Binance new CEO’s vision
Richard Teng, the new CEO of cryptocurrency exchange Binance, announced his vision on the company’s blog on the 27th.
One of the things we will specialize in from now on is strengthening regulatory compliance. He said the industry as a whole needs to work more closely with policymakers than it currently does, and hopes to contribute to the development of global regulations.
With three decades of financial & regulatory experience, Richard will lead Binance towards onboarding the next billion users to the safest, most user-focused exchange in the industry.
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— Binance (@binance) November 27, 2023
Last week, Changpeng Zhao (CZ) resigned as CEO of Binance following a settlement with the US Department of Justice. Teng, who has over 30 years of experience working in financial services and regulation, was then appointed CEO. Teng previously served as global leader of regional markets at Binance.
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This time, Mr. Teng claims that he will utilize his past experience to realize “money freedom”, which is the core of Binance’s mission. She also said he will work as CEO to exceed the expectations of all stakeholders. He also explained that over the past two years, Binance has been working on compliance issues by hiring staff.
He also stated that Binance will continue to provide products that users can find value in.
Binance has long shown a stance of valuing its users, and Teng has now announced that it will continue to do so. As he posted on X (formerly Twitter) when he became CEO, he reiterated that he will continue to work to ensure that users have confidence in Binance’s financial strength, security, and safety.
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Teng has stated that Binance has no debt in its capital structure. He also emphasized that all users’ assets are held in a 1:1 ratio, and that their assets are safe.
About the future of Web3
Regarding the future, Mr. Teng explained that he will continue to pursue the possibilities of blockchain. Specifically, he said, the company will be able to offer benefits such as promoting financial inclusion, leveraging technology for cross-border payments, and reducing transaction costs.
He also stated that he will continue to promote the development and spread of Web3 in order to build an ecosystem that can utilize financial technology that has the potential to change the world.
He explained that Binance will now move to the next stage of “responsible growth.” The company said it will engage in meaningful dialogue with policymakers around the world to give crypto investors confidence in the future of the industry.
According to The Block, more than 148 billion yen ($1 billion) of assets were withdrawn from Binance after the settlement with the US Department of Justice and others. Its market share among exchanges that do not support the US dollar has fallen to less than 45%, down from 70% at the beginning of this year.
What is Binance?
Operates a major virtual currency exchange with a large number of stocks, trading volumes, and registered users. The company also engages in a wide range of other businesses, including venture capital activities, providing educational content, and philanthropic activities. In November 2022, the company announced its entry into the Japanese market.
▶️Virtual currency glossary
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