Binance CEO outlines future blueprint: not chasing IPO trend, focusing on century-long plan
Binance welcomes new CEO Richard Teng, who took over from Zhao Changpeng (CZ) in November last year and is now drawing a grand century-long strategic picture.
In a recent in-depth interview, Teng revealed that despite market speculation, Binance is not considering an IPO at present because its financial situation is sound and no financing is needed.
On the other hand, although Binance's former CEO Zhao Changpeng withdrew from daily operations due to a settlement agreement with the US government (CZ began serving a four-month sentence in June), his partner He Yi is still involved in the company's affairs. Teng also affirmed He Yi's identity as a "key member" of the management team.
When faced with compliance issues, Teng admitted past mistakes and said that Binance has paid a heavy price for this. Teng also said that Binance's goal is to build a sustainable century-old enterprise.
As the new helmsman of Binance, Teng is working to transform the company from the founder-led model at the beginning to a more mature, board-led organization. This transformation means that Binance is pursuing more standardized and transparent management to lay a solid foundation for long-term development.
In the face of speculation about the wave of IPOs of cryptocurrency exchanges, Teng also said that Binance is in good financial condition, has been profitable since its operation, and is very cautious in spending. At the same time, he also emphasized that Binance is working closely with global regulators to ensure the compliance and sustainability of its business.
Although Teng remains mysterious about the specific location of Binance's headquarters, his attitude of looking for a permanent home for Binance shows his global vision and ambition. At the same time, he said that Binance is looking for markets outside the United States and will focus more on development opportunities in other parts of the world.
Teng also said that although the public is eagerly looking forward to the upcoming US presidential election, the election results have no impact on Binance's business! Does this mean that Binance will abandon the US market?
Teng's century-old strategy is not only a thoughtful consideration of Binance's future development, but also a contribution to the entire cryptocurrency ecosystem. As investors, how should we think about this strategy?
