Post by account_disabled on Mar 6, 2024 5:08:29 GMT -5
Some of the most intriguing questions for Richard were about his personal journey, the future of cryptocurrency adoption, and the role of the Binance community.
- As Binance continues to enter its new chapter, our commitment to users remains our most important focus. We are also pivoting towards being a compliance-led organization, combining these two priorities to ensure a robust and sustainable future.
The following is a summary of Richard Teng's responses to some of the questions he received during a fireside chat at Taipei Blockchain Week on December 14, 2023. Please note that this transcript has been edited for clarity.
On becoming CEO
What does your new position at Binance mean to you? What changes can we expect from this transition?
Richard: First of all, I am very honored and humbled. CZ, the leadership team and the rest of my staff have placed their trust in me to lead this Ecuador Mobile Number List important franchise. I take that responsibility very seriously. Our user base continues to grow. We now have over 167 million users worldwide, and that number continues to grow at a dizzying pace.
I have established my three commitments at the beginning of my mandate. First, continue to focus on the user. Over the past six years, that's what has made us the world's leading cryptocurrency exchange. In the future, that's what's going to continue to drive us. User protection is crucial, and we put a lot of emphasis on it.
Second, we work with global regulators to maintain industry standards. The direction of the crypto sector is clear: there is going to be much more regulation.
Third, I want to collaborate closely with global and local partners to adopt Web3 and drive crypto adoption. The more we can build our ecosystem, the better for everyone.
About personal career
How do you go from being a regulator in Singapore to CEO of Binance? What lessons has he learned along the way?
Richard : I'm not the traditional regulator you might think of. Even during my days at the Monetary Authority of Singapore (MAS), I was involved in the development of Singapore as a financial services hub. For me, it has two dimensions. You have to make sure you support growth and manage risk. If you limit yourself to managing risk, you will not support very dynamic growth. It is very important to balance both things.
I was lucky early in my career when I tried to develop Singapore as a financial centre, building the wealth management, asset management, insurance, our stock market and so on. I got firsthand experience on how to do those things well. Then I was at the Singapore Stock Exchange (SGX), and then I was hired to be CEO of Abu Dhabi Global Market (ADGM).
Again, I had the opportunity to build a new financial center, which is not easy. I was in charge of both the business development and the regulatory side, and trying to achieve the right balance. In 2017, I became one of the first regulators in the world to test crypto, and I said, "This is going to be the future of finance."
For cryptocurrencies to gain widespread adoption, two things are needed. First of all, clear regulations are needed. If there is transparency in the rules, the sector will know how to operate and user confidence will increase. Secondly, clear regulations will attract institutional investors, which is important. They provide new assets, liquidity, users, products and research, and that is very important for the mass adoption of cryptocurrencies.
About regulatory collaboration
What are the biggest challenges of regulatory collaboration and how should the sector address them?
Richard : In addition to internal stakeholders, there are three key external stakeholders to engage with. First, policy makers and regulators. Secondly, the partners. Third, the users: if no one uses a platform, you are nothing. As for the first group, I would say that there is still a knowledge gap in understanding the technology and potential of cryptocurrencies. These are conversations that we have on a global scale. Many jurisdictions contact us when they want to start regulating cryptocurrencies.
Mainstream media continues to associate crypto and blockchain with scams and illicit funds. However, if you look at the data, the amount of illicit funds flowing through crypto is a very small fraction of what flows through fiat channels. Crypto is a traceable technology, so it is easier to track than fiat currency. The beauty of technology is evident.
We teach many classes for law enforcement and regulators. Last year, we taught classes in Taiwan for law enforcement. This is part of our educational and collaborative efforts. We want to dismantle some of the myths and misperceptions around the cryptocurrency sector to make it more robust and dynamic.