Binance Co-CEO Richard Teng Says Wallets Are Becoming New Bank Accounts
Binance Co-CEO Richard Teng stated that wallets are becoming the new bank accounts, and the financial system is being completely rebuilt on-chain.
In market mechanisms, users and institutions are accelerating the shift from centralized custody to self-custody wallets and on-chain financial services. Funds are flowing from the traditional banking system to DeFi, RWA, stablecoin payments, and other on-chain products. This perspective is driving capital towards Binance Wallet and compatible self-custody infrastructure, putting pressure on traditional bank digital services.
Source: Public Information
ABAB AI Insight
Richard Teng has previously advocated for Binance's transition from CEX to Web3 Wallet and on-chain ecosystems. This statement continues Binance's strong development path for self-custody wallets, on-chain payments, and RWA, similar to the strategy of positioning wallets as core entry points in 2024-2025, focusing on enabling users to directly complete storage, trading, and financial activities on-chain.
In terms of capital pathways, Binance is shifting resources from centralized trading fees to wallet infrastructure development and on-chain product development, motivated by the goal of locking in user assets for long-term retention and activity data, building a closed-loop ecosystem where "wallet is the entry point" to address potential risks of CEX under tightening regulations.
Similar cases include MetaMask becoming the de facto standard entry point for Ethereum, and wallets like Trust Wallet and Phantom expanding across multiple chains. The current crypto finance industry is undergoing a transformation from exchange dominance to wallet + full-stack on-chain control.
Essentially, this is a restructuring of the industry chain: traditional bank centralized accounts are being replaced by self-custody on-chain wallets. The root mechanism is that blockchain provides programmability, transparent settlement, and global frictionless access. Only when wallets truly carry all functions of bank accounts (storage, payments, lending, investment) can the financial system complete a structural shift from intermediary reliance to personal sovereignty and on-chain native architecture.
ABAB News · Cognitive Law
Banks give you access, wallets give you ownership.
The core of financial reconstruction shifts from centralized accounts to personal sovereignty entry points.
When wallets become the new banks, the on-chain transition from experiment to mainstream financial system is complete.