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Binance CEO Richard Teng has stated that the company’s remote-first work model is ‘essential’ for recruitment, retention, and innovation.
In a blog post published January 6, the CEO says that return-to-office (RTO) mandates as implemented by Amazon can risk employers “being left behind” in the battle for top-tier talent.
Teng’s blog post caveats that there is no such thing as a one-size-fits-all approach and describes hybrid models as a “promising middle ground,” but details several future work trends underpinning his firm’s remote-first approach, including employee demands for flexibility and the impact of artificial intelligence.
Binance has operated a remote-first business model since it was established in 2017, but has physical offices in countries such as Dubai and Paris and holds in-person events and gatherings for local teams in those regions.
Why is Binance so committed to a remote-first work model?
While some tech businesses including Dell, Amazon, and Salesforce scaled back remote-work flexibility in 2024, others such as Twilio have remained firm on a remote-first model. Binance, according to Deng, falls into the second camp.
“Remote-first is not a temporary patch for us; it is our foundation as it is for many companies in the Web3 and crypto sector,” he writes, describing it as “essential” to the cryptocurrency company’s operating model that requires 24/7, round-the-clock availability.
According to the post, Binance has a workforce of over 5,000 employees in nearly 100 countries, all of whom are remote-first.
Teng references a Stanford University study that found remote work increases productivity by 13%, saves businesses an average of $11,000 per month in office costs, reduces turnover, and increases efficiency. The CEO said Binance has observed similar benefits.
“This approach maximizes efficiency, allowing us to operate lean and agile while empowering our teams with the autonomy to deliver exceptional results,” he notes.
But Teng says his company’s stance is not unique and is instead indicative of a broader societal shift: “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.”
“The world is becoming increasingly digital, with services and products tailored to distributed geographies and diverse demographics,” he continues later in the post. “Workforces are also becoming more global. The best talent can come from anywhere, and companies that wish to attract and retain this talent must offer flexibility.”
Binance CEO: ‘Rigid’ companies like Amazon risk being left behind
Throughout the blog, Teng notes that no two organizations are the same, and points out that businesses are justified in asking their employees to return to the office.
The CEO references Amazon, whose five-day-a-week in-office mandate (effective from January 6) has drawn huge attention. He explains that a full pivot simply may not be feasible for companies with “deeply entrenched office processes” or “cultures of physical collaboration.”
“Remote work was a necessary adaptation during a global crisis, but for some, its efficiencies may not justify a permanent transition,” Teng admits. But the CEO goes on to suggest that companies like Amazon who scale back remote work no longer epitomize innovation and now rely on “rigid structures,” valuing “control over flexibility.”
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It is Teng’s belief that this approach “overlooks the broader trends shaping the future of work,” costing businesses in the battle for talent.
“Remote-first work demands a certain type of talent: creative thinkers, self-motivated individuals, and those who thrive on autonomy. It also requires organizations to embrace a culture of trust and accountability,” he states. “Not every company, or every employee, is prepared for this level of independence but the rewards are immense: access to a global talent pool, unparalleled flexibility, and the ability to move at the speed of innovation.”
Hybrid work as the future? The challenges of remote-first
The crypto firm offers hybrid work and holds a physical presence in cities like Dubai, Paris, and other regions where it must meet regulatory requirements. This includes hubs for collaboration and embracing a mixture of virtual and in-person team-building including social gatherings like offsites and ‘fun clubs.’
“Remote-first does not mean abandoning physical interaction entirely,” the CEO claims, noting that hybrid models offer a “promising middle ground to businesses” and “provide the flexibility employees crave while preserving the human connections that enhance creativity and teamwork.”
The blog post also covers some of the challenges Binance has experienced in delivering a remote-first model and reveals some of the practices it has put in place to overcome them.
“Efficiency does not come automatically in a remote-first setup,” Teng explains. “It requires deliberate systems, strong culture, and the right tools.” The CEO said the company targets employees who are self-driven and gives them “cutting-edge collaboration platforms or flexible budgets” to ensure they succeed.
Maintaining company culture and overcoming time-zone differences also represent major ongoing hurdles to overcome.
“We foster a shared culture built on user focus, mutual respect, direct communication, and a shared commitment to innovation… Technology plays a key role here, allowing us to maintain seamless communication and collaboration across time zones,” Teng continues. “We fine-tune asynchronous workflows, invest in robust team-building initiatives, and create opportunities for employees to connect virtually and in-person where possible.”
The CEO also revealed the growth in sophistication of AI technology has, if anything, spurred Binance on to continue operating under a remote-first model.
“As automation takes over repetitive tasks, the workforce will increasingly consist of high-level thinkers – creative, strategic, and analytical individuals,” he explains. “These workers value autonomy and flexibility, and remote-first models cater to their preferences. Companies that embrace this shift will be better positioned to thrive.”
