Binance CEO responds to launchpool accusations, discusses crypto scams

During a recent AMA, Binance CEO Richard Teng addressed accusations of misusing Launchpool funds, discussed the HBO documentary on Bitcoin’s creator, and outlined the company’s efforts against crypto scams.

During a question-and-answer session on X, Teng addressed allegations of using the company’s balance sheet capital to farm its launchpool, a process meant to benefit the community.

He firmly denied these claims, stating that Binance prioritizes user protection and fairness in trading practices. Teng emphasized Binance’s strict internal policies, including firing employees involved in unethical behavior, and reassured users that these accusations are “false and should be ignored.”

Later Teng tweeted an update, shared below.

Received a question on Launchpool allocations on the X Spaces earlier. Hope this clarifies!

Launchpool allocations from projects are strictly for Binance users and Binance does not take profits from these allocations intended for users, and it is ultimately at the discretion of…

— Richard Teng (@_RichardTeng) October 9, 2024

HBO’s Satoshi Nakamoto documentary

When asked about the HBO documentary on Bitcoin’s mysterious creator, Teng shared his perspective, humorously stating that “all of us are Satoshi,” in reference to the crypto community’s shared belief in Bitcoin’s transformative power.

He focused the question on Binance’s rapid growth, highlighting that the platform has reached over 234 million users, with 54 million joining in 2024 alone. Teng believes the real Satoshi likely prefers to remain anonymous and stressed the importance of looking forward to the future of crypto adoption.

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Binance’s fight against crypto scams

Addressing scam concerns, Teng revealed that Binance has prevented $2.4 billion of fraudulent activity this year alone.

He detailed Binance’s collaborations with law enforcement globally, helping recover $7 million in stolen funds. Teng also highlighted the company’s educational efforts with universities and law enforcement agencies to combat fraud.

In late September, Binance assisted India’s Enforcement Directorate in recovering $47.6 million from a gaming scam linked to the Fiewin app, leading to the arrest of four suspects. The exchange’s Financial Intelligence Unit provided key intelligence to track laundered funds, with the case still under investigation.

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Supporting Nigeria’s crypto ecosystem while advocating for Tigran Gambaryan

Teng expressed Binance’s commitment to fostering a vibrant crypto ecosystem in Nigeria, working with law enforcement to resolve issues and promote blockchain development.

He also shared an update on Binance’s efforts to secure the release of Tigran, a Binance employee detained in Nigeria, emphasizing the need for him to be released.

“He is in pain, and he is in very bad health. Our priority is to get Tigran to get home to his family so his situation does not get permanent.”

Richard Teng

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