Richard Teng’s AMA on Binance Square: Celebrating One Year as CEO
Main Takeaways
On November 21, 2024, Binance CEO Richard Teng joined an AMA session on Binance Square to mark his one-year anniversary at the helm of the organization.
The session covered Binance’s strong growth, the crypto industry’s transformative milestones of 2024, and the role of AI in advancing the freedom of money, among other exciting topics.
Binance Square has evolved into a central hub for crypto enthusiasts, with over 35 million monthly active users and new features like video content and live audio events.
The recap below highlights Binance CEO Richard Teng’s answers to select user questions that he fielded during the live AMA session on November 21.
Binance Square’s Audio Live is a new feature designed for real-time, interactive discussions. Supporting up to 10 speakers at a time, it creates a dynamic platform where the global crypto community can connect, share ideas, and engage directly with industry leaders like Richard, fostering meaningful conversations and collaboration.
Please note that this transcript has been edited for length and clarity.
1 / On One Year as CEO
Can you share how the past year has been for you as CEO, and your thoughts on how 2024 has been for Binance and how you view the industry’s progress during this transformative year?
Richard Teng: Leadership in the crypto industry is anything but a solo endeavor. I am fortunate to have an incredible group of senior leaders working alongside me, supported by thousands of dedicated and committed staff spread across different time zones and countries. I want to note that our success is deeply tied to our community members who stand by us through both the good times and the challenges. I’m immensely grateful to every one of them for their contributions and support.
For Binance, it has been a phenomenal year of growth. Our user base has grown to over 242 million globally, with an additional 62 million users joining this year alone. We’ve seen $9 billion in net inflows – nine times more than our nearest competitor – and the total amount of user assets we safeguard now exceeds $150 billion. We now have about 20 regulatory approvals globally, making us the most regulated exchange. So I believe that the journey is just starting, and we are going to see fast paced mainstream adoption going to 2025 and beyond.
Bridging the gap between crypto and the traditional financial sector remains a key focus for us. By fostering education, awareness and addressing misconceptions, we aim to help stakeholders – from institutions to everyday users – to better understand the massive potential of blockchain technology and unlock it fully.
2 / On Industry Milestones in 2024
2024 has been a landmark year for the crypto industry. What stands out to you the most?
Richard Teng: This year has truly been transformative for crypto. The approval of Bitcoin ETFs in markets like the U.S., Hong Kong, and Brazil has elevated the industry’s credibility. Total crypto market capitalization now exceeds $3.2 trillion – a remarkable leap from $600 billion in 2017.
It’s worth mentioning that the industry has come a very long way since the birth of Binance. I always say that 2024 is a landmark year for the industry for two key reasons: First, the approval of Bitcoin ETFs in major markets. Second, institutional adoption has surged. Leaders like BlackRock’s Larry Fink, once a skeptic, are now true believers in the industry. Today, with the likes of institutions like Morgan Stanley, Goldman Sachs, and Fidelity are allocating into crypto, and even sovereign wealth funds and endowments are beginning to recognize its value.
These milestones highlight the industry’s increasing maturity and mainstream adoption. It’s an exciting time to see it all unfold.
3 / Exploring the Role of AI in Crypto
Binance recently published a research paper on AI agents in crypto. How do you see AI shaping the future of the industry?
Richard Teng: AI and blockchain are not just complementary technologies, but they are also foundational components for the future economy of the world. Together, they will redefine how industries operate by offering efficiency, transparency, and security.
At Binance, we invest a significant amount in finding innovative ways to use and leverage this technology. For example, we’re already using AI to enhance user experience in several ways. From flagging potentially suspicious transactions to identifying unusual patterns of activity early, we strengthen our platform security and protect our users from scams.
As we move forward, Binance aims to continue its focus on integrating AI in meaningful ways, ensuring its alignment with our mission to make the crypto ecosystem safer, smarter and more inclusive.
4 / Memecoins: Fun or Fad?
Let’s talk about memecoins. They’re hugely popular but also controversial. What are your thoughts on their role in the crypto ecosystem and how does Binance plan to onboard them?
Richard Teng: I love this question. Memecoins may not captivate everyone and may be believed to not have a substantial real-world application, but as an industry player it is important to also recognize their appeal and their broader value.
Memecoins capture the attention of young, internet-savvy demographics within the crypto community, reflecting trends and market sentiment in a fun, innovative, and dynamic way. At Binance, we remain agnostic toward different innovations in the crypto space, focusing instead on maintaining a strict due diligence process to ensure it aligns with our commitment to both innovation and user protection. Our priority will always be on providing users with access to high-quality projects worldwide, supporting growth in the global ecosystem.
5 / Binance’s Secret Recipe and Long-Term Vision
What’s the secret recipe behind Binance’s success, and how do you envision the company’s future?
Richard Teng: The foundation to the success of Binance has been laid back in 2017, when it was founded. Throughout the seven years of our operations, we have always been guided by our user-focused philosophy. That is the secret recipe. Our culture is another key factor. Binance is built on a collaborative, hardworking, and solution-driven ethos. We are very passionate about our community, which are, in turn, very passionate about us. The trust and confidence we earned didn’t come overnight – it’s the result of years of consistent effort, innovation, and commitment to putting users first.
Looking ahead to the future, our strategy remains clear and ambitious. We will continue to innovate and expand strategically, ensuring that we are successful in terms of localizing the needs of every market. This involves forming strategic partnerships and investing heavily into compliance. Regulatory compliance is a significant area of focus for us – costly but essential. At Binance, we’re fortunate to have the resources to make substantial investments in this area, turning it into a critical competitive advantage that will benefit all of our users.
Our vision is bold: to onboard one billion users. This requires continued investment in education, compliance, and localized solutions. We’re here to build a sustainable ecosystem that will thrive for decades to come.
Listen to the Audio Live on Binance Square
Couldn’t tune in to the AMA with Binance CEO Richard Teng? We got you. The recording of the full session is available here.
Since its launch in October 2022, Binance Square has rapidly grown into a leading social platform for crypto enthusiasts, boasting over 30 million monthly active users and 800,000 content creators. Supported in 26 languages, the platform acts as an oasis for diverse conversations and facilitates global discussions on the latest trends and developments in Web3.
Want to join the next event? Follow the official Binance Square page and Richard Teng’s account. This way, you’ll never miss an announcement, and will also be able to submit questions in advance of the next live AMA.