TL;DR
- Binance CEO Richard Teng highlights the company’s approach to compliance with a $230 million investment and a team of over 500 people.
- The company has reached nearly 20 million users and expects to add 100 million more in two years, with a daily trading volume of $9.7 billion.
- Teng advocates for the combination of artificial intelligence and blockchain as the future of the industry and emphasizes the need for regulatory frameworks that support innovation.
At the Korea Blockchain Week 2024 event, Richard Teng, the new CEO of Binance, presented a renewed vision for the company, dubbed Binance 2.0.
Teng emphasized Binance’s commitment to compliance and regulation, highlighting that the company has spent over $230 million to build a team of over 500 people specialized in meeting international regulatory standards.
This effort seeks to transform Binance into a more robust and sustainable platform that can serve its growing user base efficiently.
Currently, Binance has managed to reach almost 20 million users, and projections indicate that 100 million more will be added in the next two years.
This growth is reflected in the impressive daily trading volume of $9.7 billion, which places Binance far above its competitor Coinbase, which handled $1 billion in the same period.
This difference underscores Binance’s success in attracting and retaining a large number of users, as well as handling significant transaction volume.
Teng also addressed the future of the industry, arguing that the combination of artificial intelligence and blockchain will be critical to the development of various sectors.
According to Teng, this integration is essential and must be supported by regulatory frameworks that foster innovation and attract investment and talent to the technology space.
This vision underlines the company’s intention to be at the forefront of technological evolution and to ensure a favorable regulatory environment for continued growth.
The future of Binance under Richard Teng
Richard Teng also touched on the topic of Binance’s internal restructuring under his leadership.
Although Changpeng Zhao (CZ), the founder and former CEO of Binance, remains a key shareholder, the company has undergone a significant transformation in its corporate structure since Teng took over.
This restructuring reflects a shift toward greater emphasis on compliance and long-term sustainability.
Teng also commented on the legal situation of CZ, who was sentenced to four months in prison in April after pleading guilty to money laundering violations.
Although CZ‘s legal challenge has been a point of controversy, Teng expressed his humility and honor for the trust placed in him to lead this new phase of the company.
Binance is currently transitioning towards a more rigorous approach to compliance and regulation, while continuing to innovate and expand its global presence.
Richard Teng’s vision for Binance 2.0 appears to be well aligned with current trends in technology and regulation, positioning the company to meet future challenges with a stronger structure and robust compliance strategy.
