Binance CEO Richard Teng assures that the crypto exchange is financially strong.
The crypto giant spent 36% more on compliance efforts to strengthen global relationships.
Despite receiving licenses from various countries, it avoids expansion into the US.
Binance CEO Richard Teng has planned to boost compliance with global regulators and build a sustainable enterprise that will prosper for the next 50-100 years. He assured that the crypto giant is in great shape financially and there is no requirement for fundraising or initial public offering (IPO).
According to a Chinese newsletterâs X post on Thursday, Teng stated that the firm has been profitable since its fifth month of inception and is very cautious in spending. Apart from being a sustainable enterprise, the CEO focuses on transparency in its operations and finding a permanent âhomeâ, because, Binance does not have a distinct location until now.
Binance CEO Richard Teng said that Binance has been profitable since its fifth month of establishment and is very cautious in spending. The company is strengthening its relationship with global regulators to ensure continued development in the next 50 to 100 years. This strategyâŠ
â Wu Blockchain (@WuBlockchain) August 22, 2024
Search of New Markets
After paying hefty settlements, Binance has received its licenses from various countries, including Dubai, India, Thailand, and Brazil. Teng stressed that the firm is atoning for its previous mistakes and will move forward in a regulated manner. He said,
We acknowledge our past mistakes. We have paid a heavy penalty on that front.
Notably, Teng is currently not interested in expanding into the US. The CEO stated that their focus is on markets outside of the US. Although Teng is excited about the upcoming elections, he affirms that they donât have any bearing on the business.
Binance Faces New Lawsuit Over Money Laundering Allegations Being in ComplianceÂ
Teng, a former regulator in Singapore and the United Arab Emirates, is focused on shifting the firm from a one-man stand show to an organization steered by a board of directors. To make amends, the exchange is forging strong relationships with global members. So far, the company has spent 36% more on compliance efforts compared to the last two years to ensure a friendly bond. Teng added that with the help of global regulators, they could guide the company in a more futuristic direction.
Power-handling Members
Richard Teng ascended to the presidency after his predecessor, Changpeng Zhao, who pleaded guilty to U.S. regulators for violating sanctions and anti-money laundering laws. Teng asserted that Zhao would no longer be involved in the firmâs operations. However, Yi HeâZhaoâs partner and wifeâis still part of the firm.
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