Binance's newly inaugurated CEO, Richard Teng, outlined his vision for the company in a recent blog post. The statement came after Changpeng Zhao resigned as CEO last week.
Zhao pleaded guilty in a Seattle courtroom to violating the U.S. Bank Secrecy Act and agreed to pay a $50 million fine as part of the plea agreement. In a related case, the US Department of Justice reached a settlement with Binance, which was under investigation for alleged money laundering, fraud and sanctions violations.
Teng, who previously served as Binance's Global Head of Regional Markets and has extensive regulatory experience, emphasized the company's commitment to its users and regulatory cooperation. Assuring users about the financial strength, security and safety of the company, Teng stated that Binance continues to operate the world's largest cryptocurrency exchange in terms of volume.
Teng said Binance has transformed itself from a rebellious technology startup into a traditional financial company; He stated that he learned that he had said that he would adopt traditional corporate structures, including transparency in its board of directors, address and finances, and that it would share financial data once these corporate structures were in place.
Teng noted that Binance has “turned around” past challenges by addressing previous compliance issues by hiring the right staff to revamp its compliance program and culture. With a renewed focus on collaborating with policymakers and working with colleagues in the crypto industry, Teng said he was optimistic about contributing to the development of a globally harmonized regulatory framework.
*This is not investment advice.