Binance CEO Richard Teng: No IPO Plans, Eyes 100-Year Strategy for Crypto Exchange

According to CoinDesk: Richard Teng, who took over as CEO of Binance after Changpeng "CZ" Zhao's departure, has outlined a long-term vision for the crypto exchange, focusing on growth, sustainability, and regulatory compliance rather than pursuing an IPO. Teng, who stepped into the role following CZ's exit as part of a settlement with U.S. regulators, emphasized that Binance is in strong financial health and sees no immediate need for fundraising or an initial public offering (IPO).Since assuming leadership, Teng has worked to transition Binance from a founder-led organization to one guided by a board of directors. He is also focused on finding a permanent headquarters for Binance, a move aimed at enhancing the company's transparency and regulatory relationships.Teng made it clear that CZ, who is currently serving a four-month prison sentence, is no longer involved in Binance's day-to-day operations or decision-making. However, Binance co-founder Yi He, who is also CZ's partner, remains a key figure in the company's management.Despite ongoing challenges with U.S. regulators, Teng stressed that Binance is committed to working closely with global regulators and moving forward in a more transparent, regulated manner. He also noted that Binance has no plans to expand into the U.S. market at this time, instead focusing on growth opportunities in other regions.Binance continues to navigate its path in the rapidly evolving crypto industry, with Teng aiming to build a robust platform that can thrive for the next 50 to 100 years.