With three decades of financial services and regulatory experience, the new CEO of Binance, Richard Teng, has made an initial statement as the company's leader.
In his first blog post, Teng said “We have turned the page on Binance’s historical challenges, and we are, in fact, stronger today than we have ever been.”
Teng's Background: Teng earlier worked as Binance’s Global Head of Regional Markets and has extensive regulatory experience, served as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market, chief regulatory officer at the SGX, and spent 13 years at the financial watchdog the Monetary Authority of Singapore.
Teng wrote that in the past two years, Binance has worked to address its past compliance issues with significant efforts to recruit, hire, and retain the right personnel to strengthen the exchange's compliance program.
He stated that Binance is not only the world's largest cryptocurrency exchange by volume but also has a capital structure that is debt-free, and has modest expenses. Despite the low transaction fees Binance charges users, it reports robust revenues and profits.
Also Read: Binance Founder Zhao Defies US Government's Flight Risk Accusations
"Making this ambitious vision of a better Web a reality will be impossible without promoting regulatory innovation in a collaborative way," Teng noted. "Undoubtedly, this [my] experience gives me the nuanced perspective on the regulatory landscape necessary to lead Binance into the new chapter of its history."
Changes At Binance: During a Fortune interview, when questioned about a traditional corporate framework, Teng mentioned that it would encompass a board of directors, a physical address, and financial transparency.
“Once you have all those corporate structures in place, I think those financials will be what we’ll be sharing. We’ve all known that auditors [require them], but the regulatory agencies will require all those things as well. So, we are committed to transparency as an organization,” he told Fortune.
Teng further stated that he has a well-defined timeline for when Binance will reveal its board composition and release financial statements.
Cryptocurrency trading platform, Binance founder Changpeng Zhao will not be able to return to his home in the U.A.E. currently, as per a federal judge in Seattle ruling. CZ awaits sentencing on anti-money laundering and sanctions violations.
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