To keep Binance afloat in the long run, Teng has been quite outspoken about how important it is to make the firm a regulatory compliance model.
It was well-known before to CZ's resignation in November of last year how important it was to comply with authorities; nonetheless, Binance's regulatory efforts have been expedited by Teng's new approach as CEO.
Notable Individuals Join the Compliance Team
With the addition of prominent individuals with extensive backgrounds in conventional finance and government, Binance boosted its compliance expenditure by 36% in 2023:
After leaving the IRS in 2021 to become a part of the exchange, Tigran Gambaryan was named head of financial crime compliance.
Binance has appointed Todd McElduff as enterprise compliance director. McElduff has extensive experience in the financial crime sector, having previously headed up divisions at both Morgan Stanley and PayPal.
French special investigations expert Céline Inial and Turkish special investigations specialist Caner Akyürek each have over two decades of experience in law enforcement.
After stints at Morgan Stanley and the US Department of Justice, Binance's chief compliance officer, Noah Perlman, joined the company in January of last year.
As the whole cryptocurrency business enters a maturing period, Perlman has emphasized the need of compliance.
Compliance with regulations is of the utmost importance to Binance and its users.
Perlman claimed that the crypto sector has entered a new mature phase and a paradigm shift in which compliance with rules is crucial for the following:
The pinnacle of consumer satisfaction
Extensive safeguards for users
The achievement of company goals
Ethical expansion
He went on to say that since its launch in 2017, the exchange has grown with regulators and other crypto industry participants, and that its relentless pursuit of compliance is evidence that it is succeeding in its mission to back a sector poised for robust and long-term expansion.
Perlman went on to say that Binance is aggressively recruiting top compliance professionals to fortify its program and team in order to keep up with the fast-paced expansion of the cryptocurrency sector.
Binance: The Beginning of a New Crypto Age
Writing on Binance's resilience, growth, and the new age of responsibility—a process that develops confidence, promotes collaboration and compliance, and assures security for everyone—Teng reflected on his one year of guiding Binance into a new crypto era in a recent blog post.
Teng predicts that the cryptocurrency market will have even more growth in the next years, setting it up for a more robust 2025.
When it comes to safeguarding customers who have shown more faith in the exchange, Binance has set the bar higher than any other cryptocurrency exchange.