Binance CEO: "Crypto will be the 'Future of Money'" [Consensus Hong Kong 2025]

From left: Michael Lau, Chairman of Consensus Hong Kong, Richard Teng, CEO of Binance. Hong Kong=Reporter Lee Jun-hyung

Richard Teng, CEO of global cryptocurrency exchange Binance, stated that "cryptocurrency will become the 'future of money.'"

Speaking at 'Consensus Hong Kong 2025' held at the Hong Kong Convention Centre (HKCEC) on the 19th (local time), CEO Teng said, "(The crypto industry) has undergone tremendous changes since 2024." Teng noted that "clear regulations were established (last year) and institutions began actively adopting cryptocurrencies," adding that "we could see major financial institutions like BlackRock, Fidelity, and Morgan Stanley becoming active participants in the crypto market."

Teng also addressed the U.S. regulatory environment. He stated, "The Biden administration focused on regulation through litigation, meaning regulating the market through legal disputes rather than setting clear rules," and added, "The market atmosphere (for crypto) changed with Trump's election at the end of last year." He continued, "As BlackRock CEO Larry Fink said, institutions are now at a stage where they're considering 'what percentage to allocate to crypto' rather than 'whether to invest in crypto.'"

He identified Artificial Intelligence (AI) and blockchain as key issues to watch. Teng said, "The convergence of AI and blockchain is a very interesting topic," stating that "(AI and blockchain) will be crucial elements affecting all economic sectors in the future." He mentioned, "While Binance has 260 million users, we only have about 6,000 employees," adding that "we are exploring ways to improve efficiency in Know Your Customer (KYC) and transaction monitoring using AI technology."

He also emphasized cryptocurrency's 'financial inclusion.' Teng explained, "More than 1.5 billion people worldwide still lack access to financial systems," noting that "traditional financial systems only accept customers who meet certain criteria." He stated, "However, cryptocurrency provides financial services that anyone can access 24 hours a day without discrimination," adding that "in countries with severe inflation and currency devaluation, holding stablecoins or Bitcoin (BTC) is becoming a more stable asset management method than local currencies."

He also mentioned the potential of Decentralized Finance (DeFi). Teng said, "It's currently difficult to predict which direction (DeFi) will take," but added that "as DeFi grows, regulatory attention is likely to increase, and this process could lead to integration with traditional centralized finance."