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Richard Teng, the chief executive of the world’s largest cryptocurrency exchange, Binance, who took over the post from legendary CZ in November 2023, has published an important statement about Binance.
He has also shared some of his previous successful experiences with building regulatory compliance in the crypto space.
Binance CEO's important statement
Richard Teng announced that Binance is currently the most regulated exchange around the world and collaborates with the authorities of various countries and different corners of the planet.
Among those countries are the United Arab Emirates and France, where Binance was recently granted regulatory licenses. Previously, Binance was banned from several countries in Europe, such as Italy and Germany, and Singapore as well. Eventually, its founder and former CEO, Changpeng Zhao (CZ), was forced to step down from his leading position and spend four months in a federal prison in the U.S. after pleading guilty to violating the local anti-money laundering laws. Besides, Binance had to pay a fine of 4.3 billion dollars.
After Richard Teng was promoted to the position of CEO instead of CZ, Binance took a course of regulatory compliance in all the jurisdictions where it is present.
Teng has a vast regulatory background, including his roles at top financial authorities in Singapore and Abu Dhabi.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team