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Richard Teng, the new CEO of Binance, emphasized the importance of regulatory compliance for the world’s largest crypto platform, especially after its former chief executive pleaded guilty to violating US anti-money laundering laws and the company faced a $4.3 billion settlement.
In an interview during a visit to Paris for a cryptocurrency conference, Teng highlighted Binance’s commitment to maintaining a user-focused and compliance-focused approach.
Despite recent challenges, including a crackdown by Nigerian security authorities and accusations of tax evasion by the Nigerian government, Binance remains optimistic about the future of cryptocurrency.
The company has faced criticism in Nigeria, with the Central Bank of Nigeria blaming Binance for the naira’s depreciation against the dollar and the detention of two employees.
In response, Binance has expressed its dedication to working with Nigerian authorities to promote the responsible growth of crypto in the country.
The company has also denied any wrongdoing and promised to provide support to the detained employees and their families.
Teng emphasized the need for greater clarity in the crypto sector and mentioned Binance’s efforts to work closely with regulators.
The company has established a global board of directors with three independent directors to help guide its direction and ensure the adoption of best practices.
Despite the volatile nature of the crypto industry and recent scandals, such as the collapse of Binance’s rival exchange FTX, the market has seen a resurgence in recent months.
This is partly due to US regulators allowing the trading of Bitcoin ETFs, which has helped Bitcoin set a record price of over $73,000.
Teng expressed long-term confidence in Bitcoin and the crypto industry, noting that the upcoming halving event could lead to new highs for the digital currency.
He also reiterated Binance’s commitment to working with Nigerian authorities to resolve the ongoing issues in the country.
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