Binance CEO Richard Teng has observed an increasing acceptance of cryptocurrency among global and business leaders, as demonstrated by his experience at the 2025 World Economic Forum Annual Meeting. Teng shared his insights in a post on X on January 21, emphasizing the role of cryptocurrency in financial inclusion and its significance in global economic discussions.
"In Davos this week meeting world and corporate leaders," said Teng. "The sentiment has shifted significantly and now more are keen to embrace crypto and digital assets."
According to Teng, he participated in a discussion during the conference that focused on the future of the digital asset industry and how cryptocurrency supports financial inclusion. He highlighted that Binance users have saved $1.75 billion in remittance costs, showcasing one way that cryptocurrency promotes financial inclusion.
Teng explained that these savings result from users utilizing the Binance Pay function for instant crypto transfers. Remittances are typically used by individuals working abroad to send money to their families in their home countries, which usually incur an average transaction fee of 6.65% when processed through traditional banking systems using fiat currency.
The World Economic Forum Annual Meeting is held in Davos-Klosters, Switzerland. According to the organization's website, this year's conference runs from January 20 to January 24 under the theme "Collaboration for the Intelligent Age." The meeting gathers global leaders to discuss geopolitical and economic challenges.
Teng joined Binance in August 2021. According to Binance's website, 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.