Binance CEO touts Korea’s crypto potential with clear rules

(Han Joo-hyung)

South Korea’s cryptocurrency market could expand significantly if regulatory clarity improves, according to Richard Teng, Chief Executive Officer of Binance, the world’s largest cryptocurrency exchange.

Speaking at the World Knowledge Forum (WKF) in Seoul on Tuesday, Teng assessed Korea’s market as having strong potential provided that clearer rules are established.

He described transparent regulations as critical for cryptocurrencies to become mainstream and regarded ongoing legislative efforts and policy shifts as moves in the right direction.

Teng, however, emphasized that regulation should balance risk management with growth and innovation. Given the rapid pace of Korea’s technological advancement, he cautioned that regulation will struggle to keep up with innovation if it is designed solely around controlling risks.

He pointed to the United Arab Emirates as a model of government-led growth.

In 2021, blockchain activity in Dubai was minimal, yet thousands of companies have since emerged, supported by regulatory frameworks that encouraged industry development while managing risks.

Looking ahead, Teng projected that stablecoins will drive the next phase of crypto market expansion. These assets, pegged to fiat currencies such as the U.S. dollar or to commodities like gold, are designed to maintain price stability. By addressing the weaknesses of both fiat and digital currencies, stablecoins are expected to become central to global remittances and payments.

Teng noted that small transfers under $500 can carry remittance fees of up to 15 percent, while cryptocurrency enables low-cost, instant transactions around the clock worldwide.

Teng also highlighted growing institutional and corporate involvement in digital assets. Major financial institutions already have dedicated strategies, while e-commerce giants such as Amazon.com Inc. and Walmart Inc. are preparing to issue stablecoins. Global adoption of cryptocurrencies has risen from less than one percent in 2017 to 7.5 percent today, and Teng expects it to accelerate toward 20 percent.

On Bitcoin, which recently experienced a modest correction, Teng reaffirmed his earlier forecast that the cryptocurrency would exceed $80,000 after the approval of a spot Bitcoin exchange-traded fund in the U.S. last year.

He said market conditions this year are even more favorable, with an anticipated U.S. interest rate cut expected to further support digital assets. While specific price targets remain uncertain, he assessed Bitcoin’s upward momentum as strong.