Richard Teng on Crypto Trends and 2025 Market Outlook

TL;DR

Binance reached 250 million users, a quarter of a billion, after adding more than 70 million in 2024 alone. CEO Richard Teng says global crypto adoption sits around 7 to 8 percent, with institutional demand, clearer regulation, and a pro-crypto US president driving momentum into 2025. Roughly 1.4 billion people remain unbanked, making crypto their only path to payments and stable savings.

Transcript

what does the freedom of money mean a huge part of the global population have no access to banking that freedom of money is only via crypto to me that is a best used case that I've seen it seems like Mass adoption really is coming bance hit 250 million users what does it mean for you if you look at the top financial institutions in the world everyo... Read More

Key Insights

• Binance reached 250 million users, described as a quarter of a billion, after starting 2024 with 170 million and acquiring more than 70 million new users during the year, meaning close to 30 percent of its user base joined in 2024 alone.
• Global crypto adoption stands at roughly 7 to 8 percent according to Richard Teng, indicating the industry is still early on the adoption curve despite rapid recent growth in users and institutional participation.
• At least 20 percent of the world's population, close to 1.4 billion people, are unbanked, and in some frontier markets financial inclusion is only 10 to 20 percent, leaving crypto as the only mode for domestic and cross-border payments.
• Freedom of money means the ability to use your money however and wherever you wish, and for unbanked populations in developing markets it is the best use case for crypto because traditional financial rails are unavailable to them.
• Richard Teng's background is unconventional for crypto, spanning accounting and finance, 13 years at the Central Bank of Singapore, Chief Regulatory Officer at Singapore Exchange, and CEO of the Abu Dhabi Global Markets financial regulatory authority.
• Institutional adoption accelerated sharply in 2024, with Binance doubling its know-your-business onboarding versus 2023 and firms like BlackRock shifting from skeptic to believer, while the top 200 financial institutions all now hold a blockchain or crypto agenda.
• The 2024 Bitcoin ETF approval, followed by an Ethereum ETF, triggered an institutional wave of adoption, and a pro-crypto US president elected late in the year further changed the narrative, including discussion of a US strategic Bitcoin reserve.
• Crypto narratives shift by year, with memecoins dominating 2024 and AI agents emerging as a hot narrative to start 2025, while an Ethereum enhancement is expected in the first quarter and Binance stays agnostic to support all innovation.

Questions & Answers

Q: How many users does Binance have in 2025?

Binance reached 250 million users, which Richard Teng describes as a quarter of a billion users on the platform. The company started 2024 with 170 million users and acquired more than 70 million new users through the course of that year, meaning close to 30 percent of all users on the platform were acquired in a single year, 2024, before crossing the 250 million milestone.

Q: What does freedom of money mean according to Binance?

Richard Teng defines freedom of money as the ability to make use of your money in whatever means you wish, in whatever part of the world you wish, whether for investment or payment. He stresses it matters most for the unbanked, since at least 20 percent of the global population lacks access to banking, and for them crypto is the only mode available for domestic and cross-border payments and stable investment.

Q: How many people in the world are unbanked?

According to data released by different agencies cited by Richard Teng, at least 20 percent of the world's population is unbanked, which amounts to close to 1.4 billion people. In many developing and frontier markets he has visited, financial inclusion is only 10 to 20 percent, meaning roughly 80 percent of the population has no access to banking or payment systems, leaving crypto as their only option.

Q: Where are we on the crypto adoption curve?

Richard Teng estimates that global crypto adoption is currently around 7 to 8 percent, indicating the industry remains early on the adoption curve despite rapid growth. He points to the pace being very rapid, noting Binance onboarded 70 million new users in 2024 alone and that interest levels are very high, suggesting mass adoption is approaching but far from complete.

Q: What is Richard Teng's background before Binance?

Richard Teng's training is in accounting and finance. He started his career at the Central Bank of Singapore, where he stayed 13 years doing different things, then became Chief Regulatory Officer at Singapore Exchange. He was later recruited to become CEO of the Abu Dhabi Global Markets financial services regulatory authority. Traditionally a regulator, he got involved in crypto around 2017 after gaining exposure in the United States.

Q: How did institutional adoption of crypto grow in 2024?

Institutional adoption grew sharply in 2024. The year began with the approval of a Bitcoin ETF followed by an Ethereum ETF, driving an institutional wave that saw firms like BlackRock move from skeptic to believer. Binance doubled its know-your-business onboarding compared to 2023, adding foundations, endowments, family offices, and commodities traders. Teng notes the top 200 financial institutions in the world now all have a blockchain or crypto agenda.

Q: Why does Binance say it is user-first?

Richard Teng says Binance draws its strength from the trust and confidence of its community, so it places users first in every key decision by asking what is in the user's best interest. This commitment requires heavy investment in operational resilience for a 24/7 platform, security features like wallet management and platform protection, and compliance, alongside continuous product innovation to support the user journey.

Q: What crypto trends are expected for 2025?

Richard Teng expects the institutional momentum and pro-crypto US policy from 2024 to carry into 2025, producing clearer regulations. He anticipates an Ethereum enhancement in the first quarter and notes narratives shift yearly, with memecoins dominating 2024 and AI agents emerging as a hot narrative early in 2025. Binance positions itself as agnostic, aiming to support all forms of innovation across layer one and layer two.

Summary & Key Takeaways

• Richard Teng, CEO of Binance, has an unconventional path into crypto, trained in accounting and finance with 13 years at the Central Bank of Singapore, a role as Chief Regulatory Officer at Singapore Exchange, and leadership of Abu Dhabi's financial regulator before entering crypto around 2017.

• Binance's mission centers on freedom of money, the ability to use money anywhere for any purpose. With at least 1.4 billion people unbanked and financial inclusion as low as 10 to 20 percent in frontier markets, crypto becomes the only route to payments and stable savings.

• Binance hit 250 million users after adding over 70 million in 2024, nearly 30 percent of its base in one year. Teng estimates global adoption at 7 to 8 percent, with institutional demand, doubled business onboarding, ETF approvals, and pro-crypto US policy driving 2025 momentum.