You were appointed CEO of Binance in November 2023. What vision did you set out and are executing upon currently?
Since day one, my vision was very clear: Binance’s mission is to support the freedom of money globally. This mission hasn’t changed since the company’s inception, and it remains at the heart of everything we do.
My three key objectives as CEO are: firstly, to ensure Binance remains the best platform for our users. Everything we do, from product features to security and compliance, revolves around serving our users. Secondly, as crypto regulations become clearer globally, working closely with regulators to ensure smart, effective regulations is crucial. We are currently regulated in more than 22 jurisdictions. Lastly, despite crypto adoption being still early, we aim to partner with others to support the growth of the ecosystem, helping increase adoption and develop more utility for crypto.
You referred to 2024 as a landmark year for crypto, why is that?
For the crypto industry to grow, my hypothesis was and still remains today, that you need two elements to come into play. Firstly, clear regulations and secondly, institutional adoption. Last year was the first time I've seen both of these elements materialize.
I come from a regulatory compliance background and in 2017, when I first got involved in crypto, I realized the huge potential in decentralized finance. At that time, crypto adoption was under 1%, but we were already aware that clear regulations and institutional adoption were key to widespread growth. In 2021, I saw a significant shift with the approval of ETFs in the US, signaling crypto’s increasing credibility. The rise of institutional investors like BlackRock and Fidelity also changed the narrative. With the election of a pro-crypto president in the US, the momentum continued into 2024. This year, crypto is no longer just a retail-driven market—it’s now gaining traction among corporations and financial institutions.
Do you credit these regulatory developments for the growth Binance has seen, reaching close to 290 million users?
Yes, absolutely. The regulatory advancements, including clearer frameworks in the US and other countries, have opened the door for more institutional investors to join, which is directly linked to our growing user base. With crypto adoption still relatively low (about 7.5%) we’re excited to see the potential for the next phase of growth as more countries embrace the technology.
Despite regulatory progress, hesitation still seems to be a factor. Binance, in particular, has faced legal challenges, such as the U.S. SEC lawsuit, which was just dismissed, and a request for an external audit in Australia. What advancements does your industry still need on this front?
I think the challenges you mention stem from legacy issues. Regulation needs time to catch up with crypto because most regulatory agencies have their own agendas, and crypto may not always be their priority. This is a complex and technical area, requiring significant effort to understand. We’re actively working to educate regulators and law enforcement agencies around the world to help them better understand the space.
Despite some of the negative perceptions, Binance has received numerous commendations from law enforcement agencies in countries like Singapore, Australia, Taiwan, Thailand, and Indonesia for our efforts to fight illicit activity. We’ve made massive investments in compliance — our team now includes close to 1,400 people, making us one of the largest teams in the industry.
While some media portray money laundering as a major issue in crypto, the data doesn’t support that narrative. According to data from [please clarify source], only 0.14% of crypto transactions show signs of illicit activity, a tiny fraction compared to the estimated 5% of global GDP involved in money laundering through fiat currencies. This is a result of crypto’s traceable, immutable nature, which makes it much easier for authorities to track illegal activities. However, this still requires more educational efforts with regulators and law enforcement. On the other hand, financial institutions fully understand crypto now, which is why we’ve seen a sharp rise in stablecoin usage and crypto payments globally.
Where do you see the most opportunity for the crypto space going forward?
The opportunity for crypto is global. Financial inclusion remains a major challenge in many parts of the world, and crypto can help address this — even today, there are close to 1.4 billion people around the world that have no access to banking or payment systems.
In regions where traditional banking systems are either expensive or non-existent, people are turning to crypto for payments and remittances. Crypto enables instantaneous transfers at a fraction of the cost compared to traditional methods. I’ve seen firsthand how people in countries with limited access to banking are using crypto for remittances, making it a more efficient and affordable solution.
I always tell global regulators, crypto exists because there have been fundamental problems all these years that were unsolved by traditional finance.
This trend is growing, and we expect to see more adoption in emerging markets, where traditional financial infrastructure is lacking.
How is Binance contributing to the infrastructure needed to support increased crypto adoption?
We are actively contributing through our investment in blockchain and AI. These two fundamental technologies will drive every economic sector going forward, be it shipping, real estate or financial services.
AI, on the one hand, excels at processing, interpreting vast amounts of data, for example, to generate insights or automate complex tasks. We use AI to monitor chat conversations in real-time to detect fraudulent behavior, and this has helped prevent over 10 million dollars in potential losses for our users. Blockchain on the other hand ensures that all transactions are secure, transparent, and immutable. It’s a technology that builds trust, which is essential for a decentralized system.
What trends or innovations in the broader tech landscape are you most excited about?
There are so many of them. Verifiable AI, for instance, allows you to prove that an AI model works correctly, without revealing the model's inner workings. This is particularly useful in industries like finance, healthcare, and defense, where transparency is crucial for compliance. There’s also the tokenized AI coordination, which allows people around the world to contribute things like computing power, data, or AI models, and treat AI as a shared resource that benefits everybody involved. These developments could have a significant impact on how industries operate, and we are watching them closely as they evolve.
