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Author: Cheyenne Ligon, CoinDesk; Compiled by: Deng Tong, Bitchain Vision
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Binance’s Richard Teng replaces founder Changpeng Zhao as CEO, and he said in an interview that the cryptocurrency exchange has good financial conditions and is not considered for listing.
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Teng said that Zhao Changpeng is currently serving four months in prison and he no longer participates in the company’s operations, but his partner He Yi is still there.
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Teng points out the need for atonement.”We admit mistakes from the past. We have paid a heavy price in this regard.”
Last year, Richard Teng took over cryptocurrency giant Binance in a less than ideal environment as his predecessor, Changpeng Zhao, was forced to withdraw from the exchange as part of a multi-billion dollar settlement with the U.S. government.
In the nine months since taking over, Teng — who served as a regulator in Singapore and the UAE — has been working to transform Binance from a founder-led organization (as Zhao Changpeng did during his tenure as CEO) to aOrganization led by the board of directors.Although the company is silent about the specific location of its headquarters — at least once vaguely insisting it is an “international company” and always denies it is a Chinese company — Teng is looking for a permanent home for Binanceplace.
Cryptocurrency prices have surged sharply since Binance rival FTX collapsed in late 2022, coupled with traditional financial institutions’ embrace of the field and hope that U.S. regulators may soften their stance on cryptocurrencies, which has sparked an upcomingSpeculation about the arrival of the wave of initial public offerings.
But in an extensive interview with reporters in New York on Wednesday, Teng said the company was not considering doing so.
“Our financial situation is very strong, so now we really don’t have to consider any financing or IPO,“Teng said. “It has been profitable since Binance’s fifth month of operation and is very cautious in spending.”So [IPO] is not a topic that appears.”
Teng said,The exchange’s efforts to increase transparency – including spending on compliance last year increased by 36% compared to 2022 and the ongoing search for a place to take root – are all about building better relationships with global regulators, thusGuide the company to develop in a more future-oriented direction.
“It’s really about building a sustainable business that not only succeeds in the next few years, but continues to thrive in the next 50 to 100 years,” Teng said. “It’s certainly our desire.”
Zhao Changpeng’s participation
Teng was appointed CEO by Zhao Changpeng, who resigned as CEO of Binance as part of a $4.3 billion settlement the company has reached with U.S. regulators over sanctions and anti-money laundering (AML) laws.Zhao Changpeng also admitted to failing to maintain the proper anti-money laundering and Know Your Customer (KYC) system and was sentenced to four months of federal jail in June.
But Zhao Changpeng, who used to be the public image of Binance, no longer participates in the company’s daily operations or decision-making.(He started serving four months in June.)
“As part of the U.S. resolution, Zhao Changpeng cannot participate in the company’s operations,” Teng said.
However, Teng said Binance co-founder He Yi remains a “key component” of the cryptocurrency exchange management team.
“Hi Yi is involved in every aspect of the business,” Teng said, adding that she is in charge of Binance’s HR unit and likes to joke that she is the exchange’s chief customer service officer.“She is a very talented and very independent person.”
Global ambitions
When asked if Binance had considered raising funds to dilute Zhao Changpeng’s ownership of the company, Teng said he refused, saying that the issues should be decided by the exchange’s shareholders and board of directors.
But Teng said that Zhao Changpeng’s identity as a felon is not as great as external observers imagine.
“We do work closely with regulators around the world. In many parts of the world, this is not a problem. There may be challenges in some places, but we have solved some of them,” Teng said, referring to the company’s recent licenses obtained.and settlements reached in countries such as Dubai, India, Thailand and Brazil.
Teng stressed that Binance must agree with global regulators to make up for past mistakes and advance its business in a more transparent and regulated way.
“We admit mistakes from the past. We have paid a heavy price in this regard,” Teng said.“Looking forward, we are looking at how to work with regulators around the world to continue to build a sustainable and robust platform.”
Not interested in the United States
One country that Binance is not interested in is the United States, which imposed huge fines on the exchange at the end of last year.
“at present,What we really focus on is markets outside the United States.” Teng said.
While many in the cryptocurrency industry are eagerly looking forward to the outcome of the upcoming U.S. presidential election, hoping that Donald Trump’s victory will pave the way for a clearer and more friendly cryptocurrency regulation system, Teng said that, in any case,The election results are of little significance to Binance.
“Our business is outside the United States,” Teng said.“So we were excited to focus on what was going on in the U.S., but it had no impact on our business.”
