LIVENew Binance CEO Richard Teng Addresses $4.3 Billion Fine: Statement
Binance (BNB), world's largest crypto exchange, has very strong fundamentals on eve of whopping fine payment.
As community discusses whether the latest proof of reserves (PoR) is valid and complete, new CEO Richard Teng reassures everyone that Binance (BNB) remains a strong business with robust revenues and profits.
Binance (BNB) continues to run the world's largest crypto exchange by volume, with a debt-free capital structure and modest expenses. All of its fundamentals are "very strong," while revenue streams and profits remain robust.
This statement was shared by the new Binance (BNB) CEO Richard Teng as a response to Coinbase director Conor Grogan. Grogan opined that if the most recent proof-of-reserves (PoR) report is valid, Binance (BNB) would not need to sell its crypto resources to pay a $4.3 billion fine. Even without "off-chain cash balances or funds held in wallets not in PoR," Binance (BNB) publicly disclosed reserves would be enough for the repayment program.
Besides a personal $50 million fine, CZ pled guilty to charges related to operating an unlicensed money transfer business, conspiracy and violating sanctions restrictions. In total, Binance (BNB) has to pay a substantial fine of $4.3 billion. Out of this sum, Binance (BNB) must pay $1.35 billion to the U.S. CFTC, which is the largest fine ever imposed by the law enforcement body. Binance (BNB) cofounder Changpeng Zhao stepped down as CEO. Per his statement, he will no longer be involved in the exchange's management or operations.