance has experienced many peaks and challenges over the past eight years. You took over as CEO in the sixth year; what do you think has been the most impressive challenge or transformation for Binance in the past? Richard Teng: I want to first credit the founders, who set the right mission, values, and DNA for Binance. One of the key values is to ensure that we always put users at the core of our decision-making. That is why we have been able to continue to grow rapidly. We are the largest crypto ecosystem globally, having reached 280 million users, and we will soon reach 300 million users. We are very grateful for our users' trust and confidence in us, and we will continue to work hard to ensure that we are the best platform, with innovative products and features to support everything our users need as we move towards new heights together. Binance's fastest growth era: 110 million users surged from 2024 to now. BlockTempo: Eight years is indeed a long time for cryptocurrencies or companies. How would you describe Binance's growth curve over these eight years? What do you think are the key moments or turning points? Richard Teng: From day one, CZ and co-founder He Yi were very clear that user trust is the most important, especially user asset security. That is why we have invested a lot of time and resources in these areas. Within six months of establishment, Binance became the largest crypto platform and has maintained the top position since then. This is attributed to the solid foundation we have in place. We now have a very strong team globally in product innovation, driving growth, and supporting customers, whether retail investors or institutional clients. Retail users have long been the primary adopters of cryptocurrencies, but in 2024, we saw many institutions pouring in. Last year, the number of institutional users on Binance more than doubled, and we saw a very strong growth trend. At the beginning of 2024, we had about 170 million users, reaching 240 million by the end of last year, an increase of 70 million users. Now, within a year and a half, the user count has grown to nearly 280 million, indicating a very strong growth trajectory and a bright future. We want to ensure that whether institutional or retail users, we can provide all the necessary support for our users in their crypto journey ahead. BlockTempo: Regarding Binance users, many have participated in Binance Alpha, but some have not. Speaking of which, I personally really like Binance Alpha. Richard Teng: I'm very glad to hear you say that. Many users are very excited, as they are embracing and participating in Binance Alpha globally.