The new CEO of the world's top crypto platform stressed the importance of regulatory compliance for Binance's future success, months after its former chief executive pleaded guilty to violating US anti-money laundering laws and it paid $4.3 billion to settle charges.
The new CEO of the world’s top crypto platform, Richard Teng, stressed the importance of regulatory compliance for Binance’s future success, months after its former chief executive pleaded guilty to violating US anti-money laundering laws and it paid $4.3 billion to settle charges.Similarly, Binance has been under the Nigerian government’s radar recently, with the Central Bank of Nigeria blaming the organisation for the naira’s depreciation against the dollar.
In an interview during a visit to Paris for a cryptocurrency sector conference to address the recent sanctions, Teng said he aims to keep Binance a “user-focused, user-first organisation” that helped propel its success.But he said Binance also needs to be compliance-focused, and the additional regulation of the sector would provide greater clarity for industry players.
“Our board of directors will become our stewards guiding us in terms of direction to go, making sure that we adopt the best practices,” Teng said.Binance was created in 2017 and cornered much of the crypto-trading market, turning its founder and chief executive Changpeng Zhao into a billionaire. A series of scandals, including the November 2022 collapse of Binance’s main rival exchange FTX and criminal charges for several industry executives, saw public confidence evaporate and investors pull their money out of crypto.As part of a settlement reached last November with US authorities, Zhao pleaded guilty to violating US anti-money laundering laws and agreed to step down from his position. Binance agreed in February to pay $4.3 billion to settle charges.
That helped Bitcoin set a record price of over $73,000 last month, recovering from below $20,000 at the beginning of 2023.
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