Binance’s New CEO Richard Teng Vague on Company Details
In his first interview since taking over as CEO of Binance, Richard Teng avoided answering key questions about the world’s largest crypto exchange. Teng could not confidently state where the company is headquartered or reveal its staff count. He also evaded questions about future audits. However, he acknowledged that in the past, Binance had made mistakes and its compliance efforts were inadequate considering its size. Moving forward, Teng aims for the exchange to be more “user-led” and “compliance-led.”
Richard Teng succeeded co-founder Changpeng Zhao, who stepped down as part of a $4.3 billion settlement with US prosecutors. This settlement was reached after Binance pleaded guilty to money laundering and sanctions violations. Teng did mention that Binance will undergo an audit soon but failed to disclose the name of the auditor.
When pressed about Binance’s governance, Teng responded defensive, questioning why the interviewer felt entitled to such answers. He emphasized Binance’s accountability to its users and assured that the company is fully accountable to them.
Hot Take: Binance’s CEO Dodges Crucial Questions About Governance and Audit
In his first interview as Binance’s CEO, Richard Teng’s evasive responses regarding the exchange’s headquarters, staff count, and future audits raise concerns. Transparency and accountability are crucial in the crypto industry, especially for a company of Binance’s stature. Users and investors deserve clear answers about the governance and compliance practices of the world’s largest crypto exchange. By deflecting these questions, Teng has created doubts about Binance’s commitment to openness and regulatory compliance.
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