During a recent AMA, Binance CEO Richard Teng addressed accusations of misusing Launchpool funds, discussed the HBO documentary on Bitcoinโs creator, and outlined the companyโs efforts against crypto scams.
During a question-and-answer session on X, Teng addressed allegations of using the companyโs balance sheet capital to farm its launchpool, a process meant to benefit the community.
He firmly denied these claims, stating that Binance prioritizes user protection and fairness in trading practices. Teng emphasized Binanceโs strict internal policies, including firing employees involved in unethical behavior, and reassured users that these accusations are โfalse and should be ignored.โ
Later Teng tweeted an update, shared below.
HBOโs Satoshi Nakamoto documentary
When asked about the HBO documentary on Bitcoinโs mysterious creator, Teng shared his perspective, humorously stating that โall of us are Satoshi,โ in reference to the crypto communityโs shared belief in Bitcoinโs transformative power.
He focused the question on Binanceโs rapid growth, highlighting that the platform has reached over 234 million users, with 54 million joining in 2024 alone. Teng believes the real Satoshi likely prefers to remain anonymous and stressed the importance of looking forward to the future of crypto adoption.
Binanceโs fight against crypto scams
Addressing scam concerns, Teng revealed that Binance has prevented $2.4 billion of fraudulent activity this year alone.ย
He detailed Binanceโs collaborations with law enforcement globally, helping recover $7 million in stolen funds. Teng also highlighted the companyโs educational efforts with universities and law enforcement agencies to combat fraud.
In late September, Binance assisted Indiaโs Enforcement Directorate in recovering $47.6 million from a gaming scam linked to the Fiewin app, leading to the arrest of four suspects. The exchangeโs Financial Intelligence Unit provided key intelligence to track laundered funds, with the case still under investigation.
Supporting Nigeriaโs crypto ecosystem while advocating for Tigran Gambaryan
Teng expressed Binanceโs commitment to fostering a vibrant crypto ecosystem in Nigeria, working with law enforcement to resolve issues and promote blockchain development.ย
He also shared an update on Binanceโs efforts to secure the release of Tigran, a Binance employee detained in Nigeria, emphasizing the need for him to be released.ย
โHe is in pain, and he is in very bad health. Our priority is to get Tigran to get home to his family so his situation does not get permanent.โย
Richard Teng
