Richard Teng, the new CEO of Binance, recently shed light on the future of the company following the departure of Changpeng Zhao, its founder and prior CEO. Earlier this month, US regulators reached a staggering $4 billion agreement with Binance to settle their legal disputes. Making a reflective assessment of Binance’s progress in the six years since it was established, Teng pointed out some vital learning opportunities that the tech startup availed during its fast-evolving journey.
Unlike its dabbling in relatively uncharted waters in some objectives as it quickly rose to become one of the giant corporations today, Teng reveled in noting that there have been sufficient safeguards in place for customers’ funds without misappropriation claims, while setting an early, renewed course in committing Binance to compliant and more regulated practices.
Acknowledging the role of CZ and respecting the U.S. extradition orders against him at the same time, Binance enters the regulatory scenes ready at traction with transparency about its finances and other operations, excitedly anticipating a dynamically expanding crypto market grinned with firm institutional investments . In the tussle between being stateless and bound laws, Teng’s next merit challenge presents enlightenment on one worthy side of this entry decision that still awaits definition of thorough board composition and source statements.
Ironically though, as Binance gallantly stepped up its compliance standards befitting an industry leader, over $1 billion stroke its storefronts through customers’ net outflows instantaneous before the end of the cursory hunt in the U.S. Criminal Payne.
