Main Points:
- Leadership Ethos: Emphasizing discipline, a “hardcore” mindset, humility, and a steadfast focus on the user.
- Governance Transformation: Transitioning from a founder-led organization to a robust board-driven structure, ensuring greater regulatory compliance and strategic clarity.
- Global Expansion & Regulation: Rapid growth in user numbers and regulatory licenses across key emerging markets including India, Brazil, Indonesia, and Argentina.
- Institutional Investor Engagement: A surge in institutional interest, spurred by U.S. Bitcoin ETF approvals and the evolution of financial products in the crypto space.
- Investor Education & Risk Management: A continuous commitment to educating investors and managing market volatility through comprehensive risk strategies.
- Recent Trends: The rise of blockchain integration in traditional finance, growing decentralized finance innovations, and evolving global regulatory frameworks shaping the future.
Introduction: Embracing Change in a Dynamic Crypto Landscape
In a world where digital assets and blockchain technology continue to redefine finance, the leadership of major crypto exchanges is evolving. Binance, one of the world’s largest cryptocurrency exchanges, has undergone a significant transformation from a founder-led enterprise to a board-led organization. In an exclusive interview at Japan Fintech Week, Binance CEO Richard Teng—a former regulatory practitioner—shared his vision and routine for leading a global organization amidst rapid industry shifts. His insights not only highlight personal discipline and a clear operational ethos but also mark the company’s broader shift toward institutional maturity and global expansion.
Teng’s approach is built on an unyielding commitment to discipline and continuous self-improvement, which he deems essential for navigating both daily challenges and long-term strategic issues. His personal routine is simple yet rigorous: every day begins with at least 30 minutes of exercise and time dedicated to reading before engaging in the day’s meetings. This discipline underpins a larger ethos at Binance that stresses a “hardcore” approach to problem solving, a humble acknowledgment of one’s limitations, and an unrelenting focus on user needs.
The Ethos of Binance Leadership: Discipline, Humility, and a User-Centric Approach
Richard Teng’s leadership style is characterized by his insistence on discipline and adherence to a set of core values he calls the “ethos” of Binance. The first of these values is a “hardcore” mindset—a relentless drive to tackle the unknown and address emerging challenges head-on. In an industry where uncertainties abound, maintaining ownership and a proactive stance in solving problems is indispensable.
Equally important is the value of humility. Teng emphasizes that as one grows older and accumulates more experience, the realization dawns that there is always more to learn. This mindset drives continuous learning and collaboration within the company. Binance’s commitment to these principles—discipline, humility, collaboration, and an unwavering focus on the user—has proven to be a guiding force, enabling the company to not only survive but thrive in a volatile market.
Moreover, Teng’s approach to leadership extends beyond personal routines. He has instilled a culture of accountability and resilience across the entire organization. By prioritizing user interests in every decision, Binance reinforces its reputation as an exchange that not only facilitates trading but also champions the security and prosperity of its global clientele.
Transforming Organizational Governance: From Founder-Driven to Board-Led
One of the most critical transformations at Binance has been the shift in its governance structure. In November 2023, Richard Teng succeeded Changpeng Zhao (CZ), the founder, and began the process of steering Binance through a period marked by both regulatory scrutiny and market uncertainty. The transition from a founder-led to a board-led organization was not merely a change in leadership style—it represented a fundamental realignment of the company’s internal structures.
At the heart of this transformation is the establishment of a dedicated board of directors, comprising seven members, including three independent directors with built-in oversight functions. This new governance model is designed to ensure that decisions are made with a broader perspective and with heightened accountability. As the crypto market matures and regulatory expectations tighten, such changes are essential for maintaining investor trust and securing a sustainable future for the exchange.
This shift has also been accompanied by a more systematic focus on compliance. Regulatory clarity has improved globally, prompting Binance to reconfigure its internal policies to meet increasingly rigorous standards. The evolution from a nascent, founder-led venture in 2017—when global crypto adoption was only about 1%—to a well-oiled, board-driven institution is a testament to Binance’s adaptability and forward-thinking strategy.
Global Expansion & Regulatory Milestones: A New Era of Growth
Under Teng’s leadership, Binance has not only reformed its governance but has also achieved remarkable growth in user numbers and regulatory approvals. In 2024, the user base expanded dramatically from 170 million to 240 million by year-end, and as of March 2025, the number has surged to 262 million. This growth is not just a numerical achievement—it reflects the trust and confidence that millions of users have placed in Binance.
Simultaneously, Binance has expanded its regulatory footprint. Initially licensed by 14 regulatory authorities, the exchange has now secured approvals in 21 jurisdictions. New regulatory approvals have come from key markets such as India, Brazil, Indonesia, and Argentina—countries with massive populations and significant market potential. This regulatory progress is instrumental in cementing Binance’s status as a truly global player and sets the stage for even more robust cross-border operations.
In addition to these milestones, recent trends from other industry analyses highlight a growing appetite for crypto in emerging economies. Financial technology platforms are increasingly collaborating with local regulators to develop frameworks that support innovation while ensuring consumer protection. This dual approach of aggressive expansion combined with regulatory prudence is becoming a hallmark of successful crypto exchanges worldwide.
Institutional Investor Engagement & ETF Dynamics: Bridging the Gap
The institutional investor segment has witnessed unprecedented growth in the crypto market over the past few years. A turning point came in early 2024, when U.S. regulators approved the first Bitcoin ETF—a milestone that paved the way for increased participation by institutional investors. This move has not only bolstered the credibility of the crypto asset class but also provided a gateway for investors who were previously hesitant to engage directly with digital assets.
At Binance, the impact of this development has been profound. The number of institutional investors doubled compared to 2020, and the company’s dedicated initiatives to attract and retain these clients have yielded positive results. Institutional investors appreciate the balance between security and innovative trading solutions that Binance offers. Yet, while ETFs offer a simplified entry into the market, they come with higher liquidity costs and limited trading hours compared to direct trading on exchanges, which operate 24/7.
Binance is actively educating its clients on the benefits and drawbacks of ETFs versus direct crypto trading. The message is clear: while ETFs can serve as a useful introduction to the market, they are not a one-size-fits-all solution for seasoned investors who demand flexibility and continuous market access. This nuanced approach to investor education reflects Binance’s broader strategy of ensuring that both new and experienced investors are equipped with the knowledge needed to make informed decisions in a complex market.
Navigating U.S. Relations & Global Policy: The Shifting Regulatory Environment
The regulatory environment in the United States has long been a subject of intense discussion in the crypto industry. In the interview, Richard Teng draws a clear distinction between the operational domains of Binance.com and Binance US. While Binance.com continues to expand its global presence, the U.S. market remains a separate entity with its own governance and regulatory challenges.
Recent shifts in U.S. policy have had a ripple effect on the global crypto landscape. Whereas previous administrations were often viewed as hostile toward digital assets, the current U.S. leadership has adopted policies that are more supportive of crypto innovation. Formerly anti-crypto stances are giving way to initiatives that promote blockchain technology and facilitate more inclusive financial systems. Teng is optimistic that these policy changes will lead to more predictable and favorable regulatory environments—not only in the U.S. but around the world.
This evolution in policy has also encouraged regulators in other regions to reconsider their own approaches. For example, several countries in Latin America and Southeast Asia have accelerated their regulatory frameworks to attract crypto innovation, balancing consumer protection with the need for financial inclusion. Binance’s proactive approach in securing regulatory approvals in these regions underscores its commitment to meeting both local and international standards, positioning the exchange to capitalize on global growth opportunities.
Investor Education & Market Volatility: A Cornerstone of Sustainable Growth
In a market characterized by rapid innovation and inherent volatility, investor education is more important than ever. Binance places a strong emphasis on empowering its users through education, ensuring that they understand the risks and rewards of investing in digital assets. Teng stresses that every investor—whether an individual or an institution—must conduct thorough research and take personal responsibility for their investments.
The crypto market is subject to pronounced cycles of boom and bust, and even the most sophisticated investors can be caught off-guard by sudden shifts. Binance’s educational initiatives focus on risk management, highlighting the importance of long-term strategies over short-term speculation. The exchange advises investors to avoid relying solely on second-hand information and to base their decisions on rigorous analysis and independent research.
Educational programs at Binance include webinars, detailed guides, and one-on-one consultations aimed at demystifying complex concepts such as blockchain technology, smart contracts, and decentralized finance (DeFi). These initiatives not only protect individual investors from undue risk but also contribute to the overall stability and maturity of the market. By fostering an environment of informed decision-making, Binance helps build a more resilient financial ecosystem that can better weather market fluctuations.
Recent Trends & Future Outlook: Innovations and Global Integration
Looking forward, the crypto industry continues to evolve at a breakneck pace. Recent developments point to an increased convergence between traditional finance and blockchain technology. Major financial institutions are exploring the integration of blockchain for improving transparency, efficiency, and security in transactions. Innovations in decentralized finance (DeFi) are also reshaping how financial services are delivered, offering alternatives to traditional banking systems that operate 24/7 without the constraints of geographical boundaries.
Furthermore, emerging regulatory frameworks in regions like the European Union and parts of Asia are set to redefine global standards. As governments collaborate with industry leaders, there is a clear trend toward establishing more robust and coherent policies that support both innovation and consumer protection. Binance, with its extensive experience in managing regulatory challenges and its forward-thinking approach, is well positioned to leverage these trends. Its continued investment in technology, compliance, and customer education suggests that the exchange will not only adapt to these changes but also drive further advancements in the crypto ecosystem.
The future of crypto, as envisioned by leaders like Richard Teng, is one where a blend of cutting-edge technology, sound regulatory practices, and robust educational frameworks come together to create a secure, transparent, and inclusive financial system. With innovations ranging from blockchain integration in traditional finance to the expansion of DeFi platforms, the industry is poised for sustained growth and evolution. As new technologies emerge and regulatory landscapes shift, Binance’s strategic approach serves as a model for other exchanges navigating these complex waters.
A Transformative Journey Toward Sustainable Leadership
In summary, the evolution of Binance under Richard Teng’s leadership is a compelling case study of how vision, discipline, and strategic adaptation can drive success in an ever-changing crypto landscape. By embracing a leadership ethos rooted in rigorous discipline, humility, and user-first decision making, Binance has transformed from a founder-driven startup into a structured, board-led organization that is capable of navigating the complex regulatory and market dynamics of today.
The company’s impressive expansion in user numbers and regulatory licenses, alongside its active efforts to engage institutional investors and educate users, highlights a commitment to sustainable growth. The strategic shifts in governance, combined with proactive measures to adapt to global policy changes, position Binance as a trailblazer in the digital asset arena. As the crypto industry continues to mature, the integration of traditional financial systems with blockchain innovation and robust risk management practices will undoubtedly shape its future. Binance’s journey serves as both an inspiration and a blueprint for other industry players seeking to forge a path toward long-term stability and innovation
