WEBVTT - Binance Holdings CEO Richard Teng Talks Crypto Future

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<v Speaker 1>Let's go now to Abu Dhabi, where I'm delighted to

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<v Speaker 1>be joined by the CEO of the world's biggest crypto

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<v Speaker 1>currency exchange by trading volume, that's Finances, Richard Tang. Richard,

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<v Speaker 1>thank you so much for making time for us. We've

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<v Speaker 1>seen Donald Trump picking pretty crypto friendly picks in the

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<v Speaker 1>form of his aizar and in the form of his

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<v Speaker 1>sec chair. Where does that likely change in the regulatory

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<v Speaker 1>stamps in the US leave you at binance.

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<v Speaker 2>Well, I do think that if you look at twenty

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<v Speaker 2>twenty four is a landmark. Yeah, right, So if you

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<v Speaker 2>help people twenty four bit coin will give one hundred thousand,

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<v Speaker 2>they'll be etf being approved for bigcoin, TM, Solana and

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<v Speaker 2>several others, and as well as institutions. I mean, the

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<v Speaker 2>largest sm manager in the world, black Rock has conference

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<v Speaker 2>skeptic to deliver. I think people will not believe you

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<v Speaker 2>if I come to the end of twenty twenty four

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<v Speaker 2>orders have come true.

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<v Speaker 3>We have now a very crypto friendly president in.

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<v Speaker 2>The States and extremely smart strategy appointing AI in crypto

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<v Speaker 2>Za on that front, because this too represents the most

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<v Speaker 2>innovative technology for the future, and countries.

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<v Speaker 3>Will do extremely well. I mean Awadawd this week the

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<v Speaker 3>capital of capital.

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<v Speaker 2>Again, Abu w and Ue has been very foresightful in

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<v Speaker 2>that front to start investing AI blockchain to move those

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<v Speaker 2>rarely on. So we are seeing seeing the results of

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<v Speaker 2>all those deployment in Abu w and Ue now. So

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<v Speaker 2>countries will do very very well to continue to focus

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<v Speaker 2>on this two technology, and we will continue to focus

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<v Speaker 2>on serving our fast expanding user base. Are closer toteen

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<v Speaker 2>million users globally now seventy million onboard year alone, so

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<v Speaker 2>they're very excited with the junior here.

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<v Speaker 1>But of course finances under monitorship by the U sdo

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<v Speaker 1>J and the US Treasury's Financial Crimes Enforcement Network. Would

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<v Speaker 1>you be looking to ask the Trump administration to shorten

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<v Speaker 1>or terminate the monitorships given the President elects kind of preference,

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<v Speaker 1>as we say, for looser crypto regulation.

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<v Speaker 3>Well, I mean any of those discussions. I think it's new.

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<v Speaker 2>I think I believe that compliance is the way to go, right,

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<v Speaker 2>So we have finance has always been a user for

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<v Speaker 2>this organization. By going forward, given that regulations is going

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<v Speaker 2>to be much clearer throughout the world, we have the

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<v Speaker 2>ability to invest very heavily in compland space and want

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<v Speaker 2>to make compliance and competitive advantage for ourselves. So last

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<v Speaker 2>year alone, we invested two hundred and thirteen million US

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<v Speaker 2>dollars just on our compliance program, which is a more

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<v Speaker 2>than thirty percent increased compatitor before and this year you

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<v Speaker 2>go up even more.

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<v Speaker 3>Got the most licensed and regulated.

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<v Speaker 2>Exchange globally now with more than twenty different jurisdiction than

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<v Speaker 2>license and regulate US more recently in places exciting places

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<v Speaker 2>like India and Argentina.

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<v Speaker 3>So we are working with.

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<v Speaker 2>Global policy makers lawmakers to really support the cryptal journey,

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<v Speaker 2>to support the cryptal deployment, and we continue to work

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<v Speaker 2>very closely US monitors on that on that front to

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<v Speaker 2>continue to see whether the areas that we can enhance

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<v Speaker 2>the work have further I think.

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<v Speaker 3>Is a good competitive advantage.

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<v Speaker 2>We are able to invest in places that our competitors

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<v Speaker 2>are not being able to invest in.

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<v Speaker 1>Well, yeah, are you looking to re enter that US

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<v Speaker 1>market then more forcefully? And if they introduce a stable

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<v Speaker 1>coin framework, would you be reviving big binance USD B

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<v Speaker 1>USD or would we launching a similar token?

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<v Speaker 2>Perhaps globally we are supporting crypto adoption, so on different

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<v Speaker 2>fronts right, so stable coins, other innovation in this space,

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<v Speaker 2>cross water payment, etcetera, etcetera. Whether we re entered the

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<v Speaker 2>US market, I think there's a premature discussion. As of now,

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<v Speaker 2>we are focusing on our global deployment. We have growing

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<v Speaker 2>very quickly and very happy with the progress or what

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<v Speaker 2>we're seeing.

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<v Speaker 3>I think this is alone.

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<v Speaker 2>If you look at the net influence into finance, it

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<v Speaker 2>crosses more into the billin right. If you put our

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<v Speaker 2>net influence versus the ten largest exchange the next ten

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<v Speaker 2>largest exchange pull together, we are forty percent much more

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<v Speaker 2>than the ten largest exchange pull together. So you can

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<v Speaker 2>see the phenomenon and growth. We have seen a lot

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<v Speaker 2>of new institutions being onboarded and with the US going

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<v Speaker 2>to announce a big coin strategic reserve and Brazil considering it,

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<v Speaker 2>I do believe that many other countries around the world

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<v Speaker 2>will start to deploy on that front. So it's not

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<v Speaker 2>only the countries. It's a softwagn rail of funds, institutions,

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<v Speaker 2>foundations and down and sign up with individual so.

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<v Speaker 3>They're going to start relocating this space. So the future

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<v Speaker 3>is extremely bright.

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<v Speaker 1>Well, so you've been in post for just over a

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<v Speaker 1>year now, Richard, I wonder what you would say the

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<v Speaker 1>biggest changes you've implemented in that time and as you

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<v Speaker 1>look head, are you planning to add more independent advisors

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<v Speaker 1>to your board for example?

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<v Speaker 3>No, we have a strong board of directors today.

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<v Speaker 2>We have bought actors, are seven three independent directors with

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<v Speaker 2>independent chairman. So we are in a very good place

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<v Speaker 2>in terms of corporate structure. I think we have really

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<v Speaker 2>moved from a founder CEO led company to a board

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<v Speaker 2>led company. So the senior management of the company work

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<v Speaker 2>very closely with the border of directors to chart the

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<v Speaker 2>strategy and the deployment of the company going forward. Right,

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<v Speaker 2>and we have continued to move from strength to strength.

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<v Speaker 2>We have not only focused on our investors our users.

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<v Speaker 2>We invest a lot into security and I mentioned compliance

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<v Speaker 2>and all those are key areas. I mean this yet alone,

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<v Speaker 2>you'll see plenty of exchanges being hacked around the world, right,

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<v Speaker 2>So Japan, Bazarex in India, INDO decks in Indonesia, BTC

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<v Speaker 2>and the least goes on is an area that we

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<v Speaker 2>focus a lot of attention to. I mean, we are

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<v Speaker 2>the exchange that set us like more than one billion

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<v Speaker 2>just to compensate users just into us in the event

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<v Speaker 2>of antous event of the security head right on that front,

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<v Speaker 2>the in the form of Safoo fund, So we go

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<v Speaker 2>beyond what many regulators prescribe in terms of user protection

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<v Speaker 2>and helping our users detect the fraud and scams on

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<v Speaker 2>that front, helping them two point four billion in terms

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<v Speaker 2>of potential.

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<v Speaker 3>Losses just for the first half of this year.

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<v Speaker 2>So these are areas that it pays a lot of

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<v Speaker 2>attention to and we're part of all those things that

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<v Speaker 2>were time.

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<v Speaker 1>Just finally, Richard, as you mentioned you're there at RBW

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<v Speaker 1>Finance Week, I wonder what opportunities you see specifically in

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<v Speaker 1>the Middle East region.

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<v Speaker 2>Well, it's huge. So just in newear loone cryptal adoption

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<v Speaker 2>is close to forty percent. I think the same team

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<v Speaker 2>is repeated throughout the media, is right. So our the

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<v Speaker 2>ab was when our CEO at law Gologle Market we

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<v Speaker 2>are one of the first in the world to introduce

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<v Speaker 2>a crypto regulatory framework togethern this sector in twenty eighteen, right,

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<v Speaker 2>so we are quite ahead of the game then, and

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<v Speaker 2>you can see how would that be continue to grow

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<v Speaker 2>up by leaps and bounds on the blockchain crypto as

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<v Speaker 2>well as the AI space. Right so, I think that

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<v Speaker 2>same team is repeated throughout the media. Is in Barian,

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<v Speaker 2>in Dubai, and the rest of the media is you know,

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<v Speaker 2>very young demographics, tech savvy people understand crypto so and

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<v Speaker 2>there are many parts of media. Is South Africa region

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<v Speaker 2>where financial inclusion is slow, which makes the crypto becomes

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<v Speaker 2>the only means that people can make payments, can get

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<v Speaker 2>access to the bank sort of payment system. They can

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<v Speaker 2>have a style wealth in the form of table coins

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<v Speaker 2>of crypto, and they're much better. I traveled the region

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<v Speaker 2>quite extensively and better people come up to tiny in

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<v Speaker 2>the last few years going through hyperinflationary situation where they

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<v Speaker 2>have domestic fat currency depreciated sharply.

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<v Speaker 3>The our family wellbeing is preserved by holding.

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<v Speaker 2>On to crypto and stable coins, right so I have

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<v Speaker 2>many of these stories repeated trout to me the central

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<v Speaker 2>of the world when I visit many of these countries.

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<v Speaker 1>Okay, thank you so much, Richard Tang, CEO of Finance.

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<v Speaker 1>Lovely to have you with us on the program from

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<v Speaker 1>Abu Dhabi Finance Week