New Binance CEO Richard Teng Addresses $4.3 Billion Fine: Statement
As community discusses whether the latest proof of reserves (PoR) is valid and complete, new CEO Richard Teng reassures everyone that Binance (BNB) remains a strong business with robust revenues and profits.
Binance (BNB) continues to run the world's largest crypto exchange by volume, with a debt-free capital structure and modest expenses. All of its fundamentals are "very strong," while revenue streams and profits remain robust.
This statement was shared by the new Binance (BNB) CEO Richard Teng as a response to Coinbase director Conor Grogan. Grogan opined that if the most recent proof-of-reserves (PoR) report is valid, Binance (BNB) would not need to sell its crypto resources to pay a $4.3 billion fine. Even without "off-chain cash balances or funds held in wallets not in PoR," Binance (BNB) publicly disclosed reserves would be enough for the repayment program.