Binance CEO Changpeng Zhao, not Richard Teng, says the company views India as one of the most promising environments for crypto and Web3 innovation, arguing that the country has the potential to become a global leader if regulators open the door wider for digital assets. Speaking with Moneycontrol during Binance Blockchain Week in Dubai, Teng reflected on a turbulent but transformative period for the crypto industry and outlined why India remains central to Binance’s long-term strategy.
Teng noted that Binance has expanded rapidly despite market volatility, growing from around 170 million users in early 2024 to more than 300 million today. He described the appointment of Co-Founder Yi He as Binance’s new Co-CEO as a natural evolution, emphasising her influence on the company’s culture, product vision, and expansion since its launch.
The market itself has had an unpredictable year. Bitcoin surged past $100,000 earlier in 2025 before suffering a sharp drop in October that forced multiple Digital Asset Treasury firms to shut down. But Teng says the broader trend remains positive, arguing that Bitcoin’s value is still far above where it started in 2024. Beyond price movements, he pointed to rapid growth in stablecoin adoption, crypto-powered payments, institutional participation, and the tokenisation of real-world assets. He also emphasised that regulatory attitudes are shifting, with the United States now actively positioning itself as a hub for crypto innovation after years of hostility. Countries that move slowly, he warned, risk falling behind in the next era of financial technology.
Within this global context, Teng believes India has exceptional potential. With roughly 70 per cent of its population under the age of 35, the country is one of the world’s most digitally fluent markets, and its developers and founders are already contributing meaningfully to the global Web3 ecosystem. Teng said India is not just valuable for its huge base of users but also for its talent and innovation, which he sees as crucial ingredients for becoming a leading Web3 powerhouse in the Asia-Pacific region.
Binance is registered with India’s Financial Intelligence Unit and continues to engage with policymakers, though the exchange hopes to see broader regulatory acceptance. Teng called for clearer guidelines around stablecoins, crypto payments, and banking access, saying these elements are essential for India to fully harness its digital-asset potential. On questions regarding tax scrutiny over offshore wallets, he emphasised that Binance cooperates with authorities worldwide and is committed to meeting AML and sanctions-compliance requirements.
Teng also welcomed India’s ongoing central bank digital currency efforts. The Reserve Bank of India’s digital rupee pilot, he said, not only expands the country’s blockchain literacy but also contributes to the long-term, healthy development of the ecosystem.
Looking ahead, Teng underlined that Binance is focused on building for the next several decades rather than reacting to short-term market cycles. He described the company as a long-term builder committed to shaping a stronger, more sustainable global crypto industry.
