Richard Teng, New CEO of Binance, Promises to Increase Company Transparency

Richard Teng replaces Changpeng Zhao from the position of CEO of Binance. (Photo; Doc. Investx)

JAKARTA - Binance, one of the largest crypto exchanges in the world, recently experienced a change of leadership. Richard Teng, who previously served as head of Regional Markets, is now officially CEO of Binance.

Teng replaces Changpeng Zhao (CZ) who resigned after being involved in a money laundering case filed by the US Department of Justice (DOJ). In a statement, Teng emphasized his commitment to increasing the company's transparency and building public trust.

For your information, Teng has a strong background in financial services and regulation. He has three decades of experience in the sector, including at the Monetary Authority of Singapore and Abu Dhabi Global Market. With this experience, he believes he can take Binance in a better direction.

"Our industry faces unique challenges and opportunities, and I am determined to take us through the tough and exciting times in the crypto world," said Teng.

One of the biggest challenges facing Binance is the allegations of money laundering and sanctions violations leveled by the US Department of Justice (DOJ). Binance has agreed to a $4 billion (equivalent to IDR 61.7 trillion) criminal settlement with the DOJ, which is the largest fine ever given to a crypto exchange.

Binance Has Good Fundamentals

As a result, Binance experienced a significant decline in trading volume and withdrawals. Even so, Teng guaranteed that the company still has a solid foundation and sufficient resources to pay the fine without having to sell its assets.

"We are starting from a position of strength. Our business has excellent fundamentals. We have no debt, our expenses are efficient, and our income and profits remain healthy," he said.

Additionally, Teng also announced his plans to take Binance to a higher level of transparency. It will implement a conventional corporate structure, including having a board of directors, office address and open financial reports.

"After the corporate structure is implemented, I think financial reports will be something we will share. Auditors need that, but regulators will also demand that," he was quoted as saying by CryptoSlate.

Teng promised that Binance would begin publishing periodic financial reports and board composition updates. He also assured Binance customers that the company will protect their assets with integrity.

"We are committed to ensuring you feel safe in the integrity of our platform," concluded Richard Teng.