Richard Teng Says Binance Has Changed Following Record-Breaking Compliance Settlement
On Tuesday, new Binance CEO Richard Teng stated in an interview with Cointelegraph that Binance is now “totally different” from its early days.
Binance has undergone major changes in recent weeks following the record-breaking $4.3 billion settlement with U.S. authorities for compliance violations.
Teng took over as CEO of Binance on November 21, replacing founder Changpeng “CZ” Zhao. As part of a settlement with the U.S. Department of Justice, CZ pleaded guilty to charges and can no longer be involved in Binance’s day-to-day operations.
Speaking just two weeks after assuming the CEO role, Teng conveyed optimism about leading Binance through ongoing regulatory challenges.
“I’m taking the baton and pushing ahead with our growth agenda while working very closely with global regulators,” Teng stated.
According to Teng, mistakes made during Binance’s early years led to the massive settlement reached with U.S. authorities. He acknowledged that “in those very early days, while we were building up the company, there were gaps in terms of compliance.”
Binance grew exponentially after its founding in 2017, expanding from six people to thousands in just a couple of years. Teng admitted that the gaps in compliance during this period resulted in violations of regulations and sanctions programs.
Teng asserted that despite scrutiny by U.S. agencies, there has been “no allegation of any misappropriation of user funds.” He maintained that Binance always ensured the security of customer assets.
As part of the $4.3 billion settlement, Binance faces a five-year monitorship and major continuing compliance requirements, including a mandated complete exit from the United States by the crypto exchange.
Teng declined to discuss specifics of Binance’s
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