CEO Richard Teng: Pushing Ahead, While Working very Closely with Regulators

In an interview with Cointelegraph, Richard Teng, the new CEO of Binance, sheds light on the cryptocurrency exchange's future following its substantial $4.3 billion settlement with U.S. authorities. Teng, who took over the reins on November 21, emphasizes the transformation of Binance, assuring that the company has moved past the "gaps in compliance" that marked its early days. Teng's predecessor, Changpeng 'CZ' Zhao, stepped down following his guilty plea to charges from the U.S. Department of Justice. Reflecting on Binance's journey, Teng acknowledges the rapid growth under Zhao, who expanded the team from six to serving over 166 million users. However, this expansion brought compliance challenges, leading to breaches now regarded as "historical issues." Post-settlement, Binance faces a new reality with strict oversight, including a five-year monitorship and an exit from U.S. operations. Despite not being involved in Binance.US's legal challenges with the SEC, Teng confirms that the costs of compliance and settlements are integrated into Binance's financial strategy. Teng highlights Binance's unique regulatory environment, operating across 18 jurisdictions and under intense scrutiny. He points out significant investments in enhancing the compliance team, recruiting experts from regulatory bodies and leading financial institutions like the SEC, Morgan Stanley, and Barclays. Looking forward, Binance is establishing significant operations in the United Arab Emirates (UAE) for its MENA region and in France for its European base. Teng is optimistic about the potential brought by Europe's Markets in Crypto-Assets regulations, offering clarity for operations across 27 jurisdictions. Taking over from CZ, Teng is enthusiastic about steering Binance through its maturing phase, aligning his unique values and expertise with the evolving demands of the cryptocurrency landscape. This marks a pivotal chapter for Binance, aiming to solidify its position while navigating the complexities of global regulations and market dynamics.