Restored Order
Richard Teng, who replaced CZ as CEO, emphasizes that Binance’s early issues with regulatory compliance are a thing of the past. Since its founding in 2017 and its rapid growth, the company has faced “gaps in regulatory compliance,” leading to mistakes and violations. Now, these issues are resolved, and the company has significantly changed (reminder, less than a month has passed since Teng’s appointment, and the “significant” changes, according to him, are already remarkable!).
Sorted Things Out with U.S. Authorities
Binance reached a $4.3 billion settlement with the U.S. Department of Justice. Teng highlights that the investigation did not find any misuse of user funds. Currently, there are no claims from the U.S. authorities against Binance (Teng modestly omitted mentioning relations with the SEC).
Strategic Focus – Being “White and Fluffy”
Under Teng’s leadership, Binance is actively focusing on compliance (it seems CZ#2 now has a fetish for rule compliance). The company has attracted relevant experts, including former regulatory agency employees.
Expanding Markets in the UAE and France
Binance is strengthening its positions in the UAE and France, using them as regional headquarters. Teng, with his experience in the UAE, emphasizes the importance of compliance and attracting institutional investors for industry development. Recall that the French authorities started investigating the local office, and the branch head resigned.
CZ’s Legacy and New Approaches
Teng acknowledges Zhao’s inspiring leadership and aims to bring his values and experience to the development of the company. The new CEO realizes that Binance is now very different from what it was six years ago.
Such is Richard Teng, a genius of global thought. But as his predecessor would say, all this is, of course, FUD.
