Richard Teng, General Head of Binance Regional Market: Binance is financially safe and welcomes an increasingly mature regulatory framework

Richard Teng, Binance’s general head of regional markets, insists that despite recent regulatory scrutiny and regional challenges, Binance is financially safe and completely different from bankrupt peer FTX. Teng said that while Binance has faced different issues over the past few years, it has successfully addressed them on a case-by-case basis while maintaining financial strength and being able to handle customer withdrawals.

At the same time, the increasingly mature regulatory frameworks in various jurisdictions have also been welcomed by global exchanges. Richard Teng said the EU’s Market for Crypto-Assets (MiCA) regulation could benefit exchanges generally by setting standardized rules for the industry. MiCA is "a step in the right direction", providing the 23 EU member states with a consistent set of standards, which in turn could lead to wider convergence of global regulatory guidance for the industry.