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Richard Teng Wants ‘Binance 2.0’ to be Compliance Focused: KBW2024

Binance has invested heavily in compliance, with over $230 million budget and a 500 plus headcount in compliance team.

Last updated:

September 3, 2024

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Binance CEO Richard Teng discussed key commitments including prioritizing users, supporting global regulatory frameworks, and partnering with global entities.

Speaking at the Korea Blockchain Week 2024, he noted that Binance has reached nearly 20 million users, with the second 100 million in two years. He said that Binance, has $9.7 billion in trading volume compared Coinbase, having $1 billion in 24-Hour trading volume.

Stressing about the exchange’s milestones, Teng also said that Binance has invested quite heavily into compliance. The exchange aspires to build this into a very vibrant, a very sustainable platform to serve global users, he added.

“On that front, we are still at a very late stage,” Teng noted. “So we are very happy to see new deployment, new projects, new areas of use cases and utility.”

Further, Teng also said that the previous CEO of Binance Changpeng Zhao (CZ) “is a very dynamic leader.”

“I’m very humble and honored that CZ and the rest of the leaders place their confidence in me to really bring about the pivot of Binance into Binance 2.0.”

Though CZ is the key shareholder and the co-founder of Binance, the Binance 2.0 has pivoted quite differently from the time CZ was the CEO.

“Now Binance has a totally different corporate structure,” Teng replied to a panel question.

CZ received a four-month prison sentence in April from a Seattle courtroom, following Zhao’s guilty plea to money-laundering violations late last year.

Binance CEO Richard Teng at Korea Blockchain Week

Future Industry Will be Built on a Combination of AI and Blockchain: Teng

Teng believes that the future industry, whichever sector, will be built on the combination of AI and blockchain.

“You can’t run away from that. There’s so much talent pool working in this space, the best and the brightest,” he added.

As a result, he advocated for regulatory frameworks that are supportive to the innovation and growth aspects of it. We can bring in a lot more investments and talent pool in this space, and “that’s what we aspire to.”

Additionally, Teng also addressed the detention of Binance staffer Tigran, the Head of Financial Crimes, in Nigeria.