Binance Co-CEO Richard Teng emphasized the evolving nature of competition in the crypto industry during a January 8 interview with CNBC. Teng noted that the competitive landscape has shifted from rivalry among individual exchanges to a broader convergence between Web2 and Web3. He identified traditional financial platforms like Robinhood, banks enabling crypto trading, and decentralized finance participants as new competitors. Teng highlighted that true differentiation in the market is not about the number of players but rather core capabilities that are challenging to replicate. These include a global user and product base, lower trading costs, deeper liquidity, and strengths in transparency and regulatory compliance.