Richard Teng, New CEO of Binance, Promises Total Financial Transparency

Richard Teng, the new CEO of Binance, is committed to transforming the crypto company. Binance must abandon its past as a rebellious startup to adopt a conventional financial structure. As the shadow of the criminal settlement of his predecessor looms, Teng aims to redefine the corporate culture. He also intends to ensure Binance’s competitiveness despite financial and regulatory challenges.

According to Fortune, Binance’s new CEO Richard Teng said that Binance is transforming from an unruly technology startup into a traditional financial company; it will adopt a traditional corporate structure, including improving transparency in the board of directors, address and…

— Wu Blockchain (@WuBlockchain) November 27, 2023

Transition Towards Binance Compliance

According to Fortune, Teng acknowledges Binance’s past mistakes during its hyper-growth phase. He stresses the need to move from an “undisciplined” startup to a conventional financial company.

The new CEO of Binance is confident in his successor role. However, he has not hidden his close collaboration with Zhao. The latter has a deep understanding of the industry according to Teng.

Teng plans to capitalize on his previous experience as an advisor to the Singapore central bank and contributor to the development of a new financial center in Abu Dhabi.

Commitment Towards Transparency

According to Fortune, Binance operated like a black box under CZ (despite its leading position). Binance operated without providing a complete accounting of its assets. On this point, Teng announces a radical change. He will undoubtedly opt for a conventional corporate structure, including a board of directors and financial transparency.

When asked about the exact timing of the disclosure of board details and the publication of financial statements, Teng remains vague. The current CEO promises a “solid timeline”. Pressure increases as customers migrate to unregulated crypto exchanges. However, Teng attributes these massive exits to the implementation of mandatory customer knowledge requirements. This is part of Binance’s fundamental strength despite regulatory challenges.

The reinvention of Binance under Teng’s leadership, focused on compliance and transparency, aims to ensure its longevity in the face of regulatory challenges. This paves the way for an increasing share of the crypto market while preserving the security of assets for its users.