Binance's Richard Teng on crypto's role in modern financial infrastructure

As global capital markets modernise, the underlying “plumbing” of finance is receiving more attention from institutions, regulators, and technology builders. One area of focus is how blockchain-based networks and digital assets could influence market infrastructure, including settlement speed, operational risk management, and transparency standards.

In a recent conversation on the Figuring Out podcast hosted by Raj Shamani, Binance Co-CEO Richard Teng discussed why he believes the shift toward digital-asset infrastructure is increasingly being driven by efficiency, market access, and risk controls, rather than short-term retail speculation alone. Teng’s view is that the historical gap between traditional financial systems and blockchain networks is narrowing as more market participants explore tokenisation, on-chain settlement models, and always-on markets.

This article discusses the themes Teng raised, including clearing and settlement, 24/7 liquidity, multi-asset platforms, and the role of regulation. (Product availability varies by jurisdiction, and users should check local eligibility and applicable rules before accessing any platform or service.)

Clearing and settlement: Why market latency matters

A large part of modern finance still relies on multi-step clearing and settlement workflows that involve several intermediaries and reconciliation processes. In many public markets, settlement is not instantaneous, and typically follows a two-day delay, known as T+2 clearing, forcing market participants to carry substantial operational risks, capital inefficiencies, and counterparty exposures, which in turn can create operational overhead, collateral requirements, and counterparty exposure while a trade is in the process of finalisation.


Teng said that blockchain-based settlement can reduce some of this friction by enabling transactions to be recorded and finalised on a shared ledger, potentially shortening settlement times depending on the network and use case. On the podcast, he said, “In crypto we have already moved to atomic settlement. It’s instantaneous because the technology provides for them.”

In practice, on-chain settlement times can vary, and the operational design matters, including how custody, compliance checks, and transfer restrictions are implemented. The broader point, however, is that a move toward more automated, ledger-based settlement could reduce manual reconciliation in some market structures and improve the speed at which ownership transfers are recorded.

24/7 markets and continuous risk management

Another theme Teng highlighted was the difference between traditional market hours and the “always-on” nature of many digital-asset markets. Traditional exchanges operate on defined schedules, and market closures can limit a participant’s ability to respond to new information outside trading hours.

By contrast, many digital-asset markets operate 24/7, which can allow continuous price discovery and portfolio adjustments. Teng suggested this can be relevant for treasury operations and risk management, especially when major macroeconomic events occur outside standard trading windows.

At the same time, 24/7 markets can also amplify the need for robust risk controls, including user education, clear disclosures, and strong operational safeguards. For institutions, this typically means tighter governance around execution, custody, and exposure limits.

Tokenisation and multi-asset platforms: A shift in financial distribution

Teng also spoke about how digital-asset infrastructure could shape the next generation of financial distribution. Historically, investors often needed separate intermediaries, account structures, and documentation to access different asset classes. Technology-led platforms are exploring ways to bring more instruments onto interoperable rails, including tokenised representations of assets, subject to local laws and listing frameworks.

Teng went on to describe Binance’s longer-term direction as building toward a broader platform experience. “We are a financial Super app,” he said, describing a view in which users could manage different financial exposures through a unified interface, where permitted.

For readers, the important distinction is that “tokenisation” is a technology approach, not a single product category. Tokenised instruments can differ widely in structure, rights, and risk profile, depending on how they are issued, what they represent, and what legal protections apply. Access also varies by country and by user eligibility.

Why regulation will shape mainstream adoption

Teng, who has a background in regulation, emphasised that the next phase of digital-asset adoption will depend heavily on clear rules, consumer protection, and credible compliance standards. He added that regulation should balance risk management with the ability to support responsible innovation, particularly as more institutions explore digital-asset infrastructure and tokenisation models.

A related area is transparency. Teng pointed to the idea that blockchain networks can make certain types of verification easier because transactions and balances can be auditable on chain. In the industry, some platforms have adopted “proof of reserves” mechanisms to provide additional transparency about held assets. However, proof of reserves is not a complete substitute for broader governance, audits, and operational controls, and users should understand what any transparency program does and does not cover.

The road ahead for digital-asset infrastructure

The themes Teng discussed reflect a broader industry question: whether blockchain-based infrastructure can make parts of financial markets more efficient, more transparent, and more accessible, while still meeting the requirements of consumer protection and market integrity.

For India, where digital public infrastructure has already demonstrated the value of scalable rails, the conversation around market infrastructure, transparency, and responsible innovation is likely to remain relevant. The direction of travel will depend on how technology matures, how institutions adopt it, and how policy frameworks evolve across jurisdictions.

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