Binance, considered the world’s largest crypto exchange, is going through turmoil following the exit of its founder and former CEO Changpeng Zhao last week. Richard Teng, Binance’s former global head of regional markets, has been named as the company’s new CEO. Addressing the Binance community, Teng published an official blog, assuring users that their assets are safe and secure amid the backdrop of internal changes at the company, which is headquartered in the US.
“Our capital structure is debt-free, our expenses are modest, and, we charge our users low transaction fees, yet we have strong revenues and profits. From our proof-of-reserve system to our Secure Asset Fund for Users (SAFU) emergency fund, we are committed to ensuring you feel secure in the integrity of our platform,” said Teng. wrote In his first blog post as CEO of Binance.
On November 21, Zhao announced that he was exiting the company. However, this exit was not intended to propel the crypto mogul into another project.
According to the US Securities and Exchange Commission (SEC), Zhao violated the country’s anti-money laundering laws. This reportedly led the firm and Zhao to hide more than 100,000 suspicious transactions with organizations such as Hamas, al Qaeda and the Islamic State of Iraq and Syria, all of which are classified as terrorist groups by the US .
Today, I step down as CEO of Binance. Admittedly, it was not easy to accept defeat emotionally. But I know it’s the right thing to do. I made mistakes, and I must take responsibility. This is what is best for our community, Binance and me.
Binance is no longer a child. it is…
– cz:large_orange_diamond:BNB (@cz_binance) 21 November 2023
Before stepping down as CEO, Zhao named Teng as his successor. Teng has, since then, been defending Binance’s financial position on X, claiming that the company has strong revenues and profits despite the low fees charged.
The fundamentals of our business are very strong.
Binance continues to operate the world’s largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have strong revenues and profits. https://t.co/PHq2YS0CP5
– Richard Teng (@_RichardTeng) 22 November 2023
“Over the past two years, Binance has systematically addressed its past compliance issues through a series of significant efforts to recruit, hire and retain the right personnel to strengthen Binance’s compliance program and culture. work done. I understand the unique challenges and opportunities presented by our industry, and I am dedicated to leading us through crypto winter and summer alike,” Teng’s blog stated.
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