Binance today is around 220 million Users how do you get to 2 billion today I sit down with CEO of binance Richard Tang I think that this is just the Beginning right we are very at a very Very early stage about what comes next For the largest crypto Exchange in the World ourselves we have secured our 19th Regulatory approval globally I question Richard about why binance is better than The competition why is binance better Than coinbase their relationship with The B&B token what is binance exchanges Relationship with the B&B token and Watch today's whole video as we also Discuss much more CZ is about to be free After 4 months in prison thoughts on That click the like button to support me And let's start Richard how did you First get into crypto sure thanks for Having me on the show uh Austin so I Just my background has mainly been in Financial services and I spent quite a Fair bit of time as a financial service Regulator in my career I discovered Crypto right around 2017 March just I Mean binance was established in July 2017 so just around that time I was Actually in bokar Raton uh attending uh Futures industry Association conference Which I go on the annual basis and at That conference what strikes me was There's a lot of crypto boys starting to Come through expounding this and it
Intrigues me so the more I understand About this this space I firmly then Believe that this is going to be the Future of finance and the future of many Industry right but at at that point in Time if you remember 2017 it was still Very early days right so if you look at Crypto adoption today 5 to 6% but at That point in time was very very early Stage and my thesis then and which I Still stand it stand by today is that For crypto to really go mainstream to Really expound on the use cases you need Two Dimensions to come into play firstly You need regulatory framework to really Support users in their crypto Journey Right and give Clarity to uh crypto Place the boundaries to operate in and Then secondly with that the institutions Will start to come in and with Institution Liquidity um that will really bring it Forth right and and you're going to do a Lot more research into this place you're Going to you know distribute it more Widely so 2024 has been a landmark year Because we see that coming into play now With the approval of ETF not only in the States but places like Hong Kong Brazil Australia Canada you name it right so it Has gone this year we have seen it gone Mainstream we have seen more and more Regulators really coming into this space To provide Clarity in terms of
Regulatory framework that regulate this Space do you think 2024 like people have Always talked about since 2017 and Before Mass adoption this year and in a Sense we've got that the space is so Much more regulated um the big players Are entering is there anything left like This could could this be the last great Onboarding Year I I mean I am I think that this is Just the beginning right we have very at A very very early stage right so this Year you see approval of e here uh that Is only to me that's only the beginning Right so if you look at crypto adoption Is still relatively early uh there are Various Parameters that we measure based on that Front if you just look at our user base Right so binance today has about 220 Million Users the first 100 million users took Us five years to on board the second 100 Million users took us two years to on Board so you see the pace of adoption is Getting very quick so the thir 100 Million users will take us a shorter Period of time so if you go by that Exponential effect this year alone we Saw what 36% increase in terms of Institutions coming to us and you see a Lot more but we're just starting right So as as Jenny Johnson from Fidelity the City put it very well we at a very very
Early stage of allocations by Institutions into this space by Corporates high Networth individual so We are at a you know I don't think we Are even at the first ining so I'm I'm I I remain very bullish about what's going To happen going into the future how has Binance changed since you took over from CZ because many people got to know Binance through CZ the founder Absolutely so CZ is a inspirational Charismatic leader so he CZ was a Founder CEO right so he started this Enterprise way back in 2017 right again Very early adopter uh when you know many People don't believe in this space so I If I bring you back to the landscape in 2017 none of the global Regulators who Are looking at this space seriously the Institutions Were saying that this a passing fat you Will not stay right so but he and the Early team really believe in it really Supported many of our users in terms of Their crypto Journey right so I think he Has transformed the industry in many of Those sense I am quite different so when I came in uh binance is a very mature Enterprise in many sense uh so under me Uh really what we are focusing on is to Bring it in terms of his further Maturity as as I mentioned first you are Seeing the direction of travel very Clear in the past there are very few
Regulations in this space now there are Much clearer regulations having said That only one third of global Regulators Are looking at this right for ourselves We have secured our 19th regulatory Approval globally in India recently Right and you know India is a very big Market earlier this year we have secured In places like Kazakhstan food license To buy Thailand and the list goes on so We will continue to work very closely With GL Global government as Enterprise We have gone from a Founder CEO L Company to a board Le company so I'm Working with our board of directors to Chart the journey forward in terms of Strategy on those fronts to see how we Can continue to serve our users much Better user continue to be the focus of Everything we do so we continue to R Out Product features enhancement and to Build the best in-class platform to Serve our users at the same time Investing a lot into compliance I Mentioned in some other forums last year Our compliance ban was $230 million us It was a close to 40% increase compared To the previous year and this year will Go up even more really because this Space is getting much more regulated There a lot more regulatory Clarity and We need to invest a lot more into this Space we are glad that we have the Financial Prest to continue to do so and
What we intend to do is to make this a Competitive Advantage for us right in Terms of not only working with The Regulators but as a form of protecting Our users which is extremely important You say competitive advantage and Altcoin daily speaks to an audience of Over three million crypto investors Across all social platforms and I get This question a lot so I want to ask you Why is binance better than coinbase I Don't want to pit you against each other But you guys are the elites and people Are looking for an exchange right so I Think Brian would say you know coinbase Is the best exchange um I think at end Of day fundamentally both of us coinbase And binance are really supporting our Users in that into their in their crypto Journey right we're interested in in Supporting Global deployment what I will Say are the distinguishing strength of Finance is firstly we always Place user Interest first right that is par for us In whatever we do so that is a very Strong DNA right so if you look at our Speed of execution we are always there For users right so if you look at Throughout the course of this year we Have introduced many product enhancement From things like copy trading to Mega Draw to Super earn to binance square and And that least goes on we continue to Innovate very very quickly we have a
Very strong technology and operational Team right so I think firstly I think Many people don't appreciate that crypto Operates on a 247 basis so operational Resilience is extremely important which Is something that we place a lot of Emphasises so if you look at it uh we Are always there 247 for our users uh Really supporting them wherever they are On that front I mentioned that we are The most licensed exchange globally now I mean we have 19 regulatory appr appro Globally and you know we are quite Optimistic by the end of the year I'm Able to announce a few few more we Continue to work very closely with Global Regulators security is the other Area that I wanted to stress right so You have read quite recently indoex Which is one of the largest Indonesian Exchange got hacked not so long ago Wazar Rex which is one of the large Indian exchange got hack BTC thir again So all these are very very serious right In terms you know when exchange get hack So we invest heavily into self security Platform So our security platform is Best in Class other than that we do a lot of Enhancement to really protect users so This year alone through our Ai and other Techniques that we deploy which I which I believe that we at the Forefront of That technology we help users avoid 2.4
Million uh 2.4 billion in terms of Potential losses right through scams Through Rock pools etc etc so so we do a Lot of things and we go beyond what Regulators prescribed we are the first To introduce things like safu fund now It stands at more than 1 billion really To protect user interest so user are Always at the heart of what we do and Because of that I think user has repa Our our trust in terms of their trust And confidence in us we have 220 million Users Globally um and we have the most Die Hard ban TR so I'm very proud of the Communities the inures out there if you Look at it that's something that many Other platforms don't enjoy right so we Have many people that truly believe in Binance that binance is here to continue To support them in that Journey what is binance exchange's Relationship with the B&B token and has It changed since initial days no it has It has never changed so if you look at It binance does not control or operate a BNB chain right BNB chain is community L Is decentralized is censorship resist Blockchain is powered by BNB BNB is the Native token that really feel Transaction on the B&B chain right so it Consist of BNB smart chain op BNB Greenfield Etc uh mbnb is necessary to Participate in this decentralized on
Governance on on the BNB Chain Richard how much of your net worth Is in BNB Token I I'm not going to I mean I am Heavily leaned towards crypto so I Believe in crypto I started as I Mentioned to you I started um knowing Crypto in 2017 right at a point in time I was a regulator and I really believe For it to go mainstream we need clear Regulatory framew so and when I was in The CEO of ABW Global Market we became One of the first in the world to come up With a comprehensive regime that Provides Clarity for crypto players to Operate for users to gain confidence and Trust in in this sector right so I I Always tell people that um I'm the sort Of regulators that likes to get very Handson I I'm very Pro Innovation very Supportive of growth and I started then Right 2017 I started with two you know Accounts with cryto exchang starting Trading crypto because I always believe That you need to be in it to be in asset Class to be able to understand the asset Class and regulate it effectively it's Just like a banking regulator that who Does not have a bank account it's not Going to be authentic right so so I Started then so I you know I have my I Appreciate you playing Ball yeah in in crypto yeah but could You say how much of your uh investable
Assets are in crypto are you all in Crypto or do you do traditional markets As well no I so you know I I'm I'm in my 50s now so I started my journey Accumulating Assets in in other asset Class right Securities bonds Commodities But I would say that cryp is at at least 50% of my portfolio today right that's a Believer the early days of all those Other asset accumulation are still there Including real estate Etc binance today Is around 220 million users how do you Get the two Billion well I think it's really focused On continue to build the best platform Out there to serve our user needs to Continue to look at important use cases And support innovation Making it easier in terms of user Interface to come on board and working With global policy makers to provide Clarity into this space right and today It is it is still challenging we are Operating in many countries around the Well the the challenge is uh it is Regulated very differently depending on Which part of the world you are right Some de as security some de as commodity Some have a unique definition that is a Virtual asset uh some things that There's a digital payment token so it Makes deployment extremely difficult What we do hope is to have a harmonized Set of Standards globally but we're
Working very closely with global Regulators I mentioned only one third of Global Regulators are regulating this Space so hopefully with greater Clarity And with expansion of regulatory remit Over time we are able to serve even more Users globally but this is a this is a Very positive year right so as I Mentioned I think the the approval of ETF the likes if you look at two years Ago most of the top 100 financial Institutions around the world have no Crypto agenda today is so different Right the largest money manager in the World Black Rock CEO R from a skeptic to A Believer so that is a huge shift in Terms of attitude towards crypto that's Why I said this is only the beginning if You look at many of the wealth managers Out there things people like Morgan Stanley Etc they are only starting to Allow wealth manager to recommend this Product to users so we're the early in It when you say like to get to that two Billion you know you be very attune to The customer's needs like what are you Building is like what is the business Model more derivatives obviously you Guys do everything debit cards like what Is one thing that's on the road map in The Future I know you have derivatives I'm Just saying you're focusing more of that Yes so what we do very well is continue
To be in close contact with all our Different types of users or different Category of users right so from your High tier VIPs to retail to people in The middle right understanding their Needs and the needs are different in Every region so if you look at some Regions they have much more needs for Payments and they use crypto more for Payments purposes right on that front so You know for binance pay we are very Proud that we have you know um since we Introduced in 2021 we have processed More than 137 billion worth of Transaction right and those continue to Grow very well so is really Understanding the needs of users what do They need in terms of product future for The different parts of it be in terms of Sport derivatives our earn products our Pay products and continue to innovate And continue to add features and think What else are out there in terms of new Products and services that we can offer So we are constantly on the lookout we Are scanning you know the the global Universe and landscape for new products And services that we can offer to our Users but at the same time understanding User needs is extremely important so we Get very close uh contact with our users We hold many different events to get This interaction firsthand and we we Really welcome users to tell us what do
They want to see more from us so we have A feedback channel that you know we Receive a lot a lot lot of inputs have Very valuable feedback and we process That and we look at okay this this makes Sense this is something that we R up Quite quickly and we when we push Through a lot of those Innovation I Think some of the features that you see That mentioned that we wrote this year Are things that our users on so we will Continue to do that I was at token 2049 Last year in Singapore attending some of The binance parties and just in general The people love binance and I'm not just Saying that like people you know the Customers are liking it so whatever You're doing is obviously working I have A question for you uh big picture Ecosystem wise or just big picture Crypto wise Michael sailor Kathy Wood Even CD at one point all say they Believe Bitcoin will eventually hit a Million dollars do you believe this what Are your Thoughts well at a personal level I Certainly hope they are correct as I men I I'm very partial towards crypto I'm Invested into crypto so I certainly I Hope that's correct but I think at a Broader level what we are focusing on at At binance is really building the best Platform out there to serve our users Right so as long as we continue to do
Things well to serve our users right I Think the numbers will continue to grow As a as a much broader ecosystem right We are at early in so you know as I Mentioned institutions are only just Starting to come in and institutions Represent a different category of Investors right so if you buy through ETF unlike crypto exchanges they operate 24/7 bases those only trade within a Certain number of hours right so they Represent a different type of users they Probably uh are users that buy and hold For for a very long term they don't they Don't trade as as often Etc but they are Important they're bringing a different Pro of liquidity right and you cascet Down crypto is the only asset class Right there has gone the reverse order Right most asset class starts from Institution adoption the corporate High Networ retail crypto has been embraced By retail for the longest period of time And the rest were just ignoring it now We are seeing that shift to say oh the Rest okay this is this is going to be The asset class of the future let's Start to look at this very seriously Right so at a broad ecosystem level is Very positive well we are seeing again In terms of products uh funds are being Raised by various VCS PE funds fund Managers to invest into different areas Of the value chain of crypto investing
In each of the sub sector very exciting And those use cases coming true will Only support the further growth of Crypto right again then The Regulators Starting to embrace this space giving Clarity and confidence to users that This is a space that they recognize Again that will boost sentiment so at a At the broad ecosystem level it is very Positive Bitcoin and Bitcoin you know is Itself that go through harving cycle Right every four years um so on that Front is a demand and Supply issue right So every four years Supply will reduce And what we see in past cycle is you Know uh six to 12 months after Bitcoin Haring uh prices you know normally go on A uptrend sometimes a very sharp up Trend right so I do think that you know This cycle we going to see but I don't See anything that suggest otherwise so We do think that that's going to happen As well I know you probably can't answer This because you're a CEO of a major Crypto company but do you think Bitcoin Please tell me no if you can do you Think Bitcoin clears $100,000 top of the Cycle I I can't speculate I wish I have A crystal that's fair that's fair I wish I have a cryst I I certainly wish wish CST because as ation and I invested in Crypto I have uh two final questions That are but I just want to make make Sure did anything we didn't cover about
Binance cuz you are the man to talk to I Really appreciate you sharing your time Uh what what does the audience need to Know about binance in the Future well I think binance will Continue to innovate uh Innovation and Placing user first is always at a heart Of what we do we will continue to invest Very heavily into compliance given the Direction of travel is such that you Know you know that's going to be much More rules and regulations and we have The ability to invest in those to make Sure that we continue to to serve our Users wherever they are and we continue To work very closely with global Governments around the world policy Makers to educate them we spend a lot of Time not only educating our users we Always tell our users do your own Research right but we also spend a lot Of time educating policy makers law Enforcement agents because there is this Misperception that crypto is tied up With money laundering you know Financial Crimes but if you look at data right the The amount that goes through crypto is Minuscule 0.0 something per compared to That space right most of the transaction Most of those happens in the Fiat space In the banking space and in through Other sectors So that education is very important Because crypto is a traceable technology
I think people have to appreciate that Unlike Fiat you have h100 million do you Start Distributing them you can't trace That right but crypto can be traceable So we spend a lot of time energy educa In them and hopefully all those will be Fruits Regulators will come on board Understanding this product and see how To come out a framework that support the Innovative aspect the growth aspect the FDI aspect of this space which is Extremely important this is a space of The future together with AI you form the Financial infrastructure of the Future uh at at the same time mitigate The risk aspect of it so this is Something that we will continue work Tirelessly on for our users final Question because I know you're a busy Guy um CZ is about to be free after four Months in prison thoughts on that well We are very happy that he's he's getting Out right so I think I think most of you Know the US resolution C binance we paid A very heavy price I think what's Important is that we learn from that we Get much better I think even financial Institutions with 100 years 50 years History will breach the laws from time To time but what is important is to Acknowledge past mistakes we can do much Better we have invested heavily for the Future and we will continue to Pivot on That front but really users at the heart
Of always of what we do CZ always tell Me that always treat your users right And they will treat you correctly right So those are very strong wise advice From CZ which I take too heart and will CZ have any direct involvement on this Back end in binance or is it just a new Era well so I think those questions are Meant for C they are not men for me but Really those questions can be directed To him right so but CZ is a major Shareholder is a he has brought Shareholders right on that Richard I Appreciate you uh playing ball with These questions and and sharing your Time thank you sir uh final thoughts for The Alin daily Army thank you Austin so We are early stage let's keep building Let's make the ecosystem much more Vibrant for everybody Rising tight float So boat and we look forward to Supporting you and everybody else in Terms of the crypto journey is exciting Time ahead
