Crypto is rarely discussed without someone raising prices. One day it’s about a rally, the next day it’s about a correction. Somewhere in between, conversations about technology are often overshadowed by headlines tracking market movements.
That’s why Richard Teng’s recent appearance on Raj Shamani find out”>figuring out Podcasts especially interesting. Binance”>Binance The co-CEOs spent most of the conversation discussing the big picture. Their focus was on how blockchain could gradually reshape financial infrastructure, why access to financial services is unequal around the world, and why education and regulation will ultimately matter just as much as innovation.
Drawing on his experience of more than three decades in financial services and as a former regulator, Teng spoke about the financial system from a broad perspective.
What if today’s financial system was built from scratch?
Teng said that after discovering blockchain for the first time in 2017, spending more time understanding it changed his own perspective. The more he explored the technology, the more he began to see possibilities that extended far beyond digital assets.
As he said, “If you rethink the future of financial services with the use of blockchain and AI, the future of a bank provider, payment provider, and exchange will be completely different.”
According to Teng, technologies like blockchain and artificial intelligence (AI) provide an opportunity to rethink some of these long-standing processes. He talked about the potential for financial systems to work around the clock, supporting instant settlements and improving capital efficiency, which existing infrastructure often struggles to achieve.
Seen this way, blockchain becomes part of a much larger discussion. It is no longer just about a new category of technology, but also how the financial infrastructure can continue to evolve as new tools become available. That broader vision also shapes Binance’s own direction.
Teng also described the company’s ambition to develop a Financial ‘Super App'”>Financial ‘Super App’ It goes beyond crypto. Along with crypto-related offerings, he said Binance continues to expand access to products that include commodities, petrochemicals, precious metals, US stocks and pre-IPO opportunities as it works toward meeting a wide range of users’ financial needs.
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Finance is trying to solve a problem
Technology may advance rapidly, but one of the challenges Teng returned to during the talk has been around for a long time.
Financial inclusion.
For decades, expanding access to financial services has been a priority for governments, regulators and financial institutions. Yet Teng pointed out that approximately 1.4 billion people globally still do not have access to proper banking or payment systems.
In his view, one of the biggest reasons is simple: For many people, financial services are too expensive or too difficult to access. Cross-border payments clearly illustrate that challenge.
International transfers may take several days to reach their destination. Additionally, fees can reach six to seven percent, ultimately reducing the amount of money that reaches families, businesses or loved ones.
Teng suggested that reducing those inefficiencies could make a meaningful difference by allowing more value to remain with the people sending and receiving money, rather than being absorbed by transaction costs.
From that perspective, blockchain is increasingly being discussed as an infrastructure that can help mitigate some of those barriers. The conversation was less about transforming existing financial systems and more about exploring how technology could improve access where traditional processes continue to create friction.
He also noted that Binance’s long-term direction reflects its broader ambition to support users across a broad spectrum of financial services rather than focusing on a single category of products.
Technology cannot replace judgment
A more practical part of the discussion focused on scams. Teng clarified that fraud is not unique to crypto. Every part of the financial system faces similar challenges, especially as artificial intelligence provides scammers increasingly sophisticated tools.
Technology has changed the way scams operate, but human behavior often remains the biggest weakness. Many scams are successful because they create urgency. People are pressured to take immediate action, convinced that something terrible will happen unless they respond, or persuaded to hand over information before taking time to think. For Teng, this is why education deserves the same attention as innovation.
Rather than accepting information simply because it appears credible, he encouraged people to question what they hear, independently verify information, and understand the products they are linked to before making financial decisions. His advice throughout the conversation remained remarkably simple: “Do your own research. It’s really important.”
Although discussed in the context of crypto, this theory reflects a broader approach to making informed financial decisions. It is important to understand both the opportunities and risks before making a financial decision, whether it involves assets or technology.
Teng also encouraged newcomers to patiently embrace emerging technologies. Rather than rushing into involvement, he suggested building knowledge gradually, starting small, and taking the time to understand both the potential benefits and potential pitfalls.
Along with personal responsibility, he highlighted Binance’s AI-powered anti-fraud system, which helps users avoid potentially losing billions. Also, he stressed that technology alone cannot completely eliminate fraud. Independent thinking and caution remain necessary.
Regulation and innovation are not contradictory ideas
Few people have experienced both sides of the regulatory conversation the way Richard Teng has. Before leading one of the world’s largest crypto exchanges, he spent decades working as a regulator. That background shaped much of his thinking during the discussion.
Rather than portray regulation as something that slows innovation, Teng argued that the industry’s long-term growth depends on getting regulation right. As he explained, “We want appropriate regulation. Our interests are aligned with users and aligned with regulators. We want a responsible ecosystem that is appropriately regulated for the benefit of everyone.”
His point was not just that regulation is necessary, but that it should evolve along with technology. In his view, regulation works best when it protects users without preventing innovation from developing responsibly. This philosophy also impacts how Binance approaches compliance. Teng said the company has made significant investments in compliance and continues to work with regulators in various jurisdictions as the regulatory landscape evolves.
Transparency was another important part of that discussion. He pointed to Binance’s Proof of Reserve initiative as an example of measures to improve transparency and strengthen trust within the ecosystem. Rather than treating compliance simply as a regulatory obligation, Teng suggested it should be seen as part of creating a more responsible environment for users in the long term.
He also spoke about the importance of embracing new technologies rather than resisting them. In their view, bringing innovation into an appropriate regulatory framework produces better monitoring than ignoring technological change altogether.
a changing conversation
The discussion also touched on how perceptions of blockchain have gradually changed within traditional finance. Teng acknowledged that skepticism has existed for years. At the same time, he noted that more established financial institutions, including BlackRock and JPMorgan, have increasingly begun to engage with blockchain technology as they have developed a deeper understanding of its potential.
He suggested that this change reflects a broader change in the way technology is viewed. The conversation is rapidly moving beyond initial skepticism toward exploring where blockchain can create meaningful value.
However, for Teng, the technology itself is only part of the equation. Speaking to entrepreneurs and future builders, he encouraged them to spend time properly understanding the technology landscape before creating new solutions. More importantly, he urged them to focus on developing sustainable use cases capable of solving real-world problems and creating lasting value.
That advice neatly brought together the various topics discussed throughout the podcast. The conversation covered financial infrastructure, financial inclusion, education and smart regulation as well as responsible innovation. Each theme points to the same conclusion: technology can create new possibilities, but its long-term impact will depend on how responsibly it is developed, understood, and adopted.
In many ways, this may be the most interesting conclusion of the discussion.
Despite leading one of the world’s largest crypto exchanges, Teng spent little time talking about the markets. Instead, he talked about infrastructure, access, education, transparency and collaboration – areas that rarely make headlines but could ultimately play a huge role in determining how financial systems continue to evolve.
It remains to be seen whether blockchain reaches that potential. But if the conversation on the podcast is any indication, the industry’s focus is slowly moving beyond price movements to questions that may prove far more important in the long term: how financial systems can become more efficient, how more people can responsibly participate in them, and how innovation and regulation can move forward together.
Note to Reader: Readers are advised that crypto products and NFTs are unregulated and involve significant risks. There may be no regulatory recourse for losses arising from such transactions.
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