Deng Weizheng: Binance is moving from a rebellious startup to a compliant financial company
Richard Teng, the new helmsman of Binance, the world's largest exchange, gave his first exclusive media interview after taking office. In an interview with foreign media "Fortune", he said: Binance is transforming from a rebellious technology startup. Transform into a regulatory-compliant financial enterprise.
"Binance is a six-year-old company. By any standard, it is a relatively young company. In human terms, it is a child preparing to enter school." Deng Weizheng described it in the interview .
Although he is young and unpolished, among the many accusations Binance faces, there is no such thing as "misappropriation of customer funds." In the interview, Deng Weizheng also praised Binance's good record of asset security.
Deng Weizheng has been working closely with Zhao Changpeng since 2021 and has learned many execution and strategic capabilities from him. He also expressed considerable confidence in taking over the position of Changpeng Zhao (CZ), emphasizing that both Changpeng Zhao and the leadership team and employees have confidence and trust in him.
🛎️Extended reading: Lead Binance to practice "money freedom"! New CEO Tang Weizheng: Without regulatory cooperation, the vision of improving the Internet will not come true
Deng Weizheng: Will help the encryption industry promote global unified rules
As traditional financial industries such as BlackRock and Fidelity have successively submitted applications for Bitcoin spot ETFs, the boundaries between traditional finance and the crypto world will become increasingly blurred in the future. Deng Weizheng will also play his role in advantages in this regard.
Tang Weizheng is a Singaporean with a financial background. He obtained a master's degree in applied finance from the University of Western Australia and served as the director of legal compliance of the Singapore Exchange (SGX) and the corporate finance director of the Monetary Authority of Singapore.
In addition, he also served as CEO of the Financial Services Regulatory Authority of the Abu Dhabi Global Market and has practical experience in working closely with policymakers and regulatory agencies.
"I am the kind of regulator who believes that if you don't understand an industry, you cannot effectively regulate it. It's like a banker or a bank regulator without a bank account." Deng Weizheng added.
Deng Weizheng said that one of his main goals when taking over as CEO is to help the cryptocurrency industry and promote unified global rules.
🛎️Extended reading: I haven’t turned off my phone to sleep well in six years! Zhao Changpeng is determined to stay in the United States and wait for the verdict. How can CZ relax in Seattle?
How will Binance become “transparent”?
Even though Binance has a huge business, the company's operations have always been shrouded in mystery and it has never provided a complete accounting of its assets. When "Fortune" asked about this matter, Deng Weizheng explained that Binance will adopt a traditional corporate structure under his leadership, including improvements to the board of directors and financial transparency.
"Once all the corporate structures are in place, these financial data will be what we will share. We all know that auditors will need this information and regulators will require it. So as an organization, we are committed to maintaining transparency." Deng Weizheng said.
"Fortune" also asked when it would disclose the composition of its board of directors and release financial statements like another cryptocurrency exchange Coinbase. Deng Weizheng refused to provide specific details, but still said there was a solid timetable.
In Deng Weizheng's first public interview as CEO of Binance, it can be seen that even though Binance has many directions to work on, he is still confident to use his own advantages to lead the company from a rebellious startup to a financial enterprise that abides by regulations.
Deng Weizheng bluntly stated that although the company faces new regulatory restrictions and is preparing to pay one of the largest corporate fines in U.S. history, Binance still has the resources to remain competitive.
Source: Fortune, Binance News
Review editor: Gao Jingyuan
More reports Lead Binance to practice "money freedom"! New CEO Deng Weizheng: Without regulatory cooperation, the vision of improving the Internet will not come true. Who is "Deng Weizheng" who takes over Binance? Completed the CEO “Preliminary Course”! Also has traditional financial and regulatory background
