Binance CEO responds to launchpool accusations, discusses crypto scams

In a recent AMA, Binance CEO Richard Teng responded to accusations regarding the misuse of Launchpool funds, discussed the HBO documentary on Bitcoin’s creator, and highlighted the company’s initiatives to combat crypto scams.

Addressing the allegations of using company capital to farm Launchpool, Teng firmly denied any wrongdoing. He stressed that Binance prioritizes user protection and maintains fairness in trading practices. Teng emphasized the company’s stringent internal policies, including the termination of employees involved in unethical conduct, and reassured users that the accusations are “false and should be ignored.”

HBO’s Satoshi Nakamoto documentary

When asked about the HBO documentary regarding Bitcoin’s enigmatic creator, Teng humorously remarked that “all of us are Satoshi,” reflecting the crypto community’s collective belief in Bitcoin’s transformative potential. He then shifted the conversation to Binance’s impressive growth, noting that the platform has surpassed 234 million users, with 54 million joining in 2024 alone. Teng expressed his belief that the true Satoshi likely wishes to remain anonymous and emphasized the importance of focusing on the future of crypto adoption.

Binance’s fight against crypto scams

In response to concerns about scams, Teng disclosed that Binance has thwarted $2.4 billion in fraudulent activity this year alone. He emphasized the platform’s partnerships with law enforcement agencies worldwide, which have resulted in the recovery of $7 million in stolen funds. Teng also pointed to Binance’s educational initiatives with universities and law enforcement to raise awareness about fraud.

Notably, in late September, Binance aided India’s Enforcement Directorate in recovering $47.6 million from a gaming scam linked to the Fiewin app, which led to the arrest of four suspects. The exchange’s Financial Intelligence Unit played a crucial role by providing intelligence to trace the laundered funds, with the investigation still ongoing.

Supporting Nigeria’s crypto ecosystem while advocating for Tigran Gambaryan

Teng reaffirmed Binance’s commitment to nurturing a robust crypto ecosystem in Nigeria, highlighting ongoing collaborations with law enforcement to address challenges and support blockchain development. He also provided an update on the situation of Tigran, a Binance employee currently detained in Nigeria, expressing urgent concern for his health.

“He is in pain, and he is in very bad health. Our priority is to get Tigran home to his family so his situation does not become permanent,” Teng stated, emphasizing the company’s dedication to resolving the matter swiftly.