Binance CEO on Hong Kong recognition: I'm thankful for the 'plaque from the Hong Kong Police Force on behalf of Binance'

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.