Binance Hosts Live AMA with CEO Richard Teng
Binance celebrated a remarkable milestone of reaching 200 million users by hosting a live Ask Me Anything (AMA) session with CEO Richard Teng. The event was an opportunity for users to engage directly with Teng and gain insights into the platform’s future plans and ongoing developments.
HIGHLIGHTS
- Richard Teng discussed Binance’s rapid growth, reaching 200 million users in just 26 months, and the company’s future strategic plans.
- The AMA avoided new token discussions and price predictions, focusing instead on regulatory challenges and platform improvements.
- Teng addressed issues in Nigeria, India, and other regions, highlighting efforts to resolve regulatory hurdles and enhance user engagement.
Binance Growth Milestones & Regulatory Challenges
Richard Teng started by expressing gratitude to every user of the leading exchange Binance, acknowledging their role in achieving this milestone. He highlighted the platform’s rapid growth, reaching 200 million users in just 26 months, which is twice as fast as the previous milestone of 100 million users, which took five years to achieve. Key questions addressed by Teng ranged from company future growth plans and regulatory issues, as well as plans to address them.
Teng discussed the growth of the BNB Chain, mentioning that the team is always on the lookout for good projects to onboard. He also affirmed plans to increase engagement on the platform formerly known as Twitter, now called X. Additionally, Teng addressed questions about digital transformation strategy and AI integration, stating that the company had discussed AI adoption and believes it is inevitable, be it in marketing or customer service.
Notably, Teng addressed the issue with Nigeria, where many products are now unavailable for Nigerian Binance users, such as P2P and the browser or desktop Binance site, as well as some referral campaigns. He stated that Nigeria is important to them, and they want to find a way to settle the crisis and strike a balance with the Nigerian government. Teng also discussed Tigran Gambaryan’s case dynamics, expressing hope for a fruitful outcome and prioritizing Gambaryan’s reunification with his family.
Regarding India, Teng addressed concerns about having the Binance app on playstores and app stores, following their FIU approval in India. He mentioned that their team is working on entering various Asian countries soon.
Token Listings, Crypto Education, and Future Growth
Teng commented on token listings, stating that they consider community engagement, use cases, regulatory compliance, and a comprehensive assessment of every project before listing. He also spoke about expanding Binance’s presence in Africa and stressed the importance of providing crypto education, especially related to crypto regulations for countries. He cited the recent example of Dubai, where they provided such education.
Teng closed by reiterating the company’s rapid growth, achieving the 200 million user milestone in just 26 months, twice as fast as the previous 100 million user milestone, which took five years. He expressed optimism about future growth, aiming to reach 1 billion users in the near future.
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