Binance’s new CEO announced future plans for crypto exchange
Richard Teng, the newly appointed Binance’s CEO, has unveiled plans to convert the company from the tech startup into a conventional financial company. This transformation will establish a corporate structure with transparent finances, a board of directors, and an address.
Teng said that Binance, at just six years old, is a relatively young company, admitting that mistakes were made during its growth phase . However, he asserted that management has taken this as a learning experience to prepare the platform for a new phase of development.
Having expressed his confidence in the strength of Binance’s business fundamentals, he note the absence of borrowed funds and high revenue and profit. Teng predicted that the company’s ongoing transformation will yield positive long-term results.
He also disclosed the intention to collaborate with regulators around the world in order to ensure the sustainability of the crypto market. The company will continue to offer high-quality products and services to users, and promote the expansion and widespread adoption of Web3 technology.
The change of managers at Binance was part of a deal to resolve legal disputes with U.S. authorities, resulting in the company agreeing to pay fines totaling $4.3 billion.
Changpeng Zhao, the former CEO of the platform since its launch in 2017, resigned as part of this deal and has pleaded guilty, agreeing to pay a $50 million fine. While he will retain a control stock, he is barred from holding senior positions or making public statements on behalf of the company. The verdict in his case will be announced later.
Prior to his appointment as the head of Binance, Richard Teng was responsible for regional markets. Earlier, he held key positions in the Central Bank of Singapore, the Singapore Exchange, and the Abu Dhabi Global Market.