In a recent AMA with Chinese audiences, Binance's new CEO, Richard Teng, and co-founder He Yi talked about the changing dynamics of the crypto industry and why Teng is set to lead this evolution.
With deep roots in traditional financial services and experience in regulatory matters related to cryptocurrencies, Teng is equipped to handle the challenges that the maturing crypto domain presents. He had been working on cryptocurrency-related regulations in Abu Dhabi since 2017 and this experience made him an ideal candidate for Binance's management, says Teng in the AMA session.
Co-founder He Yi underscored that, in the previous stages of the industry, it was paramount for exchanges to provide good products and services. As Binance and the crypto industry mature, especially with increasing global regulatory scrutiny, addressing regulatory challenges becomes critical.
Notably, these regulations would pose challenges to all leading exchanges in the next decade. However, He Yi expressed confidence that Teng, with his in-depth experience in traditional finance and regulatory matters, along with his professional team, would adeptly guide Binance and the crypto industry into the next phase.