Binance turns the page on regulatory gaps and commits to a compliance quest

Richard Teng, the current CEO of Binance, has spoken about the evolution of the exchange since he took over the helm. Under his guidance, the company appears to have turned its back on the illegal practices that were prevalent under the reign of Changpeng Zhao. In doing so, it resolutely aims to continue on this path to maintain its market leadership.

Binance has surpassed its regulatory missteps under Richard Teng

In a recent interview on the sidelines of the Paris Blockchain Week crypto conference, Richard Teng, CEO of Binance commented on the evolution of the exchange in recent months. He particularly revisited the events that led to his rise to the head of Binance.

Moreover, the official explained what has changed for Binance, since he became its leader. On this subject, he is unequivocal. Binance has turned its back on the regulatory demons of the past. Particularly, a cultural mantra that prevailed under Changpeng Zhao.

A logic conveyed to the employees and built on the principle that “it is better to ask for forgiveness than permission”. All of Binance’s operational architecture was based on this principle, which has caused the exchange many problems.

In his intervention, Richard Teng ties the whole judicial saga involving Binance, Changpeng Zhao, and the United States Department of Justice (DOJ) to this mantra. It gave priority to Binance’s expansion over regulatory compliance. However, the exchange changed course after settling with the DOJ in November 2023.

Binance has evolved towards regulatory maturity

That was the highlight of Richard Teng’s speech at the Paris Blockchain Week conference. The CEO emphasized that since the sanctions imposed on Binance and the departure of Changpeng Zhao, the exchange has progressed toward a state of “regulatory maturity”.

He acknowledges the legitimacy of these coercive measures, including financial ones. They have alerted the company and its leaders to the necessity of re-evaluating not only their priorities but also the company’s operational strategy.

“The company has reached regulatory maturity, we are moving towards sustainability,” the Binance CEO stated during his speech. Now, the crypto exchange’s priorities focus on two main axes.

First, promoting a culture of compliance and responsibility by giving priority to regulatory adherence. Then, pursuing Binance’s growth objectives in parallel. So far, the company has been very successful. While openly willing to confront past transgressions, the company maintains its position as a leading player in the crypto ecosystem.