In an exclusive interview with Cointelegraph, newly appointed Binance CEO Richard Teng discusses the exchange's transformative journey after a groundbreaking $4.3 billion settlement with U.S. authorities.
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Teng emphasizes that Binance has overcome the "gaps in compliance" from its early days, asserting that the exchange is now "totally different." The interview sheds light on the aftermath of Changpeng "CZ" Zhao's departure, who stepped down amidst legal challenges.
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Addressing the settlement, Teng acknowledges the costly repercussions of early compliance lapses, leading to the largest crypto-related settlement in U.S. history. Despite the financial setback, he assures users that the integrity of user funds, security, and safety remains a top priority.
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Binance's ongoing obligations to U.S. authorities, including a five-year monitorship and extensive compliance measures, are explored. Teng refrains from divulging details about the legal battle with the SEC but underscores the company's commitment to meeting settlement requirements.
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The article touches on the controversy surrounding Binance's treatment compared to mainstream financial firms. Teng dismisses claims of unfairness, stating that the exchange, operating in 18 jurisdictions, is possibly the "most regulated globally." Binance's strategic focus on compliance is highlighted, with key hires from regulatory agencies and financial institutions.
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The global expansion strategy is unveiled, with regional headquarters established in the UAE and France. Teng, drawing on his experience in the UAE, emphasizes the importance of regulatory clarity and institutional adoption for crypto's mass adoption.
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The European Union's Markets in Crypto-Assets (MiCA) regulation is discussed as a potential avenue for Binance's expansion, offering a standardized framework across 27 jurisdictions. The article delves into the challenges faced in the Netherlands and the prospect of utilizing MiCA to explore new markets.
Stepping into CZ's shoes, Teng acknowledges the difficulty of replacing Binance's founder but expresses confidence in bringing his own values and expertise to a maturing company. The CEO's personal interests, including exercise and reading, offer a glimpse into his life beyond the corporate realm.
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The full interview between Cointelegraph and Richard Teng is available on popular podcast platforms, providing a comprehensive overview of Binance's current trajectory under new leadership.
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