In his first blog post succeeding Changpeng Zhao, the newly appointed CEO of Binance, Richard Teng, outlined his vision, underscoring a strong commitment to regulatory cooperation within the cryptocurrency exchange.
Last week, Zhao admitted guilt in a Seattle court for violating the U.S. Bank Secrecy Act, agreeing to a $50 million fine and stepping down as CEO as part of his plea arrangement.
The U.S. Department of Justice concluded its investigation into Binance, addressing alleged money laundering, fraud, and sanctions breaches. Binance is set to pay a historic $4.3 billion fine, marking one of the largest corporate settlements in U.S. history.
Teng, previously Binance’s Global Head of Regional Markets, brings significant regulatory expertise, having served as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market, chief regulatory officer at SGX, and spending 13 years at the Monetary Authority of Singapore.
“I am eager to jump headfirst into my new role and know there will be many more opportunities for me to share my thoughts with the community through blogs like this one, through my social media accounts — Twitter, LinkedIn — and through the many industry conferences and events around the world,” stated Teng.
https://www.binance.com/en/blog/from-our-ceo/my-first-blog-as-binances-ceo-2887294642016890803?ref=AZTKZ9XS&utm_source=RichardTwitter&utm_medium=GlobalSocial&utm_campaign=GlobalSocial
— Binance (@binance) November 29, 2023
In his blog post, Teng emphasized Binance’s commitment to offering value and enhancing its product offerings. He highlighted the company’s strong foundation as the top global cryptocurrency exchange by volume, assuring users of its financial strength, security, and reliability.
While mentioning Binance’s proof of reserves and asset backing, Teng faced criticism for not disclosing audited fiat reserves and other crucial financial information. In an interview with Fortune, he hinted at forthcoming plans but refrained from providing specifics.
Addressing past compliance issues, Teng conveyed Binance’s proactive approach by restructuring its compliance program and culture, signifying a departure from historical challenges.
By prioritizing collaboration with policymakers and engaging with industry leaders in the crypto space, Teng highlighted that Binance aims to “contribute to the development of a globally harmonized regulatory framework that fosters innovation while providing essential consumer protections.”
Apart from overseeing the centralized Binance exchange, Teng expressed his intention to promote the adoption of web3 and decentralized applications.
“As we usher in the next phase of Binance’s responsible growth, I am excited for the opportunity to engage in a meaningful conversation with global policymakers, ensuring that crypto investors remain confident in the industry’s future and engaging and educating the next billion users for the long-term sustainability of crypto,” Teng stated.
Teng assumed the role of CEO at the prominent crypto exchange following Zhao’s agreement to step down, part of a settlement with the U.S. Department of Justice revealed on Nov. 21. CZ admitted guilt to a felony charge, fined $150 million, while the exchange faces penalties of approximately $4.3 billion.
Authorities seek to limit Zhao’s travel; typically based in the UAE with family in Dubai.
The former Binance CEO may face a maximum 18-month prison term post his February 2024 sentencing.
