Exclusive Interview with Binance CEO Richard Teng Unveils Remarkable Transformation

Binance CEO Richard Teng has declared that the problems with compliance that plagued the early days of the exchange are now a thing of the past, and that the platform has undergone significant changes. Teng, who previously served as the head of regional markets for Binance, took over as CEO on November 21 after Changpeng “CZ” Zhao stepped down following charges brought against him by the US Department of Justice. Teng explained that as part of the settlement, CZ is prohibited from being involved in the day-to-day operations of the company. Despite this setback, Teng appears to be embracing the challenges that lie ahead. In an interview with Cointelegraph, he expressed his enthusiasm for leading the world’s largest cryptocurrency exchange. Teng believes that the dark cloud that has overshadowed Binance in recent months is starting to lift following the $4.3 billion settlement with the Justice Department. This settlement was the result of compliance issues that arose during Binance’s rapid expansion since 2017. Teng emphasized that despite these shortcomings, the company has always prioritized the security and safety of user funds. Binance now faces ongoing scrutiny and costs as a result of its settlement with US authorities, including a five-year monitorship and extensive compliance measures to ensure its complete departure from the US market. Teng did not provide details about the ongoing legal battle between Binance.US and the US Securities and Exchange Commission, but he assured that the company has factored in the costs associated with meeting the settlement requirements. He also noted that he is bound by nondisclosure agreements regarding the means of payment for the $4.3 billion penalty. Binance is currently in the process of paying its assessment, while a separate case against CZ will be paid by him personally. Additionally, Teng confirmed that the movement of $3.9 billion worth of Tether reported on November 21 was unrelated to the resolution matters with the US Justice Department. Some prominent figures in the cryptocurrency industry have commented on the contrasting treatment of Binance and mainstream financial institutions. Teng acknowledged that fines in the financial sector are not uncommon, and highlighted that Binance operates in 18 jurisdictions, making it potentially the most regulated exchange globally. The company is now focused on compliance and has hired individuals with regulatory and financial institution backgrounds to navigate the requirements of different jurisdictions. Binance has established regional headquarters in the United Arab Emirates and France, with the UAE serving as its base for operations in the Middle East and North Africa, and France as its European base. Teng, who previously lived in the UAE and served as CEO of the Abu Dhabi Global Markets, highlighted the importance of clear rules and regulations and institutional adoption for the cryptocurrency industry. The UAE has become a hub for the sector, attracting global players, while the implementation of the Markets in Crypto-Assets regulation in the European Union provides a favorable environment for Binance’s operations in the region. Teng acknowledged the challenge of stepping into CZ’s shoes but expressed the need for fresh perspectives and approaches. As CEO, Teng will report to a board of directors that will govern the company. In his personal life, Teng enjoys exercising and reading, with Elon Musk’s biography being his most recent book. The full interview with Richard Teng can be heard on various podcast platforms.