
Richard Teng, the current CEO of Binance, spoke about the evolution of the exchange since he took over. Under his auspices, the company appears to have turned its back on the illegal practices that prevailed under the reign of Changpeng Zhao. This, while being resolutely committed to continuing this momentum to maintain its leadership in the market.
Binance exceeded its regulatory gaps under Richard Teng
During a recent interview on the sidelines of the Paris Blockchain Week crypto conference, Richard Teng, CEO of Binance, spoke about the evolution of the exchange in recent months. The boss notably returned to the events which brought him to the head of Binance.
Above all, the manager explained what has changed for Binance, since he took charge. On this subject, he is unequivocal. Binance has turned its back on the regulatory demons of the past. In particular, a cultural mantra that was prevalent under Changpeng Zhao.
A logic conveyed to employees and built on the principle according to which “it is better to ask for forgiveness than for permission”. The entire operating architecture of Binance was based on this principle which caused the exchange many setbacks.
In his intervention, Richard Teng links the entire legal saga that involved Binance, Changpeng Zhao and the United States Department of Justice (DOJ) to this mantra. The latter prioritizing the expansion of Binance rather than compliance with regulations. But the exchange has changed course since the settlement reached with the DOJ in November 2023.
Binance has evolved towards regulatory maturity
This is the high point of Richard Teng's speech at the Paris Blockchain Week conference. The boss stressed that since the sanctions imposed on Binance and the departure of Changpeng Zhao, the exchange has progressed towards a state of “regulatory maturity”.
It recognizes the legitimacy of these coercive measures, particularly financial ones. These alerted the company and its managers to the need to reassess not only their priorities, but above all the company's operational strategy.
“The company has reached regulatory maturity, we are moving towards sustainability”, declared the CEO of Binance during his intervention. From now on, the priorities of the crypto exchange are focused on two main axes.
Firstly, promote a culture of compliance and responsibility by prioritizing compliance with regulations. Then, pursue Binance's growth objectives in parallel. So far the company is doing very well. While displaying its desire to confront past transgressions head-on, the company maintains its position as a leading player in the crypto ecosystem.
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