Richard Teng, CEO of Binance, said that the company remains committed to combating virtual asset-related crimes and upholding justice. This statement followed his receipt of a letter of appreciation and a plaque from the Hong Kong Police Force, as announced on February 20.
“I’m truly honored to receive a letter of appreciation and a plaque from the Hong Kong Police Force on behalf of Binance,” said Teng. “This recognition highlights our commitment to combating virtual asset-related crimes and upholding justice in our community.”
Teng’s statement aligns with Binance’s ongoing collaboration with law enforcement agencies to counter financial crime in the virtual asset sector. The exchange has previously partnered with the Hong Kong Police Force to provide training and assistance in tracking illegal cryptocurrency transactions. This recognition highlights Binance’s broader commitment to regulatory compliance and anti-crime initiatives globally.
According to the Hong Kong Police, virtual asset-related crimes have surged significantly, increasing from 494 reported cases in 2020 to 2,336 in 2022—a rise of more than 370% over two years. The total financial loss from these crimes exceeded HKD 1.7 billion ($216 million) in 2022 alone. Authorities attribute this rise primarily to investment fraud and cybercrime targeting digital assets.
In 2023, Binance reported aiding global law enforcement agencies in freezing and seizing over $346 million worth of illicit funds linked to crypto crimes. The company claims its compliance efforts have prevented numerous scams, significantly improving public trust in digital asset exchanges. According to their website, Binance’s Law Enforcement Requests system processed over 55,000 investigative requests globally last year.
Teng became CEO of Binance in 2023 after serving as Head of Regional Markets. Before joining Binance, he was CEO of the Abu Dhabi Global Market and held significant positions at the Monetary Authority of Singapore.
Founded in 2017 by Changpeng Zhao, Binance has become the largest cryptocurrency exchange by trading volume. It holds regulatory approval in 21 global markets—more than any other crypto exchange. The company operates under multiple financial licenses, including those from Brazil’s Central Bank, Dubai’s Virtual Assets Regulatory Authority, and France’s Financial Markets Authority. To strengthen compliance efforts, Binance has invested in anti-money laundering (AML) and know-your-customer (KYC) initiatives, integrating advanced transaction monitoring systems and collaborating with blockchain analytics firms to enhance security and regulatory adherence.
