Binance CEO Richard Teng: “Ambition Is Global, but Business Is Local”

Key TakeawaysBinance now holds 21 regulatory approvals and serves 280M users worldwide.Richard Teng advises founders to study local markets deeply before scaling globally.Regulatory engagement remains critical as crypto frameworks vary across regions.In a Binance Square AMA, CEO Richard Teng shared lessons from Binance’s global expansion, highlighting the importance of balancing ambition with local execution.“If you want to go global, you must understand local markets deeply. Ambition is global, but business is local,” Teng said. He emphasized that every market has its own regulatory, cultural, and business nuances — requiring founders and investors to engage local stakeholders and adapt strategies accordingly.Binance’s journey has involved securing 21 regulatory approvals and licenses to operate across jurisdictions, a process Teng described as “hard work but essential for building a sustainable business.”He added that in crypto, where regulatory frameworks remain fragmented, founders must be especially diligent: “Understanding local rules is crucial.”