Binance CEO Richard Teng Outlines Plans Post-Settlement with US Authorities

In a recent CNBC interview, Binance’s new CEO, Richard Teng, shared insights into the company’s future trajectory following its settlement with U.S. authorities, including the Department of Justice (DOJ). Teng emphasized a shift towards sustainability and compliance as the focal points for Binance moving forward.

Addressing past controversies, Teng acknowledged Binance’s evolution, stating, “But we have moved past that as the company move into greater maturity … We are looking at sustainability; the direction of travel is very clear towards much more compliance, which is why we’re building up a very robust compliance program.”

Navigating Legal Challenges

Binance’s settlement in November last year involved significant financial penalties, marking a pivotal moment for the company. Former CEO Changpeng Zhao (CZ) stepped down amidst legal charges, with ongoing sentencing proceedings. Teng affirmed Binance’s resolve to address regulatory concerns and ensure compliance with evolving standards.

Recent developments saw Binance establish its first board of directors, comprising both internal and external members. Teng defended the composition, underscoring the need for a diverse board with insights into Binance’s operational intricacies. He emphasized the board’s role in steering the company forward responsibly.

Amidst deliberations on Binance’s official global headquarters, Teng highlighted the importance of selecting a jurisdiction conducive to the company’s operations and regulatory requirements. While Paris was previously considered, Teng emphasized the need for a meticulous decision-making process to identify the ideal location.

The Binance CEO concluded, “There are various considerations at play that we need to look at seriously, and we’re going through a very deliberate process … We’re going to see a corporate headquarters like we see for other corporate institution and that’s the journey we have to go on.”