New Binance CEO Richard Teng Says Exchange’s Fundamentals Are ‘Very Strong’ – Here’s What He Means
The brand new Binance chief government maintains that the embattled change’s enterprise fundamentals stay “very robust” regardless of latest regulatory headwinds.
Richard Teng, who beforehand labored as Binance’s head of regional markets, was promoted to the CEO place earlier this week after the corporate’s earlier chief government, Changpeng Zhao, resigned.
Zhao stepped down after agreeing to plead guilty to violating US federal regulation that requires monetary establishments to protect towards cash laundering and terrorist financing.
The U.S. Division of Justice additionally slapped Binance with $4.3 billion price of penalties and forfeiture after the change agreed to plead responsible to violating the Financial institution Secrecy Act and the Worldwide Emergency Financial Powers Act, in addition to failing to register as a money-transmitting enterprise.
Teng, nonetheless, maintains that Binance’s enterprise will proceed to thrive.
“Binance continues to function the world’s largest crypto change by quantity, our capital construction is debt-free, bills are modest, and, regardless of the low charges we cost our customers, we have now sturdy revenues and earnings.”
Conor Grogan, Coinbase’s product technique and enterprise operations director, says he deduced Binance Company’s crypto holdings from their proof of reserves, noting that they include $6.35 billion in whole property, together with $3.19 billion in stablecoins.
Grogan notes that quantity doesn’t embody off-chain money balances or funds held in wallets not within the change’s proof of reserves.
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