Richard Teng, CEO of Binance, said that the industry has "overcome many challenges together" and, with "collective strength," "resilience," and "wisdom," will "continue" to overcome any future challenges. Teng made his remarks during the opening speech of Binance Blockchain Week.
"As an industry, we have overcome many challenges together, and I can assure you, there are many more challenges going forward," said Teng. "But together with our collective strength, our resilience, our wisdom, we will overcome all these challenges together."
According to a report by Reuters, as of October 1, 2024, the total cryptocurrency market capitalization reached $2.2 trillion, marking a significant increase from $8.3 billion at the start of 2023.
Binance Blockchain Week is described on its website as a conference that brings together innovators, founders, investors, regulators, and officials to discuss the future of blockchain and Web3. The theme for this year's conference is "Momentum." The event's website states that "Momentum propels our industry, not only taking us through challenges but also leading us to our biggest achievements."
Teng has been CEO of Binance since November 2023 and brings over 30 years of experience in financial services and regulation. Since joining Binance in August 2021, he has focused on advancing the company's growth with an emphasis on compliance. Previously, Teng was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), Chief Regulatory Officer at Singapore Exchange (SGX), and Director of Corporate Finance at the Monetary Authority of Singapore.
Binance operates as a major global blockchain platform featuring the largest digital asset exchange by trading volume. The company offers a wide range of financial products and services and is known for its comprehensive ecosystem, which includes educational resources, research initiatives, charitable activities, and an NFT marketplace. According to its website, Binance supports users around the clock in 40 languages while prioritizing security and regulatory compliance to protect its users and contribute to the growth of the blockchain industry.