Binance CEO Richard Teng said that one of the company's primary objectives is to enhance financial access for communities that are underbanked and unbanked. Teng made this statement during a January 25 episode of the Beyond the Valley podcast.
"Innovation and financial inclusion are core to what we do," said Teng. "Crypto exists because 1.4 billion people are still unbanked."
According to the World Bank, approximately 1.4 billion people globally lack access to banking services. In developing nations, 29% of individuals do not possess bank accounts. These unbanked individuals are often low-income, less educated, and reside in rural areas.
Binance Co-founder Changpeng Zhao (CZ) noted in a 2023 post that the company has been actively working in Africa to promote blockchain technology and broaden financial service access. Zhao remarked on Africa's long-term potential due to its population and significant number of financially excluded individuals. "We’re trying to give them that access," he said.
During a 2023 Senate Banking Committee hearing on cryptocurrency, Professor Linda Jeng from the Georgetown Institute of International Economic Law emphasized the "social value" of cryptocurrency. She highlighted its role in promoting financial inclusion for unbanked individuals, noting that while lack of access is more pronounced in developing countries, it is also prevalent in advanced economies.
Federal Newswire reported that U.S. Congressman Ritchie Torres discussed how crypto and blockchain technology can provide financial services to unbanked and underbanked communities, many of whom are low-income. Torres mentioned these technologies offer a "better, cheaper, and faster payment system," particularly for those without traditional banking access.
Teng joined Binance in August 2021, as per the company’s website. His previous roles include 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. He assumed the position of CEO at Binance in November 2023.