Binance, touted because the world’s largest crypto trade, is present process a turmoil publish the exit of its founder and former CEO Changpeng Zhao final week. Richard Teng, the previous international head of regional markets at Binance has been designated as the corporate’s new CEO. In an deal with to the Binance group, Teng revealed an official weblog making certain customers that their property are secure and guarded within the backdrop of inside adjustments on the firm, that’s headquartered within the US.
“Our capital structure is debt-free, our expenses are modest, and, despite the low transaction fees we charge our users, we have robust revenues and profits. From our proof-of-reserves system to our Secure Asset Fund for Users (SAFU) emergency fund, we are committed to ensuring you feel secure in the integrity of our platform,” Teng wrote in his first weblog publish because the CEO of Binance.
On November 21, Zhao introduced that he was exiting the corporate. This exit nevertheless, was not geared toward propelling the crypto mogul into one other challenge.
Zhao, as per the US Securities and Exchange Commission (SEC), violated the nation’s anti-money laundering legal guidelines. This reportedly led the agency and Zhao to hide over 100,000 suspicious transactions with organisations like Hamas, al Qaeda, and the Islamic State of Iraq and Syria, all of that are categorised as terrorist teams by the US.
Today, I stepped down as CEO of Binance. Admittedly, it was not straightforward to let go emotionally. But I do know it’s the proper factor to do. I made errors, and I need to take accountability. This is finest for our group, for Binance, and for myself.
Binance is now not a child. It is…
— CZ :large_orange_diamond: BNB (@cz_binance) November 21, 2023
Before stepping down because the CEO, Zhao named Teng as his successor. Teng, since then, has been defending Binance’s monetary standing on X, claiming that the corporate has strong revenues and income regardless of low price costs.
The fundamentals of our enterprise are VERY robust.
Binance continues to function the world’s largest crypto trade by quantity, our capital construction is debt-free, bills are modest, and, regardless of the low charges we cost our customers, we’ve got strong revenues and income. https://t.co/PHq2YS0CP5
— Richard Teng (@_RichardTeng) November 22, 2023
“Over the course of the past two years, Binance has systematically worked to address its past compliance issues through a series of significant efforts to recruit, hire, and retain the right personnel to strengthen Binance’s compliance program and culture. I understand the unique challenges and opportunities that our industry presents, and I am dedicated to steering us through crypto winters and summers alike,” Teng’s weblog famous.
