Richard

Cryptocurrency

Cryptocurrency exchange Binance CEO Richard Teng said the company has overcome cultural issues after several setbacks.
Per <a href="https://www.cnbc.com/2024/04/09/binance-has-matured-past-cultural-issues-ceo-says-after-4point3-billion-us-doj-settlement.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>, during a speech at Paris Blockchain Week, Teng said that Binance has overcome cultural issues after it was hit with a $4.3 billion fine to settle charges from the U.S. Department of Justice.
<blockquote class="wp-block-quote">
 “We have moved past that as the company moves into greater maturity […] We are looking at sustainability; the direction of travel is obvious towards much more compliance, which is why we’re building up a robust compliance program.” <cite>Richard Teng, Binance CEO </cite>
</blockquote>
When asked about Binance’s decision to appoint mostly company insiders to its board of directors, Teng said that ensuring that the talent driving <a href="https://crypto.news/tag/binance/" target="_blank" rel="noopener noreferrer nofollow">Binance’s</a> business was “unique” to meet corporate needs was critical.
<blockquote class="wp-block-quote">
 “It’s a good mix of internal inputs, as well as external [ones], on how to bring this company forward as corporate stewards.” <cite>Richard Teng, Binance CEO </cite>
</blockquote>
Teng said the current board composition was focused on making appropriate technology and product enhancements to move toward a solid, sustainable business.
On Nov. 21, 2023, Teng <a href="https://crypto.news/new-binance-ceo-says-company-fundamentals-remain-strong-despite-4-3b-doj-fine/" target="_blank" rel="noopener noreferrer nofollow">took over</a> as CEO of Binance after the departure of founder Changpeng Zhao, who <a href="https://crypto.news/binance-ceo-changpeng-zhao-steps-down-with-response-to-the-sec-following-guilty-plea/" target="_blank" rel="noopener noreferrer nofollow">left</a> the post as part of a deal with the U.S. Department of Justice. The platform also <a href="https://crypto.news/wsj-changpeng-zhao-to-step-down-plead-guilty-as-part-of-binance-doj-settlement/" target="_blank" rel="noopener noreferrer nofollow">agreed</a> to pay $4.3 billion in fines.
The new CEO <a href="https://crypto.news/richard-teng-takes-the-helm-at-binance-promising-a-shift-away-from-outlawed-behaviour/" target="_blank" rel="noopener noreferrer nofollow">promised</a> to transform the cryptocurrency exchange and implement a traditional corporate structure. Teng said the latter presupposes a board of directors, headquarters, and financial transparency.
You might also like: <a href="https://crypto.news/new-binance-ceo-richard-teng-heres-what-you-need-to-know/" rel="noopener noreferrer nofollow"> New Binance CEO Richard Teng: Here’s what you need to know </a>

Binance CEO says company moving into ‘greater maturity’

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