Richard Teng, the new CEO of Binance, the world's largest cryptocurrency exchange by trading volume, shared his views on various topics during a Q&A event held in Chinese on Tuesday.
Teng expressed his confidence in the ongoing case with the US Securities and Exchange Commission (SEC), which accuses Binance of offering unregistered securities to US investors. He said the company has a strong legal team and is cooperating with regulators to resolve the matter.
Richard Teng also talked about Inscriptions, the trending topic of recent days. He emphasized the potential of these altcoins, which cause blockages in the Bitcoin network, to be developed by the community without the need for venture capitalist companies. Additionally, he acknowledged that the company's BN Wallet service had a poor user experience.
The company's new CEO announced that Binance Labs will increase the strength of its incubation program tenfold by providing more funding, resources, and mentorship to selected projects.
He also clarified that his company has no plans to go public, unlike its rival Coinbase, which had previously gone public. Teng criticized some founders in the cryptocurrency industry for not being long-term and making luxury purchases such as villas with their profits.
*This is not investment advice.
