Richard Teng, the CEO of Binance, the largest cryptocurrency exchange in the world by trading volume, stated that the company collaborates with regulatory agencies and lawmakers globally to provide Web3 education and contribute to shaping crypto regulations. Teng shared his statement during a June 17 episode of the Bankless podcast.
"We work closely with regulators and policymakers to shape a supportive framework for the crypto industry," said Teng. "This includes educating them about the benefits and workings of cryptocurrency and blockchain technology."
According to Teng, Binance worked with policymakers in Dubai on creating a comprehensive framework for regulating crypto. The collaboration was a "huge success" and "demonstrates the positive outcomes of working closely with regulators," he said.
When the UK Treasury announced last year that it had published a proposal for crypto regulations, Binance said in a post that it "has vocally supported the need for effective and appropriate regulation to help with mainstream adoption of digital assets." The company added, "We welcome the next steps from the UK Government in making this happen with the @hmtreasury’s publication of plans to regulate crypto activities. It’s our strong belief that a stable regulatory environment helps to support innovation and is essential to establishing trust in the industry, as well as long-term growth." Binance also mentioned it would review "the details of the consultation and looks forward to contributing to the process."
Changpeng Zhao (CZ), co-founder and former CEO of Binance, said last year that crypto industry participants should prioritize collaborating with regulators. According to a post on the company's website, CZ stated, "I also think we need to work very closely with regulators. In our industry, there's a view that we want to get away from governments, from regulators. That's not the best approach. We need to make incremental innovations, incremental approaches, and we need to make sure the regulators are comfortable with us."
After Binance became licensed in Kazakhstan in 2022, according to a post on its website, the company launched a blockchain educational program in partnership with several Kazakhstan government organizations. The goal of this program is to educate 40,000 people by 2026.
Teng joined Binance in August 2021. He previously served as 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. He became CEO of Binance in November 2023.