The New CEO of Binance Avoids Questions About Headquarters and Auditing
The recently appointed CEO of Binance, Richard Teng, evaded providing information about the location of the company’s headquarters and its auditor during the Crypto and Digital Assets Summit. While discussing Binance’s regulatory compliance, Teng sidestepped queries concerning the organization’s activities and structure.
Uncertainty Surrounding Headquarters
When asked about Binance’s global headquarters, potential audits, or plans to obtain a license in the UK, Teng responded by stating that he had already addressed these questions in the past. He further dismissed inquiries about the headquarters, emphasizing that it was still being considered.
“Is there a need for us to share all of this information publicly? No”
– Richard Teng, Binance CEO
Audit and Financial Disclosures
Teng also faced questions regarding an audit of Binance. He explained that as a private company, Binance is not obligated to disclose financial data, although regular audits are conducted internally.
New Leadership Amidst Legal Issues
This interview marks Teng’s first public appearance since Changpeng Zhao’s resignation in November 2023. Zhao is currently awaiting trial in February 2024 for violating the Bank Secrecy Act and is required to pay a substantial fine.
Hot Take: Binance’s Lack of Transparency Raises Concerns
The refusal by Binance’s new CEO to provide clear answers regarding the company’s headquarters and auditing practices raises concerns about transparency within the exchange. As regulatory scrutiny intensifies, stakeholders may demand greater accountability from Binance to ensure compliance with financial regulations and restore trust within the crypto community.
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