RichardTeng

Hey Binance community! 👋 Today let's talk about something that keeps traditional bankers up at night: the unstoppable rise of crypto exchanges, with leading the charge. Is this the beginning of the end for traditional banking as we know it? Let's dive in!The Numbers Don't LieAccording to recent data, Binance dominated Q1 2025 with a staggering $2.2 trillion in spot trading volume, boosting its market share to 40.7%. Let that sink in for a moment.For comparison:•The New York Stock Exchange () processed about $5.9 trillion in the same period•NASDAQ handled approximately $4.8 trillion•All major U.S. banks combined processed around $3.1 trillion in consumer transactionsA single crypto exchange is now processing transaction volumes comparable to major traditional financial institutions. If that doesn't signal a seismic shift in finance, I don't know what does.Banking vs. Crypto: By The Numbers (The Educational Part)For those who love data, here's how traditional banking stacks up against crypto platforms in 2025:Transaction Speed:•Traditional Bank Wire: 1-5 business days•Binance Blockchain Transfer: 1-3 minutesAverage Transaction Fee:•Traditional Bank International Transfer: 3-7%•Binance Crypto Transfer: 0.1-0.5%Hours of Operation:•Traditional Banks: ~40 hours per week•Binance: 168 hours per week (24/7)Account Opening Time:•Traditional Bank: 2-7 business days•Binance: 5-10 minutesAnnual Return on Savings:•Traditional Bank Savings Account: 0.5-1.5%•Binance Staking/Yield Products: 4-15%When you look at these metrics, it's not even a fair fight anymore.The Sharia-Compliant RevolutionOne particularly interesting development is Binance CEO 's recent statement that "Sharia-compliant products are on our radar — financial freedom includes everyone."This isn't just a nice sentiment – it's a direct challenge to traditional banking's failure to serve the 1.8 billion Muslims worldwide who follow Islamic financial principles. While traditional banks have been slow to develop comprehensive Sharia-compliant services, crypto platforms are rapidly filling this gap.The Spicy Take That Bankers Don't Want You To ReadHere's my provocative thought for the day: Banks aren't just dinosaurs – they're actively digging their own graves.While crypto exchanges innovate at breakneck speed, traditional banks are still:•Charging overdraft fees•Requiring physical presence for many services•Operating primarily during business hours•Taking days to clear simple transactions•Offering interest rates that don't even match inflationThe banking industry's response to crypto has largely been to lobby for restrictive regulations rather than improving their own services. It's like watching taxi companies fight Uber instead of developing better apps.The Existential QuestionSo I ask you, Binance community: Will traditional banks as we know them still exist in 10 years?I see three possible futures:1.Banks transform completely, essentially becoming crypto companies themselves2.Banks become niche service providers for the diminishing number of crypto-resistant customers3.Banks become purely regulatory entities, with actual financial services handled by crypto platformsWhat do you think is most likely? And more importantly, where are you putting your money?Drop your thoughts below! And remember, whether you're team bank or team crypto, we're all witnessing one of the greatest financial transformations in human history. Exciting times!

The head of the world’s largest crypto exchange, Richard Teng from Binance, has sounded the alarm to the crypto community. On platform X (formerly Twitter), he issued a strong warning about a new wave of scams spreading via SMS spoofing – fake messages that look strikingly official.

🔍 What is SMS Spoofing?
Scammers are now sending fake text messages that appear in the same thread as legitimate ones from Binance or other known platforms. Using vulnerabilities in telecom networks – particularly through VoIP protocols – they manipulate the sender ID.
This makes the fake message appear authentic, and scammers use it to trick unsuspecting users into revealing sensitive data like login credentials, 2FA codes, or even seed phrases.

🧠 How to Protect Yourself?
🔹 Never share sensitive information via SMS – legitimate companies will never request it this way.

🔹 Verify the source of any message, especially if it urges you to act quickly or claims your account is compromised.

🔹 If in doubt, contact support via the official app or website.

🔄 Scammers Are Evolving
Teng emphasized that while these scams aren’t new, they’re becoming more frequent and sophisticated. With the rise of AI tools, deepfake videos and impersonation scams are on the rise – including fake livestreams featuring CEOs of crypto firms like Ripple Labs on YouTube and X.

What If It’s Too Late?
If you fall victim to a scam, platforms like Binance and Coinbase have special teams and blockchain tracking tools that help recover stolen funds – in cooperation with law enforcement. But as always, prevention is the best defense.
#Binance , #RichardTeng , #CryptoScamAlert , #warning! , #CryptoSecurity

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Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

The spearheading blockchain and Web3 event Token2049 Dubai will witness an extraordinary group of speakers who come from all spheres of global crypto and financial sectors. At Token2049 Dubai, top industry executives along with institutional thought leaders and renowned voices will lead panel discussions about digital assets, decentralized financial systems, and worldwide regulatory frameworks.
Changpeng Zhao (#CZBİNANCE )—Founder, Binance
The appearance of CZ is generating significant anticipation because he will provide essential insights regarding Binance’s strategic moves while regulatory environments continue to transform.
#RichardTeng —CEO, Binance
The Binance exchange belongs to a new period under the leadership of Richard Teng. People will carefully track his observations regarding compliance practices as well as his approach to business expansion across international markets.
#ArthurHayes —Chief Legal Officer, Maelstrom
With a history of making strong remarks about crypto analysis and financial market behavior, Hayes stands as the co-founder of BitMEX and the current Chief Legal Officer at Maelstrom.
Eric Trump—Executive Vice President, The Trump Organization
Known for his distinctive role in crypto events, Eric Trump will discuss digital assets from both his business and political angles at this venue.
Paolo Ardoino—CEO, Tether
The essential understanding of digital dollar adoption and blockchain-based financial rails comes from Ardoino because of his role as head of Tether’s stablecoin operations.
Robert Mitchnic—Head of Digital Assets, Blackrock
Through his role at BlackRock, the world’s biggest asset management firm, Mitchnick will provide institutional insights into cryptocurrency investment strategies and exchange-traded fund progress.
Christine Moy—Partner, Apollo
As the blockchain lead at JP Morgan and then partner at Apollo Active Capital, Moy provides crucial knowledge about institutional adoption methods for blockchain technologies.
Justin Sun—Founder Tron
Sun frequently steals headlines and will talk about DeFi development, his worldwide blockchain strategy, and the changes to stablecoin.
Token 2049 Dubai is one of the biggest web3 conferences, that connects contemporary financial systems with modern cryptocurrency practices. Attendees, along with worldwide observers, will get in-depth forecasts as well as important announcements that might define the crypto industry’s future path during 2025 and beyond as key speakers present their perspectives.
#token2049 #TrumpVsPowell

The crypto market is gradually entering a more mature phase, with increasing interest from governments and national investment funds. According to Richard Teng – CEO of Binance, many countries are currently proactively seeking Binance's advice on building strategic Bitcoin reserves, as well as developing a legal framework for digital assets.

"We have actually received quite a few proposals from some governments and national investment funds regarding the establishment of their own crypto reserves." – Richard Teng shares.

Richard Teng is the current CEO of Binance, having taken over after the founder CZ stepped down in November 2023.

But… Richard’s journey didn’t start with Binance!

He previously served as the Head of the Financial Services Regulatory Authority at Abu Dhabi Global Market.

He also held positions at the Monetary Authority of Singapore and Singapore Exchange.