Key Factors That Will Increase Mass Adoption in 2024 (Interview)
During binance Blockchain Week, a major conference held in Istanbul in November 2023, CryptoPotato had the chance to speak with Binance’s Richard Teng.
It is worth noting that Teng was serving as Binance’s Head of Regional Markets at the time, as the conference took place before the latest Binance developments.
Recall that on November 21, the United States Department of Justice settled charges against the cryptocurrency exchange, ending an investigation dating back to 2018. While Binance had to pay a large fee, the company’s former chief CZ also had to resign.
Richard Teng has since taken over as the new CEO of Binance.
In the interview held in the live environment of Istanbul, Teng’s excitement for the industry as well as Binance’s future plans were discussed; This is made even better by the fact that he is the CEO of the world’s largest crypto exchange in terms of trading volume.
Who is Richard Teng?
You can learn everything you need to know about Teng in one of our latest news stories, but during our interview, Teng recalled that he was fascinated by the rapid influx of cryptocurrencies in traditional financial circles.
Teng, who was CEO of Abu Dhabi Global Market at the time, recognized the potential of cryptocurrencies and pioneered regulatory frameworks, making them one of the first global organizations to regulate crypto. His personal journey into the crypto world started with opening an account and trading; This underlined his belief in the need to deeply understand a field and organize it effectively.
Richard Teng, Binance CEO
The Future of Binance: The Most Regulated Exchange
During our interview, Teng highlighted Binance’s extraordinary journey since its inception in 2017. He said the platform’s focus on user needs, trust and self-confidence has brought it to the top of the global exchange list, which today has 150 million users worldwide.
The new CEO said Binance is committed to investing in infrastructure, people and intellectual talent to foster innovation, giving an example from the recent launch of the Web3 wallet.
The current chief also noted Binance’s status as the ‘most regulated exchange globally’, stating that they have 18 different regulatory approvals across continents.
While discussing global expansion, he noted regional developments in cryptocurrency regulation and adoption. Some countries such as Japan, Singapore, Hong Kong, and some countries in the Middle East and Europe are already embracing crypto, with significant regulatory advancements such as the MiCA legislation in Europe.
Teng added that he appreciates the efforts of regulators around the world to bring greater clarity to how platforms like Binance operate globally.
CZ’s Humble Personality: True Passion for Crypto
During the interview, we also asked Teng to tell us a little more about his work and relationship with Changpeng Zhao (CZ), the former CEO of Binance and one of the most well-known names in the cryptocurrency industry.
He provided a unique insight into CZ’s personality and leadership style, describing him as an intellectual, driven, and passionate leader who is incredibly excited about every new product Binance releases and the industry as a whole.
Teng said CZ was “truly an extremely humble person and it was a privilege to work with him.”
2024: Key Factors to Keep in Mind
Looking ahead, Teng remains optimistic about the growth of the crypto market. He notes that the increasing involvement of major global financial institutions such as BlackRock, Charles Schwab, and Fidelity in crypto and blockchain is a positive indicator.
The evolving regulatory environment around the world will provide clarity and transparency, further increasing trust among users and leading to mass adoption and liquidity in the crypto market.
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