Main Takeaways
Binance CEO Richard Teng sat down with Mastercard’s Global Communications VP, Ben Fox Rubin, to discuss crypto’s role in financial inclusion and the future of payments.
He emphasized the impact of crypto remittances, the importance of regulation and institutional adoption, and the promise of stablecoins.
The interview highlights how Binance is driving adoption through partnerships, regulatory leadership, and user-first innovation.
In June 2025, Binance CEO Richard Teng joined Mastercard’s Global Communications VP, Ben Fox Rubin, for a wide-ranging video interview recorded in Dubai. The conversation covered crypto’s role in solving real-world financial pain points, the road to mass adoption, and how Binance is leading the charge on innovation, compliance, and utility.
Below is a recap of the conversation, available in full on the Mastercard website, edited for length and clarity.
On Financial Inclusion and the Promise of Crypto
Richard emphasized that crypto was born to solve the financial access gap. “There are still 1.4 billion people globally without access to the financial system,” he said. In many frontier markets, where inclusion rates are as low as 10–20%, crypto is often the only lifeline for sending or receiving money.
Unlike traditional payment systems, crypto is available 24/7, doesn’t discriminate, and isn’t slowed down by borders or trade tensions. “People come up to me and say crypto and Binance saved them – it’s the only way they can receive remittances from loved ones,” he added. Crypto transfers are instant and low-cost, compared to traditional methods that can take days and charge up to 15% in fees.
On the Road to Mass Adoption
Reflecting on his crypto journey since 2017, Teng shared the necessary components of crypto going mainstream that he had identified early on: “You need two things: clear regulations and institutional adoption.”
He noted that when he entered the space, few regulators were paying attention. That has changed dramatically. “Last year was a turning point with the approval of ETFs in the U.S. and elsewhere,” he said. Major institutions like BlackRock and Fidelity now offer crypto products, reversing earlier skepticism.
Binance’s own growth tells the story: from 170 million users at the start of 2024 to more than 280 million by July 2025. “We’re adding more than 150,000 users a day. And it’s not just retail — family offices, sovereigns, and corporates are all coming in.”
On Building a Regulatory Foundation
Before joining Binance, Richard had a long career as a financial regulator and helped develop one of the first crypto regulatory frameworks at Abu Dhabi Global Market. That experience, he said, shapes his leadership at Binance.
“Our priority is to work with global regulators and uphold the highest standards. Today, we’re the most regulated exchange globally.”
His goal as CEO, he says, is “to make Binance the best platform for crypto users: best product, best security, best compliance – and to build the partnerships that will take crypto to the next level.”
On Crypto Partnerships and Payments
Partnerships like the one with Mastercard are central to Binance’s strategy. “We’re still early in adoption. The more we work with partners to expand use cases and utility, the faster crypto will grow.”
He pointed to Binance Pay, which has processed over $27 billion in volume and saved users an estimated $1.75 billion in remittance fees. In Bhutan, for example, Binance Pay now enables payments for everything from visa applications to local vendors by supporting a national tourism payments system.
Crypto users, Richard noted, “tend to spend more, travel more, and want better digital experiences. That’s where we can collaborate to offer seamless global payments.”
On Creating a More Stable Crypto Market
Richard Teng acknowledged that all asset classes face macroeconomic pressures, but crypto today is fundamentally stronger than in past cycles.
“With institutional adoption, we now have much more diverse holders: sovereigns, family offices, corporates, HNWIs. That means more stability, broader distribution, and more long-term conviction.”
He added that the market cap is far larger than in previous years, and yet, adoption is still early. “The future path is bright – and we’re building toward a more mature, resilient financial system powered by crypto.”
Final Thoughts
From regulation to remittances, Richard Teng sees crypto as a transformative force for global finance. His leadership at Binance is focused on long-term value: “It’s not just about crypto, it’s about what crypto makes possible.”
With more than 280 million users and growing, Binance remains committed to building a more inclusive, stable, and useful financial future – one partnership, product, and user at a time.