Is Binance CEO Richard Teng Changing the Industry’s Messianic Narrative?
The new CEO of Binance, Richard Teng, has a crucial task ahead of him: to establish a different style of business leadership in the crypto industry. Teng aims to move away from the messianic approach that has been prevalent among major players in the sector. In contrast to his predecessor, Changpeng Zhao, Teng emphasizes the importance of the company’s staff and his experience in regulation. Despite recent challenges faced by Binance, Teng remains confident in the trust users have placed in the platform. He also distances Binance from other cases involving fraud and highlights the continuous growth of their user base.
Fidelity Sets Bitcoin ETF Fee at 0.39%
Updates from spot Bitcoin exchange-traded fund (ETF) applicants reveal details about their proposed fees. Invesco/Galaxy plans to waive fees for the first six months and for assets up to $5 billion, followed by a 0.59% fee. Fidelity, on the other hand, sets its fee at 0.39%. Additionally, several ETF issuers have listed their first authorized participants, including trading firms Jane Street Capital and Cantor Fitzgerald, as well as financial institutions JP Morgan and Virtu.
CleanSpark Plans to Launch In-House Trading Desk This Year
CleanSpark, a US Bitcoin mining company, intends to launch an in-house trading desk in 2024. The company aims to maximize returns from its Bitcoin holdings by managing its own trading activities. CleanSpark’s CEO believes that other miners will likely follow suit and establish their own trading desks for better risk management and control over their investments. The company plans to base its strategies on regulated crypto offerings such as option contracts traded on the Chicago Mercantile Exchange. While some funds may be moved to different accounts, the majority will remain in cold storage custody with trusted holders like Coinbase.
Hot Take: Binance’s New Leadership Signals a Shift in the Crypto Industry
Binance’s appointment of Richard Teng as CEO marks a departure from the messianic narrative that has characterized the crypto industry. Teng’s emphasis on the company’s staff and regulatory experience indicates a shift towards a more grounded and accountable leadership style. Despite recent challenges faced by Binance, Teng remains confident in the trust users have placed in the platform. This change in leadership reflects a maturing industry that acknowledges past mistakes and strives for compliance and transparency. As Binance continues to expand globally, it sets an example for other crypto companies to adopt responsible practices and build trust with their users.
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