The new CEO of the world’s largest crypto exchange by trading volume foresees strength ahead for crypto and his company.
Fortune reports that Changpeng Zhao’s successor at Binace, Richard Teng, says that Binance’s move towards compliance will pay off in the long term, positioning the company to claim a bigger share of the growing crypto market.
Teng, who previously worked as Binance’s head of regional markets, was promoted to the CEO position last week after the company’s previous chief executive, Changpeng Zhao, stepped down.
Says Teng,
“We are starting from a position of strength. The fundamentals of the business are extremely strong. Our capital structure is debt free, expenses are models, and our revenue and profits remain robust.”
Teng confirmed that Binance would adopt a traditional corporate structure under his leadership, and stated that it would include a board of directors, a physical address, and financial transparency.
Says Teng,
“Once you have all those corporate structures in place, I think those financials will be what we’ll be sharing. We’ve all known that auditors [require them], but the regulatory agencies will require all those things as well. So we are committed to transparency as an organization.”
Last week, former Binance CEO Changpeng Zhao stepped down as the crypto exchange’s CEO and admitted to violating US anti-money laundering laws.
In the aftermath, Teng maintained that the embattled exchange’s business fundamentals remained “very strong” despite recent regulatory headwinds.
“Binance continues to operate the world’s largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits.”
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