Binance CEO Reveals Who Drove Bitcoin’s Explosion—And If They’re Still Buying | Richard Teng

I believe that the the demand is still very strong. The long-term prospects are extremely bullish in my view. If interest rate especially in the long end goes up, it impacts bonds, it impacts equity. I think is very favorable to assets such as gold and crypto, right? I think government will be very concerned if AI continue to develop in a way that they cannot quite control uh and it go wrong. I think that is something that when I speak to policy makers around the world is something that's starting to bother them quite rapid. >> Bitcoin is holding near $79,000 this morning, September 9th, after rebounding from $60,000 in August. It's already climbed 30% since its July lows. Our next guest is Richard Tang, co-CEO of Binance, the largest crypto exchange in the world. While Bitcoin and the crypto surged in the last three weeks, Binance added more than $2.6 $6 billion in Bitcoin balances. And to put things into perspective, Binance alone added nearly as much in Bitcoin market cap as the entire US spot bitcoin market in the same period, which is about $3 billion. So what exactly happened in August? Who caused a surge in prices and are they here to stay? Richard is going to walk us through the data and tell us what he thinks is coming up for the entire market. Welcome back, Richard. Good to see you again. >> Thanks for having me again, David. So, Richard, like I mentioned in the introduction, according to DeFi Lama, Binance added $2.6 billion in Bitcoin balances through August, while the US ETF market added about $3 billion. Uh, do ETF inflows and inflows into exchanges like Binance set the price or do inflows follow the price? Which is it? >> Well, it's a very good it was a very good August, right? To start off with. So, we have saw faster spot volume growth on that front. Firstly, we saw renew ETF inflows and we saw increased crypto allocation, right? So, yeah, if I bring you back to early August, we are trading about 62 63,000 and then the price that break out around 19 of August, it went to 81,000 by August 25th and it has been pretty stable then since then, right? So, we have moved we have gained about 27% since then and this is one of the sharpest rally in the last five years that we saw. But more interesting if you look at the demand right August ETF inflow reached 3.5 billion that you saw on that front and that's up significantly from July. July was 172 million right and is the strongest inflow month since October of last year which is as all of you know is the all-time high and our spot trading volume uh for crypto rose from about five billion on a daily basis to about 14 billion. Right? So you can see a significant part of that comes from really renewed sport demand instead of leverage. So all these are positive. We accounted for 46% of the sport trading volume across centralized exchange. You mentioned D5 lama. Again that data is from D5 lama. Uh so all these are strong positive. The other data point that is very interesting is we have many users now that hold across crypto assets as well as equities assets right and in August crypto shares of combined holding rose from 64% to about 70%. So you can see increased crypto allocation in August as well and by end of August we reach about 72%. So this rally is pretty broadbased uh with a few dimension at play and is a interesting narrative that's forming. >> Let me pull up a chart of the Bitcoin price itself and then we can comment on it together. So here we have uh the rally starting in middle of August specifically August 19th and like you said it was pretty broad-based. It's not limited to just Bitcoin. I'm just using Bitcoin here as an example. Bitcoin rallied on August 19th. That was the day that the US Treasury Secretary Scott Bessant announced that he would intervene in the bond markets if necessary doubling bond buybacks from 2 to4 billion per operation. He later expanded that. Um was that the trigger that possibly the market interpretation that the long end of the yield curve would not go up even more? And if so, perhaps what was keeping Bitcoin and the rest of the crypto markets down throughout the entire year was a prospect of higher interest rates. What is your interpretation of why everything rallied on August 19th? >> Well, I think that's that's one of the issue that could be driving all this that comes into play. But if I take a broader look at the entire dimension, right? So if you look at first quarter is a quarter where petrochemicals and commodities traded very well and second quarter really you have equities that traded extremely well they're very robust and as as you know different asset classes when they are slightly overvalued they will see a pullback in interest and you know crypto for for the majority part of this year has been in consolidation mode and news like this and also news that carried act is being pushed through. US is still embracing in a very very big way all the crypto developments uh moving quite aggressively forward with embracing crypto in terms of wanting to be a crypto capital. I think all these make people sit up, take notice, re-evaluate their the entire portfolio to say that you know if interest rate especially in the long end goes up. It impacts bonds impacts equity I think is very favorable to assets such as gold and crypto right uh again the value of money uh is impacted somewhat on that front. So people just evaluate re-evaluate their portfolio and say hey look this is an undervalued asset class and it's the time to do greater allocation into this. I think that's that's my read of the situation. >> Another interesting stat in August here. So uh in on Binance average daily spot volume climbed from 4.75 billion to 13.6 billion 188% increase. It's the only track exchange to exceed $10 billion a day. Uh if that spot surge uh was new cash buying Bitcoin, um was that was that existing users rotating out of stable coins and altcoins or uh is that uh is that uh new new users? Do you think? >> Well, it's a mix of everything. We we have new users coming through. We have renewed interest. We have users that convert their stable coins that they're holding for yield purposes into crypto again. And actually we have you know we trade crypto we trade equities now right and different different asset classes. So we have seen some of those people moving out some of the users moving from some of the other asset class back into crypto. So I mean there there are few trends that's pushing all this narrative. >> Okay. Uh another um interesting development is the uh advancing of perpetual futures on Binance. Take a look at this. This is from finance feeds. So here we have uh $445 billion of volume hit in July versus about $30 billion in January. Uh tell us about why this particular asset class is so growing so quickly on Binance. >> So if you look at our futures market share right it rose from about 38% beginning of the year to now about 44% year to date. Uh in the thread five perpetual space again this is a very fast growth area. This some this is a new product class that we only introduced this year right. So beginning of the year we introduced commodities perpetuals we introduced petrochemicals and then we started introduce uh stocks trapfy ETF perpetuals and they have been doing extremely well. If if you think about it for the longest time there have been two main problem uh with trapfy equities right firstly global access. Many people around the world have no access to all these products. Right? So you and myself, we live in developed markets. But if you look at emerging marketplace, frontier marketplace, many of the users can't get access to this, right? And secondly, if you look at traditional exchanges, they operate eight hours a day. They don't operate at night. Don't operate on weekends. Holidays, they're closed. But news flow is 24/7, right? So institutions, corporates, even retail investors need a venue for them to take position as and when they need to and want to and when news flow come and impact asset prices. They need a venue to hedge their position and offset risk. But currently, you know, if you think about previously they have no options, right? So we provide that firstly as a global access point for global users around the world that currently that previously have no access to all these products including preipo shares right preo perpetuals and then secondly 247 trading which is extremely important for any traders for any institutions retail or corporates that need to you know take positions that need to offset their risk and manage their portfolio much more effectively and especially agentic AI coming through there's a means for them to do that so if you look at our trade five pers we do now weekly average volume of more than 100 billion July and August you know again is uh are very good months we saw more than 400 billion for each of the month uh we are now the clear market leader on that front we started the year about 35% we are now more than 50% so again this asset class that Again, we have demonstrated how important market liquidity is and how important access is to many of the global investors. >> Before we continue with the video, let's talk about your most important asset, your personal privacy. 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How much of this volume is tradi products like stocks, bonds perhaps versus crypto products? Well, I mean crypto products we have always been strong and you look at our B volume crypto has has constantly been strong. The the volume that I mentioned are just for for trap fivey products right so just for stocks for ETFs etc. >> So again fivey products is a new area that we have seen remarkable growth this year. Our equity AOE has now surpassed 1 billion uh increasing very quickly. Our Btos AUM which is our tokenized product right is now 600 million across platform and onchain right showing that there's huge demand for tokenized equity exposure another interesting data point for you right so if you look at our VTOX product which allow people to trade 24/7 which I mentioned just now right 40% of the trading happens outside of US trading hours so it which is remarkable if you think about it Because as I mentioned a lot of US companies they release announcements results uh post trading hours there are new developments there's M&A there are global events that impact the companies etc and people need a platform to go to to take exposure to reduce the exposure as and when they need to right so all those are very interesting things at play um preipo we allow access to SpaceX and tropics of the world. Um again that is something that you know for many parts of the world for many investors around the world they have no access to that until a company IPO and even after that many people will find it challenging to access them. But now we give our users the option to access all these exciting companies even before they come into the marketplace. Binance is the largest exchange in the crypto space in the world which gives us a tremendous amount of data to look at what investors and traders are doing. It's basically a an ecosystem that we can use as a proxy for the entire market. And I wonder how much of this Binance volume surge that we've been talking about so far, Richard, is a result of people looking for alternative ways to invest in Trafi products or people returning to the crypto space after a year and a half of what they call a winter. How would you answer that? >> Well, I think is multi-pillar growth. If you look at it, the warming up of the crypto market again will help us by being the deepest liquidity tool. If you want the best best betas spread, right? Um the best market execution, uh people will come to us, right? And then we have demonstrated the ability to replicate that success into traditional financial products, right? Equities, commodities, prochemicals and the likes. Again, now we are in a very very strong position on each of those products that we have rolled out. Um so again it underlines the importance of market liquidity uh by having the deepest liquidity pool. The institutions the corporates that trade to us understand they have substantial savings right uh by trading to us they get the best rates by coming to us um on that front and they they save substantially over time but also in terms of the suite of products. So now we are financial support app. We moved from being a cryptofocused company in terms of trading >> to now a multi-dimensional trading platform, right? A global multi-dimensional platform. I mentioned different things just now. You can do allocation. You can invest across crypto stocks, ETF, BT stocks, equiting products and we recently just announced stock options, right? So we are adding options on a thousand plus selected US stocks and ETF for eligible users. So on from a single app from a single platform you enjoy uh you know multi-asset allocation investment experience across so you don't have to open different apps in different jurisdiction just to access all these different products. PreIPO again is something that's extremely exciting for many investors that want access. So we are continue to see acceleration of all these areas and we just want to continue adding on the products that help our users take positions, hedge their positions, hedge risk etc and become that all in one platform where they come for their investments needs, their saving needs, their payment needs, right? So this is something that we are pushing very hard on. >> Well, earlier in July, you told Reuters that um every time people say that Bitcoin is dead, that's the time I'll go all in. At the same time, you told um the audience that Binance recorded a 9% increase in institutional clients being onboarded this year compared to 7% increase in the platform. So if Bitcoin was dead in the last couple of months, something reawakened, who we we already talked about what and perhaps why, but who reawakened the market? Was it institutional players mostly in August or was it a combination of institutional and retail? Do you have data for this? >> Well, I think it's a it's a combination of both institutional and retail, right? So the institutions are smart money. They have been evaluating across different asset class and they when they look across asset class they'll find that crypto is relatively undervalued compared to all the other asset class in the marketplace and that's why they started to do allocation right u the ETF inflow that you see um is a barometer of retail inflow as well right so is to me is across the board um again we see the warming up of marketplace we see new conviction in this asset class but we are now in the building phase right so again from this point we'll need to continue to build push through much more exciting utility across the different platforms across the crypto space bring about greater integration on with the AI on that front so with greater utility greater usage um you know is it's going to be very exciting for all the investors and users going forward >> if you had decide if this uh recent momentum, this new surge in activity in the crypto space in the in the last three weeks is here to stay. What data would you look to make that evaluation? >> Well, I will continue to look at, you know, the ETF inflows for one. I'll continue to look at macroeconomic data. Uh you mentioned uh US 30year yield. I think all those factors will come into play. uh news flow such as tensions um some some of the uh whether interest rate will hike going forward I think people are watching out for >> people are watching out for inflation data as well on that front right so all these things will ultimately impact asset prices it's not only crypto but different asset prices will react differently but more importantly for crypto I believe that the the demand is still very strong the long-term prospects are extremely bullish In my view for us as an industry we have to continue to come together to continue to build out the utility right. So if you look at stablecoin which is an excellent demonstration of the utility of blockchain uh space right you can see the exponential growth on that front and hopefully the clarity act get passed in the US and the rest of the world the different jurisdiction policy makers are required to sit up take notice and see how they benchmark with the US to remain competitive and that will provide another major boost uh to the usage of different crypto globally and acceptance of of crypto globally. To me, that's going to be another big positive news coming through. But as an industry, we have to continue to continue to build continue to build out the utility, continue to make sure that the foundation remains strong on that front. So these are things that we continue have to look at. Binance is uh currently not uh available to US residents but the reasons we stated so far for the surge or US specific to the economy in the US. The rest of the world however is on Binance. Why did they buy into Bitcoin in August and crypto for that matter? Well, so if you look at it, crypto is the only truly universal asset class where anybody in the world can have access to it on a 247 basis, right? So none of the asset class can boost that and you know users obviously can get access in different forms and all these macroeconomy conditions all the asset allocations that impact the flow into crypto allows everybody in the world to take opportunity of the new interest renew interest renewed utility in this space. So the benefits will spread to users globally and it's not only acred to users in the in the US, right? Um so you know it's is a very very good product for global users because you can access it anywhere in the world 24/7 and what we have developed in blockchain in crypto is now slowly being adapted by financial institutions around the world to say hey this is a much more superior form of infrastructure. Let's introduce it into our space. Right? So if you look at >> uh recent news JP Morgan and DBS bank just did a tokenized deposit over the weekend right this is something that you know we have always done in crypto we have using stable coin we can transfer on a 24/7 basis and in on on an instantaneous basis right now the you know traditional financial institutions are understanding the benefit of this and slowly bring about adaption again 247 trading is something that we have always been uh used to. Now you know NASDAQ has announced they're going to 235 trading 23 hours a day 5 hours or 23 23 hours a day five five days a week by I think December this year again you can see all those development trying to catch up with what we have provided in terms of superior infrastructure to the world and to me is a is a big positive right the more asset class that's put on chain the better it is for all of us and that means there's more assets available for trading for users and we can really put a lot more assets as a separate app on our platform to serve our users globally. >> Binance now holds a record of about half of all crypto users in the world. So according to this news release here on your nine years uh you have grown from 6 million users back in 2017 to now 741 million users. roughly half of all crypto users in the world. I'm wondering Richard, where does the growth come from if you've already captured half the market? >> No. So just a minor correction, the 741 million users that you mentioned just now are just total number of people that have exposure to crypto. So we capture about half of that. So we have about 330 million users on that front, right? So we have seen robust growth throughout the different parts of the world. As you know we are deployed on a global basis outside of US. So we continue to see uh a huge strong demand especially from emerging marketplace right so we've seen very strong demand from different parts of Asia Pacific from Latin America from different parts of Africa, Middle East, North Africa I mean Middle East currently. So we continue to see very robust demand from from many of parts of those world and if you think about it you also goes into the financial inclusion story right so if you look at the traditional financial space they have not been serving servicing many parts of the emerging market frontier market well enough many parts of the world have financial inclusion less than 20%. Right? So meaning 80% of the people have no proper access to payment, banking system, saving system, right? So things like crypto allows them the ability to save to make transfer of value across in an instantaneous basis and once they are used to the beauty of this particular product, they will not go back to traditional financial product. Right? So you can see a very strong growth because they become cryptonative. they understand how it works, how all the different transfer works and how it's superior to a lot of the traditional infrastructure that I mentioned just now. So we continue to see strong growth in many of these parts of the world. But you know we will continue to work on again in different parts of the world even mature markets to really serve users globally and it's not only retail is the institutions is the family office is the corporates that's coming through and you know as the asset continue to mature we're going to see a lot more interest from different parts of the world coming through. Is there still a a case for why crypto users will continue growing? Um like like this particular press release stated in 2017 fewer than 6 million people worldwide own crypto. Now that's over 741 million. Is that the plateau do you think? Uh given how a lot of people have moved into other spaces in AI from the investor community. Um and if not perhaps the growth will come from perpetual futures like we discussed. No, I do think that AI and and crypto are complimentary technology, right? So AI is, you know, has this ability to access and process large amount of data in a very efficient fashion uh in terms of analytics is extremely great. But crypto then supplement that by being immutable, right? So they make perfect sense to if you look at all the different industry in the world. My view is that you can redesign finance, you can redesign commerce, you can redesign shipping using a combination of digital technology. Right? So even on a platform uh we are promoting you know agentic AI in terms of trading right. So if you look at Binance agent OS is a platform being that brings together all the different Binance capability in in terms of AI tools in terms of agents that people use every day right give the agents access to market data trading wallets payments on a platform and so for example if you know you have developer agent if volatility rise sharply at certain point in time when you're asleep The agent can identify which position which orders are affected, summarize the exposure, prepare actions to either cancel existing orders, reduce a position or place a protective order. Right? So these are things that AI can do and blockchain do many other dimensions as I mentioned is is immutable uh you know is a technology that you can is brings about value transfer on a very very efficient basis right those are not not things that AI can do. So to me they are complimentary technology and the different use case I mentioned about agentic payment going forward which is uh you know continuous payment at a fraction of the cost these are only things that you can use using crypto right so again I see a lot of complimentary usage on that front >> you're become well you're building a super app so we talked about this last time you were on the show give us summary of the latest progress on this development and broadly speaking I I like to understand the corporate strategy around building a super app which in itself indicates to me Binance has been trying to diversify for quite some time away from just crypto >> well we are trying to be you know we are building a super app to be a multi-asset class all weather um platform to serve our users across the investment the payments needs that they need to. Um, so in the past, you know, you have to open different apps to trade different type of products. Crypto, you probably have to go to one app. You want to trade equities, you go to another app. You want to trade commodities, you want to do a payment, you go to another app. So instead of opening four, five app, you now go to Binance for all your financial services needs, right? So that's what we are pushing very aggressively. And if you look at throughout the course of this year, all the different products that we've introduced in terms of traditional financial perpetuals, in terms of stock options, in terms of pre IPO investments, in terms of enhancing our payments, >> etc., etc. All those are working on providing this super app to our users, right? So, we are very very grateful to our users for their support. If you look at direct stock trading in terms of asset under management, it has crossed 1 billion in a very very short period of time. B stocks has crossed 600 million uh again within a very short period of time. Right? So all these are only possible because our users are supporting us, right? And we become that very important global access platform as well as a 247 liquidity platform for all users around the world. >> And this is interesting. We talked about this already, but I want to really narrow this down. Traffs now double Binance's BTC USDT volume. So, uh, it went from Binance launched his first Trafi Perpetual contract in January 2026, starting with gold and silver. Monthly volume, um, sat between 3.3 billion to 3.5 billion. Now, by June 2026, it's 30 387 billion to 393 billion. Um that's 117 times growth in six months. If those numbers are correctly cited in this article, uh Richard, then we're looking at potentially um more growth coming from Trafi Pers than BTC or USDT per. Uh now it's looking at Trafi Pers represent 37% of Binance's total per contract. Uh it's only six percentage points above the industry average across other exchanges. Are we seeing a future in which traffic per may actually be uh the overwhelming majority of the volume over BTC USDT per crypto per? >> Well, all these different assets are important pillars for us, right? As I mentioned, we are moving from beyond just a crypto exchange into a super app. And to do that, you need to have different asset class. You need to build different pillars and the different pillars must be strong because you know asset class go through rotational play right. They go go through pick and trough they go through different uh asset volatility. Uh but we are here always for our users to provide them with this platform whatever they want to once they come to our platform they open the app they can trade whichever asset class they want to they can take positions and they can manage their position effectively. Right? So that's what we aim to do. Traffy flips will continue to grow. If you look at uh the the universe of Trefy products out there is much bigger than crypto products, right? So currently we will offer us we have ambition to offer way beyond that into different marketplace including fast developing marketplace very exciting preo products uh on that front. So this out this space will continue to grow as with other products right so I mentioned options that we have rolled out as we continue to roll out all the different products the different pillars and different verticals will continue to grow um but that is a very exciting use case for Binance as a global supply >> well right now because of regulations Binance cannot have US users but if this super app rolls out can US users use the super app to trade TRA 5y herbs uh without directly trading crypto products because of regulations. Is that the first step? >> No, currently the US users cannot access binance.com, right? So, uh we are not servicing US users, right? So, but on that front, uh we keep it under constant review. Uh US obviously is a very important market is the largest capital market in the world. So, we keep it under constant review on the strategy going forward. I'm just thinking whether or not the regulators in the US would be more amendable to opening up US users to Binance once Binance becomes a mixed multi-asset platform um in the minds of the public. >> I think you're closer to the U to the US than I am currently. But uh as you know every jurisdiction will have their own consideration. the regulatory framework different >> and we have to respect uh the US framework and the regulations on that on that front. >> I like to close out by talking about what you think the future of the economy is going to look like and what the future of Binance is going to look like in response. Binance has evolved considerably since its founding um in the you know about 10 years ago now almost and uh and we we already talked about >> Yeah, please. We we already we already talked about a lot of the numbers growing considerably and where does this future go? What is the what does the next five years look like for the economy and how investors will want to trade and invest and how does Binance respond to that future? >> Well, it's very difficult. I don't have a crystal ball to read what's the fiveyear outlook for economy. I think most economies wouldn't dare to even do a one year or two years outlook on that front because things are so volatile. there are so many different dimensions at play and interacting with each other. So it's very difficult looking out at five years right um but I what I can say is you know the different governments the different policy makers will continue to compete on many different fronts they what they want to is to make sure that their domestic economy continue to be robust strong uh unemployment remains low they try to fight inflation so they continue to do what is best for their do domestic market right um and you know they will try to move towards a dig economy digital asset is one important aspect of that and that's where we come in. We have a strong competitive advantage. We're actually helping many countries around the world on that front. Firstly, in terms of developing regulatory framework to support digital assets and secondly helping them with tokenization uh of uh their assets so that more assets can be put on chain for trading purposes. So those are win-win propositions throughout the world. As for Binance, we'll continue to work tirelessly to serve our users. We always put users at the front and center of every key decision we make by becoming that global super app. Our ambition is also to serve our users better in terms of all their financial services need. So we'll continue to pivot very strongly on that front. We continue to add more products. So throughout the course of this year, you have seen so many new products being added. But we are not resting on on our laurels. We continue to push ahead with different products and pushing through different innovations for our users, right? Helping them to understand the landscape, pushing through AI developments capabilities to help them in terms of trading. So those are things that we're very passionate about and we'll continue to do that. Our ambition is to reach three billion users globally. >> Maybe let's let's not uh talk about the entire economy. That's maybe too broad. Let's just focus on one specific aspect I'm curious about. How do you think AI will tr will change trading and investing and how is Binance adapting to how AI is changing finance? >> Well, definitely is going to play a very big part, right? So, if you look at trading, agentic trading is going to become more dominant going forward. So if you look at trading desks across the trap fire space and the crypto space again everybody needs to adapt to that. Um so I do think that is going to become a even greater part of the trading and investment landscape right a lot of users through their own agents are doing a lot of different things uh in the trading in the analysis space in the allocation space. So I suspect and I expect that will continue to rise going forward. So uh but the models are continue to developing to develop at a very rapid pace. So it's very interesting to watch where it comes to a point of plateau where it comes to a point where government become very very concerned about properly control environment for AI. I do think that that remains to be seen. I think government will be very concerned if AI continue to develop in a way that they cannot quite control uh and it go wrong. I think that is something that when I speak to policy makers around the world is something that starting to bother them quite a bit. >> If I want in the future uh my AI agents to trade for me because maybe I program my own algorithm or somebody else did doesn't matter. Um maybe if the trend is more agentic trading, how does Binance adopt agentic AI into its platform? >> Oh, that's very simple for us. We have already adapted to that and we will continue to invest and adapt very greatly. So if even without um being asked, we have developed those for our users. So, so that to make sure that uh we have agentic OS to really support our users uh using different agents to try to interact with and do analysis on wallets to trade to analyze and we'll continue to enhance all those offerings. >> This is something that users and we'll continue to offer it to them. >> Great. Well, thank you very much Richard. Uh where can we follow you? Uh what is the best place to follow the latest developments and we want to keep up to date? Well, you can always follow Binance uh on different socials, right? On Twitter, on X, on Instagram, uh on on the different platform and I'm on on those platform as well for users that are interested. >> What's the next big thing milestone that uh we should be excited about or anticipating from Binance? >> To me, every day is exciting. Every day we are working on new products. U look at our new launches, right? So look at the new products, new product enhancement that is coming true on that front and next year we're going to celebrate our 10 year anniversary. Um so hopefully we'll continue announce new things. We will continue to expand our global footprint to serve many more users around the globe. So so those are important milestones for us. >> Okay, good. Uh thank you very much. We'll put the links down below. So please do follow Binance. Appreciate your time as always, Richard. Thank you for coming back. Thank you so much for having me here. >> Thank you for watching. Please do like and subscribe.