Binance's new CEO, Richard Teng, gives an overview of Binance's next direction after he takes the helm.
According to Teng on the Binance website, he talked about the company Binance as an entity that has been six years old, where it is seen that it is still immature in terms of operating period standards. He personally sees Binance as currently in an important phase of its evolution, which is in the process of transitioning from an unregulated technology company to a more conventional financial company. This includes creating a board of directors, having a physical address, and committing to financial transparency.
He also openly admitted that Binance made some mistakes in its growth phase, where Binance quickly became the largest crypto company in the world within a year. However, Teng insists that the company has learned valuable lessons from this experience.
Binance has faced a lot of criticism over its activities related to money laundering and violations by the company and Zhao. However, Teng emphasized that the allegations described in the settlement agreement do not include allegations of misappropriation of customer funds, rather they are more about the exchange's track record in placing asset security on the platform as a top priority.
As Teng takes on his role, he is optimistic that the crypto industry will continue to grow and attract tremendous interest among major financial firms.
Based on his experience advising Singapore's central bank and contributing to the development of the financial center in Abu Dhabi, Teng identified one of his main goals as implementing harmonized global regulations for the crypto industry. This aims to address the ongoing debate over the classification of various digital assets, whether as commodities, securities, or something that reflects the different underlying blockchain technologies.
Teng's emphasis on steering Binance toward compliance and regulation aligns with sentiment in the crypto industry.
