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Binance, a leading cryptocurrency exchange, reiterated its commitment to rebuilding trust in the crypto industry. Richard Teng, the exchange’s CEO, assured users of this commitment in a post on X, noting that compliance remains pivotal to Binance’s operations.
Compliance as core Binance principle, not checkbox
Teng says, "Compliance isn't just a checkbox for us – it's the foundation of trust." The Binance CEO restates the exchange’s commitment to following regulatory guidelines not as a formality but as a way to earn public trust.
In other words, rather than complying to avoid penalties from the regulatory body, Teng said Binance is focused on ensuring that its users have implicit faith in it.
Yuri MolchanTeng maintains that the exchange is actively working to align its operations with the financial regulations in each country in which it operates.
Notably, since Teng became CEO of Binance in 2023, the exchange has increased its compliance budget by 35%. This led to an increase in its year-over-year spending on compliance from $158 million to $213 million.
This signals a strategic push to align with global regulations as countries increase scrutiny of crypto activities. The heightened scrutiny from regulatory authorities became more intense after the 2022 FTX collapse.
Richard Teng’s growing role as industry spokesperson
Teng is positioning Binance’s compliance as a way to engender a stable and trustworthy crypto ecosystem.
The CEO’s message is not just for users and investors but also for regulatory institutions in the countries where it operates: "Binance is committed to regulatory alignment."
Some users who reacted to Teng’s post identified this mindset as necessary for growing the crypto industry. They noted that if trust is high, investors who have not embraced crypto could easily decide to join the sector.
Teng has decided to be a more vocal voice in the space as he recently made a bullish remark about Bitcoin.
Vladislav Sopov
Dan Burgin