Binance CEO Richard Teng is demanding the release of a top executive imprisoned in Nigeria for alleged money laundering crimes. In a new Binance blog post, Teng calls on Nigerian authorities to release Tigran Gambaryan, head of the crypto exchange’s Financial Crime Compliance team, who has been held for more than 70 days. Gambaryan was […]
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Binance’s chief executive has shared his company’s future direction and areas of focus following its settlement with U.S. authorities, including the Department of Justice (DOJ). “We have moved past that as the company move into greater maturity,” he insisted, adding that the crypto firm is focusing on “sustainability.” ‘The Direction of Travel Is Very Clear’ […]
Binance CEO Richard Teng is predicting that Bitcoin (BTC) could reach a new all-time high by the end of this year, according to a Bloomberg report. The report says that Teng sees Bitcoin exceeding $80,000 after earlier estimating that the flagship crypto asset would close 2024 at around that price. According to the report, Teng’s […]
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Binance CEO Richard Teng now expects the price of bitcoin to surpass his earlier estimate of $80,000 this year. The executive anticipates continued significant inflows into U.S. spot bitcoin exchange-traded funds (ETFs) as endowments and family offices increase bitcoin exposure in their investment portfolios. Binance CEO Teng’s Bitcoin Price Prediction Binance CEO Richard Teng shared […]
The world’s largest crypto exchange by volume is reportedly severing ties with its multi-billion-dollar investment branch. According to a new report by Bloomberg, since taking the helm from former Binance co-founder Changpeng Zhao, Binance CEO Richard Teng has pushed Binance Labs – the crypto exchange’s investment arm – into a separate company. Disclaimer text found […]
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Monero (XMR), the biggest privacy-focused cryptocurrency on the market, is being delisted by Binance, the largest crypto exchange in the world. In an announcement, Binance says that after review, XMR will be included in a fresh delisting spree. XMR, which has been a favorite for those seeking blockchain anonymity since 2014, immediately dropped after the […]
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The new CEO of Binance takes stock of the exchange's future following a landmark $4.3 billion settlement with United States authorities in a one-on-one interview with Cointelegraph.
“As part of the settlement, CZ cannot be involved in the day-to-day running of the company’s operations,” Richard Teng explains.
Despite that, the incumbent CEO of Binance cuts the figure of a man reveling in the challenges ahead.
“I’m taking the baton and pushing ahead with our growth agenda while working very closely with global regulators.”
Teng believes that the “overcast” conditions clouding Binance in recent months are lifting following its staggering $4.3 billion settlement with the United States Justice Department relating to a raft of violations of U.S.
The exchange has paid dearly for mistakes made during its meteoric growth from 2017 onwards. Teng recalls how Zhao built Binance from a team of six people to a global operation consisting of thousands of employees that serves a user base estimated to be more than 166 million.
“In those very early days while we were building up the company, there were gaps in terms of compliance.
The shortcomings of its early compliance regime have led to the largest crypto-related settlement in U.S.
“U.S.
Binance is now left to shoulder the ongoing cost and scrutiny that its settlement with U.S. This includes a five-year monitorship and significant compliance undertakings to ensure “Binance’s complete exit from the United States."
Teng wouldn’t be drawn into the details of Binance.US’s ongoing legal battle with the U.S.
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. […]
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Richard Teng became CEO of crypto exchange Binance after Changpeng Zhao agreed to step down as part of a settlement with the U.S. Department of Justice announced on Nov. 21.
Richard Teng, Binance’s former global head of regional markets and now CEO, announced his intention to drive growth at the crypto exchange following Changpeng “CZ” Zhao stepping down.
In a Nov. 27 blog post, Teng said he had the support of CZ and Binance’s leadership following the former CEO’s departure as part of an agreement with United States officials. According to Teng, Binance plans to continue a user-focused approach to its business and “drive growth and the adoption of Web3,” assuring customers they will hear more from him soon.
“I am eager to jump headfirst into my new role and know there will be many more opportunities for me to share my thoughts with the community through blogs like this one, through my social media accounts — Twitter, LinkedIn — and through the many industry conferences and events around the world,” said Teng.
Here is my first blog as #Binance CEO.
— Richard Teng (@_RichardTeng) November 27, 2023
I want to take this opportunity to share immediate focus areas, discuss our responsibility to users and my view on the future of our industry.https://t.co/c6QMS6Ulmm
It’s unclear how Teng will manage Binance’s business as it balances U.S. oversight with a well-known figure like CZ moving out of its leadership. On Nov. 22, blockchain analytics firm Nansen reported that there didn’t appear to be a “mass exodus of funds” 24 hours after the U.S. settlement with Binance, with the exchange’s total holdings increasing to more than $65 billion.
Related: New Binance CEO Richard Teng pitches ‘very strong’ foundation to skeptics
Teng became CEO of the major crypto exchange after Zhao agreed to step down as part of a settlement with the U.S. Department of Justice announced on Nov. 21. CZ pleaded guilty to one felony charge and will pay $150 million to regulators, while the crypto exchange agreed to roughly $4.3 billion in penalties.
Authorities are attempting to restrict travel for Zhao, who is usually based in the United Arab Emirates and has family in Dubai. The former Binance CEO could face up to 18 months in prison following his sentencing in February 2024.
Magazine: Real AI use cases in crypto, No. 1: The best money for AI is crypto
The new Binance chief executive maintains that the embattled exchange’s business fundamentals remain “very strong” despite recent regulatory headwinds. Richard Teng, who previously worked as Binance’s head of regional markets, was promoted to the CEO position earlier this week after the company’s previous chief executive, Changpeng Zhao, resigned. Zhao stepped down after agreeing to plead […]
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