Binance CEO Breaks Silence on Binance Nearing Staggering New Milestone: Details

Richard Teng, who took over from Changpeng Zhao (CZ) as the CEO at Binance, has taken to his X account to address the crypto community regarding the new milestone that Binance is to celebrate soon — eight years since its foundation.

Teng revealed the major power behind Binance that has helped it remain the largest cryptocurrency exchange by volume all these years.

Binance’s key strong point since 2017, per Teng

Richard Teng stated that while Binance is nearing its eighth anniversary, he believes that it is absolutely clear “what keeps Binance strong.” It is the 280 million users of this crypto trading venue around the world.

The guiding philosophy for Binance, per the CEO, has always been putting clients in first place. He thanked the community for supporting Binance all these years: “Grateful for your continued support.”

Binance was cofounded by CZ in 2017, when he and other founders launched an ICO on Ethereum, selling BNB tokens and creating the Binance Smart Chain (BSC) later, which was subsequently rebranded as BNB Chain under CZ’s leadership.

CZ makes crucial AI statement

Former Binance CEO CZ, who often comments not only on news and issues related to crypto but on a wide range of subjects, has issued a tweet about artificial intelligence and its potential uses in the future for everyone’s benefit.

Changpeng Zhao suggested that AI should be used for simplifying the current legislation system, as well as for separate laws. He stated that in most countries, laws are “gigantic, patched, added, and often intentionally made complex over time (by lawyers).” Besides, he said, there are laws that conflict with each other, and they are “impossible to understand by a normal person.” Also, it takes years to implement those laws in court.

CZ made a disclaimer, saying that he is not criticizing lawyers. However, “their time can be used on more productive things, like more business deals, more innovation, more progress.”

He added that while AI is very useful for text processing, laws should be simple and easy to understand — by a “normal person.”

A commentator responded in Chinese, accusing CZ of being incompetent in the sphere of laws and suggesting that he does not speak on topics where his expertise does not extend to avoid being criticized. CZ responded in Chinese that he has a thick skin against criticism.