The new CEO of Binance takes stock of the exchange’s future following a landmark $4.3 billion settlement with United States authorities in a one-on-one interview with Cointelegraph.
Binance CEO Richard Teng has assured the “gaps in compliance” from the early days of Binance are firmly in the past and that the crypto exchange is now “totally different.”
Teng, the former head of regional markets for Binance, was elevated to the position of CEO on Nov.
“As part of the settlement, CZ cannot be involved in the day-to-day running of the company’s operations,” Teng explained.
Despite that, the incumbent CEO of Binance cuts the figure of a man reveling in the challenges ahead.
“I’m taking the baton and pushing ahead with our growth agenda while working very closely with global regulators.”
Teng believes that the “overcast” conditions clouding Binance in recent months are lifting following its staggering $4.3 billion settlement with the United States Justice Department relating to a raft of violations of U.S.
$4.3B settlement a result of early gaps in compliance
The exchange has paid dearly for mistakes made during its meteoric growth from 2017 onwards. Teng recalls how Zhao built Binance from a team of six people to a global operation consisting of thousands of employees that serves a user base estimated to be more than 166 million.
“In those very early days while we were building up the company, there were gaps in terms of compliance. That resulted in all these breaches and mistakes, but these are historical issues.”
The shortcomings of its early compliance regime have led to the largest crypto-related settlement in U.S.
It is an honour and with the deepest humility that I step into the role of Binance’s new CEO.
We operate the world’s largest cryptocurrency exchange by volume.