Binance hosts a live AMA with CEO Richard Teng to celebrate 200 million users, discussing growth, regulatory challenges, and future plans.
Binance hosted a live AMA session with Richard Teng, the current CEO, in honor of its extraordinary achievement of 200 million users. The event allowed users to interact directly with Teng and learn about the platform’s ongoing developments and plans.
The session, which was conducted under strict guidelines, explicitly refrained from discussing new tokens and price predictions to maintain a focus on broader strategic and operational topics.
Binance’s dedication to transparency and community engagement was evident in the live AMA, effectively addressing various user inquiries despite these constraints.
Binance Growth Milestones and Regulatory Obstacles
Richard Teng initiated his remarks by conveying his appreciation to each user of the premier exchange Binance, recognizing their contribution to the achievement of this significant milestone.
He emphasized the platform’s rapid expansion, which has surpassed the previous milestone of 100 million users in just 26 months, a feat that required five years to accomplish. Teng addressed a variety of critical inquiries, including the company’s future growth plans and regulatory issues, as well as strategies for resolving them.
Teng addressed the expansion of the BNB Chain, emphasizing that the team is perpetually seeking promising projects to incorporate. Additionally, he confirmed his intention to enhance engagement on the platform previously known as Twitter, now referred to as X.
Furthermore, Teng responded to inquiries regarding the company’s digital transformation strategy and AI integration, asserting that the company has deliberated on incorporating AI and thinks it is unavoidable in customer service or marketing.
It is important to note that Teng addressed the issue with Nigeria, where several products, including the browser or desktop Binance site, P2P, and specific referral campaigns, are currently unavailable to Nigerian Binance users.
He declared that Nigeria is significant to them and that they are interested in resolving the crisis and achieving a harmonious relationship with the Nigerian government. Teng also addressed the dynamics of Tigran Gambaryan’s case, emphasizing the importance of his family’s reunion and the possibility of a positive resolution.
Teng addressed concerns regarding the Binance app’s presence in app stores and stores in India following its FIU certification. He stated that their team is currently in the process of establishing a presence in a variety of Asian countries.
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Future Growth, Crypto Education, and Token Listings
Before listing a token, Teng commented that they evaluate each project based on community engagement, use cases, regulatory compliance, and a comprehensive evaluation.
Additionally, he discussed the necessity of enhancing Binance’s presence in Africa. He underscored the significance of offering crypto education, particularly concerning the regulations of the cryptocurrency industry in various countries. He provided the recent example of Dubai, where such education was provided.
Teng concluded by emphasizing the company’s rapid expansion, which resulted in the 200 million user milestone in a mere 26 months. This achievement was achieved at a rate that was twice as rapid as the previous 100 million user milestone, which required five years.
He expressed confidence in the potential for future expansion to achieve one billion consumers shortly.