Binance CEO Richard Teng: Crypto and TradFi Are Complementary — Binance Aims to Be the ‘Super App’ of Finance

Key TakeawaysRichard Teng sees crypto and traditional finance (TradFi) as complementary, not competitors.Crypto can solve financial exclusion, remittance costs, and slow payments.Teng envisions Binance becoming a crypto-powered super app for payments, transfers, shopping, and more.During a recent AMA, Binance CEO Richard Teng shared his vision of how traditional finance (TradFi) and crypto can converge, highlighting that the two systems complement one another rather than compete.“TradFi has served us well for decades, but crypto can help solve persistent issues like the 1.4 billion unbanked adults worldwide, high remittance fees of up to 15–20%, and slow transaction speeds,” Teng said.He emphasized that crypto enables near-instant, low-cost global transfers and opens the door to greater financial inclusion.Looking ahead, Teng envisions Binance evolving into a crypto super app.“My vision for Binance is to be the super app for crypto. Whether you want to transfer funds to a friend, shop at your favorite merchants, earn passive income, read news, or even donate — all of it should be possible within the Binance App, simplified so even my elderly mum can do it.”