New Binance CEO Richard Teng Ensures Users on Asset Safety Post Zhao’s Exit

Before stepping down as the CEO on November 21, Zhao named Teng as his successor.

New Binance CEO Richard Teng Ensures Users on Asset Safety Post Zhao’s Exit

Photo Credit: Reuters

Changpeng Zhao has reportedly violated US’ anti-money laundering laws

Highlights
  • Richard Teng claims to have over three decades of industry experience
  • Teng is looking to keep Binance operations in compliance with US laws
  • Teng is optimistic about the future of Web3 around the world
Advertisement

Binance, touted as the world's largest crypto exchange, is undergoing a turmoil post the exit of its founder and former CEO Changpeng Zhao last week. Richard Teng, the former global head of regional markets at Binance has been designated as the company's new CEO. In an address to the Binance community, Teng published an official blog ensuring users that their assets are safe and protected in the backdrop of internal changes at the company, that is headquartered in the US.

“Our capital structure is debt-free, our expenses are modest, and, despite the low transaction fees we charge our users, we have robust revenues and profits. From our proof-of-reserves system to our Secure Asset Fund for Users (SAFU) emergency fund, we are committed to ensuring you feel secure in the integrity of our platform,” Teng wrote in his first blog post as the CEO of Binance.

On November 21, Zhao announced that he was exiting the company. This exit however, was not aimed at propelling the crypto mogul into another project.

Zhao, as per the US Securities and Exchange Commission (SEC), violated the country's anti-money laundering laws. This reportedly led the firm and Zhao to conceal over 100,000 suspicious transactions with organisations like Hamas, al Qaeda, and the Islamic State of Iraq and Syria, all of which are categorised as terrorist groups by the US.

Before stepping down as the CEO, Zhao named Teng as his successor. Teng, since then, has been defending Binance's financial status on X, claiming that the company has robust revenues and profits despite low fee charges.

“Over the course of the past two years, Binance has systematically worked to address its past compliance issues through a series of significant efforts to recruit, hire, and retain the right personnel to strengthen Binance's compliance program and culture. I understand the unique challenges and opportunities that our industry presents, and I am dedicated to steering us through crypto winters and summers alike,” Teng's blog noted.


Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss the company's new clamshell-style foldable handset on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More
Tecno Spark Go 2024 With Dynamic Port India Launch Teased; Amazon Microsite Goes Live
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »