JAKARTA - One of the main players in the crypto industry, the Binance Exchange, recently underwent significant leadership changes. Richard Teng, former Regional Market Head, has been appointed as the new CEO, replacing founder and former CEO, Changpeng 'CZ' Zhao. This change comes amid the various challenges faced by Binance and the crypto ecosystem in general.
Earlier this week, the United States Department of Justice reached a settlement of US$4.3 billion (Rp66.9 trillion) with Binance, a development that analysts don't predict much. Although the CZ era has ended, Teng is faced with a huge challenge in running Binance.
In a live broadcast featuring top US regulator officials Binance accused of facilitating transactions for ISIS, Al Qaeda, and other terrorist groups by 2022. Although a settlement has been reached and CZ has resigned, as part of the deal, Binance must report suspicious activities and submit its records for further investigation. This responsibility is now on Richard Teng's shoulders, with the threat of additional sanctions if it does not comply with all the provisions.
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Salah satu tantangan utama Richard Teng adalah membangun kembali kepercayaan pada bursa. Meski Binance masih mempertahankan dominasinya sebagai bursa terbesar dengan volume perdagangan sekitar 12,6 miliar dolar AS (Rp196 triliun), kepercayaan publik adalah kunci untuk pertumbuhan jangka panjang.
This settlement may be the biggest win for US regulators this year, as this US$4.3 billion settlement is considered one of the largest corporate settlements in the country's history. Although this settlement does not include the United States Securities and Exchange Commission (SEC) which also has a pending lawsuit against Binance, it confirms the extent to which regulators can push for a quick victory against most crypto companies.
The next big case in the crypto industry is the latest lawsuit the SEC has filed against the Kraken Exchange. This is the second lawsuit filed against the company this year, and instead of adopting settlement options earlier this year, the exchange declared its readiness to fight. This shows that the challenges in the crypto world are far from over.
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