Binance, the world’s largest exchange by volume, experienced significant events last week. The company, which has settled with the US to start a clean slate, is now continuing its journey with its new CEO. CZ had previously mentioned that he could step down from his role if necessary and hinted that these days might come sooner rather than later.
Binance CEO’s Statement
The new Binance CEO, Richard Teng, published his first blog post a short while ago. With over 160 million users, the exchange’s CEO announced that the platform will now be much more meticulous about compliance, emphasizing that lessons will be learned from the past. During the years when crypto companies were not sufficiently compliant, Binance grew rapidly on a global scale. Although the company reaped the benefits of this lack of regulation, it was known that the price for past mistakes would eventually have to be paid.
Richard wrote the following;
“One of the cornerstones of this organization has always been the idea that innovation should add value to users. The best way to realize this principle is to continuously offer best-in-class products that people use and find valuable. As the new CEO of Binance, I am determined to move forward steadily on this path. While continuing to break new ground in financial innovation, we will maintain our commitment to product excellence.”
In an article in Fortune, he mentioned that by increasing the corporate client percentage to 20%, he aims to transform the exchange into a finance brand.
Binance and the New Process
The exchange operates smoothly, and CZ will now only provide consultancy services when necessary. Although all management decisions are made by Richard and his team, CZ continues to be the owner of the company as the largest shareholder. In addition, since the exchange will be constantly monitored by the US regulator, the compliance team must work flawlessly.
The new CEO also wrote in his blog post;
“We have left behind the challenges Binance faced in the past, and in fact, we are stronger than ever today. Over the past two years, Binance has taken many steps, including hiring and retaining the right staff to strengthen its compliance program and culture. As an industry, we need to focus more than ever on collaborating with policymakers. Only then can we effectively contribute to the development of a globally harmonized regulatory framework that encourages innovation while providing critical consumer protections. I am eager to work with my peers in the industry in this critical endeavor and know that when we are united, our voice will be louder.”
From our continually improved reserve proof system since it was first implemented 12 months ago to our Secure Asset Fund for Users (SAFU) emergency fund, we are committed to ensuring you feel secure about the integrity of our platform.”
