Richard Teng: wallets are the new bank accounts

Richard Teng, Binance’s co-CEO, said on May 15 that “Wallets are the new bank accounts” in a post on X, adding that “The financial system is being rebuilt, and it's happening on-chain.” The post was brief, but it fit a line Teng has been repeating in interviews, conference appearances and Binance-produced content over the past year. In those appearances, he has tied crypto wallets to payments, savings, remittances and tokenized assets, while presenting blockchain rails as an alternative to parts of the traditional banking stack. ### What exactly did Teng say on May 15? Richard Teng’s May 15 X post contained two sentences: “Wallets are the new bank accounts” and “The financial system is being rebuilt, and it's happening on-chain.” The post was published from Teng’s account and was reproduced in later coverage that cited the date and wording. (siamblockchain.com) The wording matters because Teng did not frame wallets only as storage tools for crypto trading. The comparison to bank accounts placed wallets closer to the everyday account layer of finance — the place where users hold value, receive transfers and connect to payment or investment services. That broader framing is consistent with Teng’s earlier public comments on stablecoins, remittances and tokenized markets. (siamblockchain.com) ### Why is Binance’s co-CEO talking about wallets as infrastructure? Binance has spent the past year describing crypto less as a standalone asset class and more as financial infrastructure. In a Binance interview published on Feb. 23, Teng said mass adoption would come through “invisible crypto,” with users benefiting from the rails without needing to understand the underlying blockchain. The same interview said Binance had reached 300 million users and $34 trillion in trading volume in 2025. (mastercard.com) At Hong Kong Web3 Festival 2026, Teng also argued that stablecoins and on-chain systems offer instant, low-cost and always-on settlement. Binance’s summary of those remarks said he described a long-term vision of chain-agnostic payments in which users transact globally without needing to know which blockchain they are using. (youtube.com) ### How does this fit Teng’s broader pitch on access to finance? Mastercard’s July 2025 interview with Teng quoted him saying 1.4 billion people were outside the financial system and that crypto could address payment, remittance and banking gaps. In that interview, he said crypto “exists 24/7,” is decentralized and can help people who lack local access to payment systems or remittance services. (binance.com) A YouTube interview published this week by Onchain Capital used similar language in its episode description, saying Teng discussed 1.4 billion people being locked out of banking and Binance’s goal of becoming a financial “super app.” That description also referred to Binance as having 310 million users. ### What does “wallets are the new bank accounts” leave unsaid? Wallets do not all work the same way. (mastercard.com) Teng’s slogan compresses several models into one phrase: self-custody wallets controlled by users, exchange-linked wallets run through platforms, and app experiences that abstract away keys and chains. His recent public remarks emphasize user access and on-chain settlement, but the specific custody model determines who controls assets and how recovery, compliance and security work in practice. (youtube.com) That distinction is not spelled out in the May 15 post itself. Binance’s own messaging has paired adoption claims with security and regulatory language. In the Feb. 23 interview, Teng listed “user-first security/compliance” among Binance’s principles, alongside working with regulators and industry peers. ### Why are these remarks getting attention now? May 2026 has brought a cluster of Teng appearances pushing related themes. Binance’s profile page for Teng shows a May 9 post that said, “1.4 billion people are still locked out of banking. (siamblockchain.com) Crypto fixes this.” A Binance summary of his Hong Kong Web3 Festival remarks, published in April, highlighted stablecoins, tokenization and the convergence of traditional finance and crypto. (youtube.com) The next public record to watch is Teng’s own feed and Binance’s official channels. Those outlets have carried his recent posts, interviews and event recaps, including the May 15 wallet comment, the Feb. 23 2026 outlook interview and Binance’s conference summaries. (siamblockchain.com) (binance.com)