According to Cointelegraph, Binance’s general head of regional markets Richard Teng said in an interview that despite recent regulatory scrutiny and regional challenges, Binance is financially safe and completely different from its bankrupt peer FTX. Richard Teng said that while Binance has faced different issues over the past few years, it has successfully addressed them on a case-by-case basis while maintaining financial strength and being able to handle customer withdrawals.
At the same time, the increasingly mature regulatory frameworks in various jurisdictions are also welcomed by global exchanges. Richard Teng said that the EU's Crypto Asset Market (MiCA) regulation can benefit exchanges generally by establishing standardized rules for the industry. MiCA is "a step in the right direction" that provides a consistent set of standards for the 23 EU member states, which in turn may lead to a broader convergence of global regulatory guidelines for the industry.
