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Richard Teng, Binance’s new CEO, recently shared his views on the company’s future following the exit of Changpeng Zhao, who earlier this month agreed to step down as the company’s CEO following a $4 billion payment settlement with the US government.
Richard Teng’s Renewed Vision
Binance, a relatively young six-year-old company, is undergoing a transformative shift from a disruptive tech startup to a more conventional financial entity, Richard Teng said in an interview with Fortune.
Acknowledging past mistakes during its rapid ascent to become one of the world’s largest crypto firms, Teng stresses that Binance has learned a lot from these experiences.
Despite facing criticism and legal issues, Teng highlights that the settlement does not accuse Binance of misappropriating customer funds. Moreover, he emphasizes the company’s robust track record in securing assets on its platform.
Teng also expresses confidence in assuming the role of Changpeng Zhao, Binance’s founder, who currently awaits legal outcomes and is restricted from involvement with the company for the next three years.
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What’s Next For Binance?
Teng’s advocacy for an industry focused on compliance and regulation portrays a shift from Binance’s prior identity as a stateless and often lawless firm to a more conventional financial institution.
Despite the company’s massive success and resilience through industry challenges, Binance has operated in a mystery, never actually providing a comprehensive account of its assets and operations.
Teng, leading the march toward a more conventional corporate structure, asserts that the firm under his leadership will include a board of directors, an address, and financial transparency.
While Teng commits to transparency, he refrains from specifying when the firm will disclose its board composition and financial statements. The recent outflows of nearly $1 billion post-settlement with the U.S. Department of Justice pose significant challenges.
Teng attributes this to Binance becoming the first non-U.S. exchange to enforce mandatory know-your-customer requirements. He asserts the company’s financial strength and anticipates success in repositioning Binance as a regulated entity, capturing a growing market share fueled by institutional investments in crypto.
Also read: Binance Labs Fuels Web3 Education Revolution With Strategic Investment
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