As an analyst with over two decades of experience in the tech and financial industries, I find Richard Teng’s recent AMA insightful and reassuring for Binance users like myself. His firm denial of the Launchpool fund misuse allegations, coupled with his emphasis on user protection and fairness, is commendable. The rapid growth Binance has achieved over the years, reaching 234 million users in 2024 alone, speaks volumes about its commitment to fostering a thriving crypto ecosystem.
In a recent question-and-answer session (AMA), the head of Binance, Richard Teng, responded to allegations about mismanaging Launchpool funds, shared insights on the HBO documentary featuring the creator of Bitcoin, and explained the initiatives taken by the company to combat crypto fraud.
In a recent Q&A about X, Teng tackled accusations that the company used its own balance sheet capital to cultivate its launchpool – a procedure intended for the advantage of our community. As a crypto investor in this project, it’s reassuring to hear that these allegations are being addressed openly and honestly.
He firmly denied these claims, stating that Binance prioritizes user protection and fairness in trading practices. Teng emphasized Binance’s strict internal policies, including firing employees involved in unethical behavior, and reassured users that these accusations are “false and should be ignored.”
Later Teng tweeted an update, shared below.
I was recently asked about the distribution of Launchpool shares on X Spaces. Here’s a breakdown: The allocations from projects within Launchpool are exclusively designed for Binance users. It’s important to note that Binance itself does not earn profits from these user allocations. The final decision regarding these distributions lies with…
— Richard Teng (@_RichardTeng) October 9, 2024
HBO’s Satoshi Nakamoto documentary
Teng humorously commented on the HBO documentary about Bitcoin’s enigmatic founder by saying, “We’re all like Satoshi,” referring to the shared conviction within the cryptocurrency community that Bitcoin holds tremendous transformative potential.
He focused the question on Binance’s 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.
Binance’s fight against crypto scams
Speaking on the topic of preventing scams, Teng disclosed that a total of $2.4 billion worth of potentially fraudulent transactions have been blocked by Binance in just this year.
He detailed Binance’s collaborations with law enforcement globally, helping recover $7 million in stolen funds. Teng also highlighted the company’s educational efforts with universities and law enforcement agencies to combat fraud.
At the end of September, Binance collaborated with India’s Enforcement Directorate in retrieving approximately $47.6 million connected to a fraudulent gaming scheme associated with the Fiewin app. This resulted in the detention of four suspects. The Financial Intelligence Unit of the exchange played a crucial role in tracing laundered funds, as the investigation into this case continues.
Supporting Nigeria’s crypto ecosystem while advocating for Tigran Gambaryan
In simpler terms, Teng represented Binance’s dedication to cultivating a thriving cryptocurrency environment in Nigeria, collaborating with law enforcement agencies to address challenges, and encouraging the growth of blockchain technology.
Additionally, he provided information about Binance’s actions towards ensuring Tigran, one of their employees who is being held in Nigeria, gains his freedom. He underscored the importance of this situation and called for his release.
He’s suffering greatly and his condition is poor. Our main concern is to help Tigran return home to his loved ones before his state becomes permanent.
Richard Teng
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2024-10-09 19:08