Richard Teng Takes Over Binance: Who Is He & What’s His Master Plan?
Leadership changes in the wide galaxy of cryptocurrencies are akin to astronomical events, guiding the course of major exchanges like stars in the night sky. Richard Teng was appointed as the Helmsman of Binance, and as the cryptocurrency community watched, a new star emerged.
Who is Richard Teng?
Richard Teng has a great deal of expertise in the regulatory and financial fields. He gained experience in the financial industry and a thorough awareness of its nuances in his former position as CEO of the Financial Services Regulatory Authority (FSRA) in Abu Dhabi.
Richard Teng, the recently appointed CEO of Binance, made a bold declaration about the strength of the business’s foundation. Teng underlined Binance’s strong operational basis despite the turmoil brought on by legal disputes and the CEO’s resignation. “Our business’s fundamentals are VERY strong,” he said.
He continued by saying that Binance will keep running as the biggest cryptocurrency exchange in the world by volume, with a capital structure that is debt-free and low operating costs. Additionally, Teng notes that the business has strong revenues and profits despite the minimal costs it charges users.
This financial strength statement was made in response to a study by a Coinbase director that claimed Binance could pay the hefty $4.3 billion DOJ fine without having to liquidate any cryptocurrency assets. Upon the director’s inspection, it was discovered that Binance possesses $6.35 billion worth of assets in total, $3.19 billion of which are stablecoins.
The $4 Billion settlement between the DOJ & CZ
Binance and Changpeng Zhao entered guilty pleas to charges of violating the Bank Secrecy Act, failing to register as a money-transmitting corporation, and the International Emergency Economic Powers Act, according to a news release from the DOJ. To end these investigations, Binance promised to pay more than $4 billion.
The press release described the seriousness of the transgressions and emphasized Binance’s preference for business expansion and financial gain over adherence to the law. Binance acknowledged that it had served American clients without registering with FinCEN or putting in place a strong anti-money laundering mechanism, which resulted in transactions that went against US sanctions.
Teng’s upbeat perspective presents Binance with a picture of stability and perseverance despite these difficulties. The business is well-positioned to handle the legal repercussions and maintain its growth trajectory given its debt-free status, low operating costs, and large earnings.
Sources: https://www.binance.com/en/blog/leadership/bio-richard-teng-binances-new-ceo-6819833624741779461
https://twitter.com/_RichardTeng/status/1727214060406808920
https://twitter.com/jconorgrogan/status/1727014343613841443
https://www.cbsnews.com/news/binance-crypto-ceo-changpeng-zhao-money-laundering/
