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 about the creator of Bitcoin, and outlined the company’s efforts against crypto scams.

During a Q&A session on X, Teng addressed allegations that the company’s balance sheet capital was used to create the launch pool, a process intended to benefit the community.

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

Teng later tweeted an update, which is shared below.

We’ve previously received a question regarding Launchpool allocations in X Spaces. Hope this clears up!

Launchpool allocations from projects are for Binance users only, and Binance does not profit from these allocations to users and is ultimately at its discretion…

— Richard Teng (@_RichardTeng) October 9, 2024

HBO’s Satoshi Nakamoto documentary

When asked about the HBO documentary about Bitcoin’s mysterious creator, Teng shared his perspective by humorously saying “we are all Satoshi,” referring to the crypto community’s shared belief in the transformative power of Bitcoin.

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

Binance’s fight against crypto scams

Addressing fraud concerns, Teng announced that Binance has prevented $2.4 billion in fraudulent activity this year alone.

It detailed Binance’s collaborations with law enforcement globally, which helped recover $7 million in stolen funds. Teng also noted the company’s educational efforts with universities and law enforcement to combat fraud.

In late September, Binance assisted the Indian 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 provided significant intelligence to track the laundered funds and the case remains under investigation.

We support Nigeria’s crypto ecosystem while defending Tigran Gambaryan

Teng expressed Binance’s commitment to promoting a vibrant crypto ecosystem in Nigeria, working with law enforcement to resolve issues and support 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 his release.

“He is in pain and his health is very poor. Our priority is to ensure that Tigran returns home to his family so that his condition does not become permanent.”

Richard Teng