Binance's CEO on the New Binance Vision | Richard Teng
Episode publishedPodcast: EmpireEmpire
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So we begin the year with 170,000,000 users. We ended the year with 250,000,000 users. So 70,000,000 new users on board. So if you think about it, essentially more than 40% of our users are new to the platform that just came on board last year. The number of institutions onboarding have, more than doubled. This cycle, unlike previous cycle, we have seen institutionalization. Right? We have not seen that in previous cycle. Right? We have the ETF that was approved earlier on in 2024. And then throughout the year, you know, we have different institutions coming on board, becoming believers in sel
Today's episode is sponsored by GeodeNet. They're a leading d pin protocol that's providing critical location and spatial intelligence services needed for AI driven robots and drones. Discover how the network's native token, GEOD, is powering the next wave of the robotics revolution by hitting the link in the description of today's episode. Alright, everyone. Back with another episode of Empire. We got Santiago here. We are also joined by Richard Tang, the, I guess not new anymore, but the, CEO of Binance. So Richard, welcome to the show. Thanks
for having me on the show.
Yeah. Richard, I actually wanted to start with a, with a story. I'm sure we'll ask you a lot about Binance and product lines and, geographies and stuff like that, but I wanted to ask about a story about CZ. I think a lot of people know CZ as this kind of, like, ruthless operator and expanded really quickly, but I've actually heard that his, from people at Binance that his superpower is recruiting, and convincing people to join Binance. And I'd love to hear the story of how CZ convinced you. I think you were in some some high powered roles before Binance, and I'd love to hear how he convinced y
I think there's a public perception of CZ. And, you know, on the private basis that we we do with CZ, he's he's quite different. Right? He is a extremely extremely humble person, very down to, very relatable, very convincing, right? He's very very persuasive and convincing. So I think you are talking about that side of him, very very convincing and very persuasive. So I met CZ through a mutual friend of ours, right about June of 2021. Right? At that point in time, you know, Singapore was doing a COVID period, So there's a lot of restrictions in terms of public meetings. So I met him on his yac
Yeah. Yeah. What was that vision that he laid out?
Well, he he was very simple and and clear. Right? So his vision is to build the largest crypto ecosystem, which Binance really is, but continue to serve users to the best of our ability. Always putting users' interest front and foremost in everything we do. And that covers many things. Right? In terms of product features, in terms of putting users' interest first, safeguarding user assets, etcetera. So he was very, very passionate about that. He's very passionate about this industry. At that point in time when I met him, again, it's a much smaller industry compared to what we see today. Today,
Yeah. Okay. So you you joined Binance. A year later, you know, CZ tweets out about dumping FTT. A year later, you have these, like, KYC AML sanctions. A year later, there's this, like, $4,000,000,000 fine, I think 4.3, which I'm I'm I'm pretty sure is one of the largest, in history. CZ goes to jail. Just on a, I'm sure on an executive level, it was like, you know, just you you had to do what you had to do, and you had to get through. But maybe on a more personal human level, like, I just very curious what the last couple years have have felt like. Oh,
yeah. It's been
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