Binance CEO explains his remote-first approach
Binance CEO Richard Teng. (Binance, CC BY 4.0, via Wikimedia Commons)
In a recent article posted on CoinDesk, Binance CEO Richard Teng explained his views on remote work and why Binance is a remote-first company.
Teng explains that Binance, a cryptocurrency exchange, was designed to be operated by a remote workforce. This is due to the global and decentralized nature of cryptocurrency. According to the article, Binance has over 5,000 employees working in about 100 countries. They also have offices in places like Dubai and Paris for hybrid work collaboration. Teng states that this allows Binance to operate as a lean, agile, and efficient organization. He also cites a Stanford study that found a 13% increase in productivity from remote workers, as well as reduced costs, as another reason for Binance’s remote-first policy.
“My belief is that, over time, remote-first work will not remain a niche strategy. As industries evolve and talent dynamics shift, this model will become dominant. Companies that are now forcing employees back into offices will eventually find themselves adapting to this new reality – once again.”
Richard Teng, Binance CEO
Teng emphasizes that remote work does not bring efficiency automatically and “requires deliberate systems, strong culture, and the right tools.” He goes on to say that prioritizing hiring creative and self-driven people is key to their success. Additionally, Teng explains that Binance has team building events and clubs, both in person and virtual, to maximize the benefits of remote work and in-person collaboration.
While workforces are becoming global, remote models may not be for everyone Teng explains. He says certain industries and professions will never be remote. However, he believes the shift to remote work for white-collar jobs will be inevitable. Teng also believes that to attract and keep the most talented employees, companies will need to adapt to a remote-first work policy.
Read the full article by Richard Teng on CoinDesk here.
