Richard Teng, recently appointed CEO of Binance, the world's largest cryptocurrency exchange, emphasized the transformative potential of cryptocurrency during an X Spaces event on December 1. He highlighted its capacity to provide access to financial services that may be inaccessible through traditional financial institutions. A summary of Teng's remarks was shared by Binance in a post on its website dated December 4.
"I see how crypto changes the lives of all these people across different communities, and it does so at a fraction of the cost. You can do remittance at a fraction of the cost of what traditional financial institutions charge. You can use payment services where there was previously no access. All these possibilities are changing the lives of people drastically," Teng during the event, according to the Binance post.
Teng also spoke about his observations made while traveling for work. According to him, cryptocurrency has had a significant positive impact worldwide, especially in developing economies where financial inclusion is typically low due to high service costs. Teng labeled cryptocurrency as "powerful" for offering inexpensive open infrastructure. He confirmed that Binance plans to continue investing and collaborating with partners to enhance financial inclusion.
According to a report from the World Bank, approximately 1.4 billion people globally are considered "unbanked," meaning they lack bank accounts or access to conventional financial tools. This group often includes women, individuals living in poverty or remote areas, and those with minimal education.
At the 2023 Blockchain Association Policy Summit held on November 30, Congressman Ritchie Torres (D-NY) echoed similar sentiments about blockchain technology's potential. He views it as a tool capable of liberating impoverished communities from exorbitant fees associated with traditional finance systems. "Blockchain technology can liberate the lowest income communities from the high fees of the traditional financial system," said Torres.
Chou, a Taiwanese Binance user, shared his experience with Globe Banner in August. He discovered cryptocurrency several years ago after realizing the challenges of accumulating wealth solely through his job. "The app was easy to use and the products helped me invest and diversify quickly," Chou said. He further noted that the Binance community's emphasis on education and a "forward-thinking mindset" were beneficial. "When you give people choice, support them and help them grow, it’s a net positive," he added.
Before joining Binance in August 2021, Teng held various positions in the financial and regulatory sectors. His roles included CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), Chief Regulatory Officer of the Singapore Exchange (SGX), and Director of Corporate Finance at the Monetary Authority of Singapore, as per information available on Binance's website.