Program and guest
Reuters interviewed Binance co-CEO Richard Teng at Hong Kong FinTech Week. Original English title: LIVE: Binance Co-CEO Richard Teng speaks at Hong Kong Fintech Week.
Key points
- This was a very painful lesson, and Binance takes full responsibility: the first priority after the incident was to block the attack route, revalidate and test, and replace the relevant infrastructure 0:51
- Losses will be covered first by the SAFU fund and then by the company's own funds set aside for this purpose. User funds were unaffected, and user protection is the top priority 1:00
- The withdrawal function has been completely rebuilt: after being rebuilt to ensure security, user withdrawals resumed on Sunday, and deposits and withdrawals have largely returned to normal 1:31
- Deposits and withdrawals have largely returned to normal on an hourly basis: Teng stressed that user funds are safe and unaffected 1:44
- Nasdaq announced trading for 23 hours a day, 5 days a week, starting 6 December, with the ultimate goal of 24/7 trading. No person can trade 24/7 without sleep; only agentic AI can 11:45
- AI is leveling the playing field between institutions and retail investors: institutions previously relied on global offices for 24/7 coverage and extensive research and modeling; AI and 24/7 trading are narrowing that gap 12:11
Background and notes
The subtitles cover 0:00–24:25. This article presents the main points of the entire 24-minute, 25-second interview. The views and timestamps are reported from the original subtitles; each timestamp marks the start of the corresponding passage. At one point, the subtitles mistakenly state 63 million dollars instead of 6.3 billion dollars; this article uses 6.3 billion dollars.