In conversation with Richard Teng: The future of blockchain

Africa is not catching up—it's leading. From mobile money to blockchain, the continent continues to leapfrog legacy systems and redefine financial inclusion. In this exclusive, Binance CEO Richard Teng unpacks why Africa could set the pace for the next era of digital finance.

In the fast-evolving world of digital finance, Africa is emerging as a key player in the adoption of blockchain technology and cryptocurrency. As the region continues to embrace innovative financial solutions, Binance has been at the forefront of driving accessibility, education, and regulation in the space. With an impressive 21 operational licenses globally, Binance continues to champion responsible innovation while expanding opportunities for financial inclusion.

Since assuming the role in November 2023, Teng has focused on enhancing compliance measures, securing regulatory approvals, and expanding Binance’s global presence. With a distinguished career spanning financial regulation, fintech, and blockchain, Teng has been instrumental in shaping Binance’s strategic direction. In this exclusive interview, he shares insights on blockchain’s transformative role in Africa, Binance’s commitment to the region, and what lies ahead for the industry.

Q: How would you describe the current blockchain landscape in Africa? What excites you most about its evolution?

Africa is one of the most exciting markets for blockchain and cryptocurrency adoption. We’ve seen incredible growth in digital asset usage across the continent, driven by young, tech-savvy populations and a strong demand for financial solutions that traditional banking infrastructure has struggled to provide. Countries like Kenya and South Africa are leading this movement, with Kenya, and South Africa all ranking among the top 20 countries in the world for grassroots crypto adoption, according to Chainalysis’ 2023 Global Crypto Adoption Index. This momentum signals not only a shift in how people engage with money but also Africa’s growing role in shaping the future of the global digital economy.

What excites me the most is the way blockchain is being used to solve real-world problems, from enabling faster, lower-cost remittances to powering decentralized finance (DeFi) solutions. This is not just about speculation, it’s about financial empowerment, inclusion, and innovation.

Q: Many African countries are leapfrogging traditional financial infrastructure. How does blockchain fit into this narrative?

Africa has always been a leader in mobile money adoption, and blockchain is a natural extension of this trend. With a large population still unbanked or underbanked, blockchain technology enables direct peer-to-peer transactions, removing many of the barriers that prevent people from accessing financial services.

For instance, remittances are a major source of income for many African households, yet traditional remittance services charge high fees and take days to process transactions. Blockchain dramatically reduces costs and settlement times, making it a game-changer for cross-border payments. Africans can save, borrow, and invest using blockchain-based alternatives that complement traditional financial systems—especially in areas where banking access remains limited.

Q: Regulation is a key discussion point for blockchain in Africa. What role does Binance play in fostering a collaborative approach?

I firmly believe that clear, fair, and innovation-friendly regulation is key to the sustainable growth of the crypto industry. Since stepping into my role as CEO, I’ve prioritised strengthening compliance frameworks and ensuring that Binance is working closely with regulators worldwide, including in Africa. We actively engage with policymakers to foster dialogue and ensure compliance while advocating for regulations that promote innovation and financial inclusion.

We’ve taken significant steps globally, including securing regulatory approvals in multiple jurisdictions and implementing strong Know Your Customer (KYC) and Anti-Money Laundering (AML) measures. In Africa, we are committed to partnering with governments to develop policies that unlock blockchain’s potential while ensuring financial stability.

Q: What initiatives is Binance driving in Africa to empower businesses and individuals?

Binance is deeply invested in Africa’s blockchain future. A cornerstone initiative is Binance Academy, which provides free, accessible education on blockchain and crypto. Since 2020, we’ve reached over 1 million Africans through online and in-person education programs, demystifying blockchain and building local capacity.

We’ve also launched incubator programs to support African startups building blockchain solutions, and our Binance Pay product is helping businesses accept crypto payments seamlessly—reducing transaction costs and boosting accessibility. In 2024, Binance Pay’s active users grew by 226%, and our merchant network expanded by 36% year-on-year.

Pick n Pay, one of South Africa’s largest retailers, allows customers to pay for everyday essentials. In partnership with FiveWest, one of our crypto-backed payments providers, we’re streamlining crypto acceptance for South African merchants—making transactions safer and faster for the retail and services sectors.

A standout example is Story, a sneaker boutique founded by entrepreneur Chris. After integrating Binance Pay, Story saw an immediate uptake and higher basket sizes. By offering flexible payment options, they’ve positioned themselves as a future-forward retail player in South Africa.

Q: Looking ahead, what’s your vision for blockchain’s role in Africa over the next five years?

I see blockchain technology becoming even more integrated into Africa’s economic landscape. Governments will adopt blockchain for digital identity systems, supply chain transparency, and smart contracts. More businesses will accept crypto payments, and we’ll see stronger integration between blockchain and mobile money platforms.

At Binance, we’ll continue to expand our presence, educate users, and work with regulators to shape policies that support growth. Africa has a unique opportunity to lead in blockchain adoption, and I’m excited to see how the continent continues to innovate.

Q: What advice do you have for African entrepreneurs and developers looking to enter the blockchain space?

My advice is simple: Educate yourself, build solutions for real problems, and stay engaged with the global blockchain community. Africa has a wealth of talent, and I believe that the next wave of blockchain innovation will come from this continent.

We at Binance are here to support and collaborate with the pioneers shaping the future of finance in Africa. Through our accelerator programs, investment funds, and education initiatives, we want to empower the next generation of blockchain leaders.

As Africa’s blockchain ecosystem continues to evolve, leaders like Richard Teng are playing a crucial role in driving adoption, education, and innovation. With Binance’s commitment to the continent and a focus on responsible innovation, the future of digital finance in Africa is being shaped today—not in Silicon Valley but right here on the continent.