Binance CEO Richard Teng: TradFi-Crypto Convergence Is Both Competition and Collaboration — Here's Why Both Are Inevitable

At the Hong Kong Web3 Festival 2026, Binance CEO Richard Teng offered one of the most candid assessments yet of how traditional finance and the crypto industry are reshaping each other — arguing that the two sectors are simultaneously competing and collaborating, and that both dynamics are essential for mass adoption. Speaking in a panel focused on TradFi-crypto convergence, Teng outlined a landscape where banks are racing to tokenize assets while crypto exchanges like Binance are rapidly expanding into traditional asset classes — from precious metals and petrochemicals to stocks and pre-IPOs. Banks are moving on-chain — and for good reason Teng said the most visible sign of TradFi's crypto pivot is the growing interest in tokenized deposits, as banks seek to compete with stablecoins that have already captured significant market share in digital payments. He outlined a compelling case for why putting traditional assets on-chain makes strategic sense for financial institutions: it expands user choice, eliminates the liquidity risk of assets sitting idle outside trading hours, and automates the reconciliation, clearing and settlement functions that currently require large middle- and back-office teams. "Today, the banks and financial institutions operate a certain number of hours a day — 10 to 4, 9 to 5, whatever the case may be. But there is very high liquidity risk involved where the assets are not traded at night and over the weekend. What if a war situation breaks out? You can't take positions, you can't hedge your risk effectively." — Richard Teng, CEO, Binance | Hong Kong Web3 Festival 2026 Teng pointed to Nasdaq and the New York Stock Exchange as examples, noting that both exchanges have announced plans to put stocks on-chain, initially on a 23/5 trading basis — a significant step toward the 24/7 model that crypto markets already operate on. He also highlighted the role of AI in accelerating this shift, arguing that the combination of blockchain and artificial intelligence can replace many manual back-office functions more efficiently and immutably than current systems. Binance's counter-offensive into traditional markets While TradFi firms are moving toward crypto, Teng made clear that the competition is also flowing in the other direction. Binance has been aggressively expanding into traditional asset classes — launching precious metals trading in January 2026 and petrochemicals just weeks ago, with stocks and pre-IPO tokens also now on the platform. Teng described Binance's vision as building a "financial super app" — a multi-jurisdictional, multi-asset exchange serving over 300 million customers across every major asset class, competing directly with traditional commodities exchanges and eventually equities platforms. Where cooperation wins: BlackRock, Franklin Templeton, and tokenized collateral Despite the competitive dynamics, Teng was equally clear that collaboration between TradFi and crypto is already underway — and necessary. He cited Binance's partnerships with BlackRock and Franklin Templeton, specifically around the use of BUIDL tokens and Benji tokens as collateral for trading — a sign that institutional-grade tokenized products are moving from concept to live infrastructure. "You're going to see a lot of areas for collaboration to bring about mass adoption, but at the same time you'll see competitive elements at play as well." — Richard Teng, CEO, Binance | Hong Kong Web3 Festival 2026 What this means for the future of finance Teng's remarks at the Hong Kong Web3 Festival 2026 paint a picture of an industry at an inflection point. Traditional finance is not being replaced by crypto — it is being absorbed into it, and vice versa. The institutions that adapt fastest, whether by acquiring native crypto expertise or by building hybrid on-chain infrastructure, are likely to define the next era of global financial markets. For Binance, the ambition is clear: become the world's first truly chain-agnostic, multi-asset financial super app — serving hundreds of millions of users across every asset class, jurisdiction and blockchain.