Binance CEO Richard Teng stated that the company will continue to prioritize education, collaboration with regulatory agencies, and supporting a balance between innovation and risk management in emerging fields such as artificial intelligence (AI). Teng shared his statement during a July 16 "ask me anything" (AMA) event on X celebrating the company's seventh anniversary.
"Moving forward, we will continue to invest heavily in terms of technology and our operational readiness," said Teng, according to Binance. "Secondly, we will improve our product suite and services to serve the different demographics. And we continue to focus a lot on efforts on education, to work closely with regulators, to uphold a very progressive mindset that supports innovation, that supports Web3, which is one of the most important industries together with AI going forward, but at the same time managing risk on that front."
According to Teng, Binance shares input on crypto regulations with regulatory agencies around the world. During a June episode of the Bankless podcast, he said that Binance also provides education to regulators and policymakers about Web3 and blockchain technology. Teng mentioned that the company worked with policymakers in Dubai on creating a comprehensive framework for regulating crypto, which was a "huge success" and "demonstrates the positive outcomes of working closely with regulators."
Binance's educational initiatives include the Binance Women in Technology Academy program, created in collaboration with the Women in Technology Association (WTech). The program was expanded earlier this year to include women in regions of Turkey impacted by the February 2023 earthquake. Eighty young women from Hatay participated in educational training sessions on March 26 and 27, focusing on topics such as cybersecurity, blockchain technology, and financial literacy. These women received certificates at the end of the course, while Binance also provided 270 Ramadan meal packages to families living in the earthquake-impacted area.
Binance Charity, the company's philanthropic arm, runs a Scholars Program providing financial support for education in blockchain and Web3 in partnership with universities and vocational training centers worldwide. According to Binance's website, Binance Charity describes the program as "enabling the next generation of digital leaders to develop their skills, knowledge and experience without financial barriers." More than 57,000 students have completed the course, and another 13,000 are currently enrolled.
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.