New Binance CEO Says Exchange Has “Robust Revenues and Profits,” Hinting at Ability to Pay $4.3B Fines
New Binance CEO Richard Teng has hinted at the exchange’s ability to pay the $4.3 billion it has been fined by the US Justice Department.
Teng, who was named CEO of Binance on Tuesday after Changpeng Zhao stepped down, said in a recent post on X (formerly Twitter) that the exchange is in good shape financially.
“The fundamentals of our business are VERY strong,” he wrote.
“Binance continues to operate the world’s largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits.”
The statement came in reply to a post by Connor Lango, director of business development at Coinbase, who said Binance will most likely be able to “pay full $4.3B DoJ fine with 0 crypto asset sales.”
Lango detailed that after pulling out Binance’s crypto holdings from their Proof of Reserves, he discovered that the exchange still had $6.35 billion in total assets and $3.19 billion in stablecoins.
The fundamentals of our business are VERY strong.
Binance continues to operate the world's largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits. https://t.co/PHq2YS0CP5
— Richard Teng (@_RichardTeng) November 22, 2023
The assurance from the new CEO comes as Binance has already seen more than $900 million in outflows over the past 24 hours.
As reported , data from DeFi TVL aggregator DefiLlama show that Binance has registered $913 million in outflows over the past day, with $605 million in net outflows over the past week.
The exchange still has net inflows of $1.78 billion over the past month, the largest by far among
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