Richard Teng, who assumes the leadership of Binance in 2023, has ruled out the need for an initial public offering (IPO) as he outlines a century-long vision for the crypto giant.
Teng took over after the exchange's founder, Changpeng “CZ” Zhao, resigned following a multibillion-dollar settlement with the US government.
Since taking over, Teng has prioritized transforming Binance from a founder-led company to one run by the board. Teng’s efforts include seeking a permanent headquarters for the exchange, which has historically been elusive regarding its base of operations.
Despite the recent surge in cryptocurrencyprices and increasing interest from traditional financial institutions, Teng confirmed in an interview that Binance has no plans to go public. “We are in a very strong financial position, so we don’t really need to think about any fundraising or IPO right now,” Teng said. He added that Binance has been profitable since its early days and continues to be conservative with its spending.
Teng’s leadership signals a shift toward greater transparency and compliance. The exchange increased its compliance spending by 36% last year and is actively working to build better relationships with global regulators. “This is really about building a sustainable business that will not only be successful in the next few years, but will continue to thrive for the next 50 to 100 years,” Teng said.
The new CEO distanced himself from his predecessor, saying: “As part of the US ruling, CZ cannot be involved in the company’s operations. I do not speak to her.” However, Teng noted that Binance co-founder Ye Hi, who is also Zhao’s wife, remains an integral part of the management team and oversees the exchange’s human resources department.
When asked about the possibility of raising funds to dilute Zhao’s ownership, Teng referred the matter to the board but dismissed concerns about Zhao’s legal status affecting the company’s regulatory position. He cited recent licenses and agreements in countries like Dubai, India, Thailand, and Brazil as evidence of Binance’s ongoing efforts to address regulatory issues.
Teng made it clear that Binance’s focus is on markets outside the US, where the company faced significant legal challenges last year. Dismissing speculation that the outcome of the upcoming US presidential election would affect Binance’s operations, Teng said, “Our business is outside the US, so we are keenly watching what’s happening in the US, but it has nothing to do with our business.”
*This is not investment advice.

Coins have returned to the red zone, according to CoinStats.

XRP/USD
The price of XRP has dropped by 1.4% since yesterday.

On the hourly chart, the rate of XRP has made a false breakout of the local support level of $0.5924. If the daily bar closes far from it, traders may expect a test of the resisance of $0.6010 soon.

On the bigger time frame, neither bulls nor bears are dominating. If buyers want to seize the initiative, they need to restore the price of XRP to at least the $0.61 area.
In that case, there might be a chance for a continued upward move to the $0.62-$0.64 range.

From the midterm point of view, sideways trading remains the more likely scenario. In this regard, ongoing consolidation in the wide zone of $0.55-$0.65 is the more likely scenario.
XRP is trading at $0.5932 at press time.

Most of the coins from the top 10 list are again in the green area, according to CoinMarketCap.

BNB/USD
The price of Binance Coin (BNB) is one of the biggest gainers today, rocketing by 6.08%.

On the daily chart, the rate of BNB has continued to grow after yesterday's bullish closure.
If buyers can hold the gained initiative and the bar closes around the current prices, there is a chance to see a test of the resistance of $603 until the end of the month.
BNB is trading at $572.6 at press time.
SOL/USD
The rate of SOL is less of a gainer than BNB, going up by 1.37%.

From the technical point of view, the price of SOL is not ready yet for an ongoing rise despite today's upward move. If the daily bar closes far from its peak, sideways trading in the area of $145-$150 is the more likely scenario.
SOL is trading at $146.10 at press time.
ADA/USD
Cardano (ADA) is not an exception to the rule, rising by 4.39%.

On the daily chart, one should focus on the nearest level of $0.3451. If it breaks out, growth may continue to the $0.36 range soon.
ADA is trading at $0.3445 at press time.
TON/USD
Toncoin (TON) is the only falling coin from the list today, declining by 0.75%.

Unlike other coins, the rate of TON is looking bearish. If nothing changes by the end of the day, there is a chance to see a test of the support level of $6.381 by the end of the week.
TON is trading at $6.615 at press time.